As the feel good factor reigned for the third consecutive week, the Malta Stock Exchange (MSE) Index managed to lock a notable 1.1 per cent gain to close the week at 3,303.475 points. Highly capitalised equities emerged as the main determinants towards the broader market with Midi plc and International Hotels Investment plc posting remarkable gains, followed by information technological equities which extended their rally. Conversely, from the financial industry, both HSBC Bank Malta plc and Lombard Bank Malta plc erased last week’s advancement.
The week witnessed the trading of 15 equities, in which losers and non-movers tallied to three, while gainers amounted to nine. Total trading value for the week increased to just over €1.6 million, while total trading volume was on a high note of 2.3 million shares of which 63 per cent were traded in Midi plc shares.
Meanwhile, in the Government Stock Market turnover turned lower towards €8.6 million which was traded over 22 stocks. As opposed to the previous weeks, yields were lower as investors re-shifted their assets into safer-heavens following the political instability in Italy which has also affected negatively the euro currency. Meanwhile, yesterday the Treasury published the results for the first local debt issuance in 2013 in which it stated that the general public demand for €124 million stocks will be allocated in full.
In the Corporate Bonds market yields opted for diverging positions as from the 14 active issues, five edged lower, two posted gains, while seven closed flat. Following last week’s gain the 7.15% MIH plc Euro 2015-2017 headed the list of losers as it shaved-off 0.9 per cent from its value.
From the equity market, International Hotels Investments plc sustained last week’s gain as it surged by 5.3 per cent, thus extending its exponential climb by 6.5 per cent over the past two weeks. The hoteliers’ equity was active over three sessions in which it gathered the said gains over a total of 22,350 shares to close the week at €0.79.
Likewise, Midi plc shares rallied by 11.1 per cent over three sessions, to close the week at the €0.30 price level. The equity was the most liquid stock as total trading volume totalled to 1.4 million shares which were executed over 35 trades. Thus accounting for this week’s gain the stock registered an appreciation of just below 15 per cent over two consecutive weeks.
Similarly, both GO plc and Malta International Airport plc were on the list of gainers. The telecommunications equity extended its bullish trend with a minimal gain of 0.4 per cent to close the week at €1.405. Whereas the airport operator sustained last week’s 0.8 per cent gain as it added a further gain of 1.1 per cent to its share value following a relatively negative period in mid-February. A total of 141,937 shares changed hands to close the week at €1.81.
In addition, Grand Harbour Marina plc soared by 4.2 per cent on Thursday in which 33,100 shares pushed the equity towards the €1.98 price level. Furthermore, Medserv plc shares gained 0.3 per cent in the mid-week session to end the week at €3.95 after trading at an intra-week low of €3.945.
From the banking sector, Bank of Valletta plc shares topped its share value position by 0.4 per cent, as the 1.7 per cent appreciation registered over three sessions diluted the incurred loss of 1.3 per cent as it succumbed in the other two sessions. A total of 50 transactions worth €198, 681 were traded over 87,240 shares to close the week at €2.278.
On the contrary, HSBC Bank Malta plc reversed last week’s gain with a loss of 0.7 per cent as selling pressure was applied in the first three consecutive sessions in which a loss of 1.1 per cent was recorded. Activity was dealt over 59,597 shares which were executed over 24 trades to close at €2.74.
In line with its peer, Lombard Bank plc paired last week’s gain as it registered a loss of 0.5 per cent to close the week at €1.89. Meanwhile, from the same sector both Middlesea Insurance plc and FIMBank plc traded flat at the €0.79 and the $1.00 respectively. Meanwhile, the Insurance operator announced its financial results for 2012 in which profit increased to €17.98 million, while a gross dividend of €0.025 per share is to be proposed in the forthcoming general meeting.
From the I.T. sector, 6pm Holdings plc extended its positive trend by adding a further 2.4 per cent following last week’s remarkable 44.8 per cent gain to close at £0.43. Accounting for this week’s gain the equity is heading the list of gainers on a year-to-date basis with a 38.7 per cent lead. Similarly, RS2 Software plc advanced by 4.7 per cent on Wednesday over 13,982 shares to move towards the €0.90 level.
On the contrary, the other loser for the week was Plaza Centres plc which shaved-off 0.9 per cent from its value to close at €0.585, while Maltapost plc was the other non-mover for the week as it closed flat at €1.05.
This article which was compiled by Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice and the contents therein should not be construed as such. The Company is licensed to conduct investment services by the MFSA and is a Member of the Malta Stock Exchange and a member of the Atlas Group. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or on Tel: 21224410, or e-mail: info@jesmondmizzi.com