During this morning’s session, which marks the end of the first quarter of 2014, the MSE Share Index rebounded marginally by 0.1 per cent to 3,424.016 points.
In contrast to the strong gains registered in 2013 (+14.8 per cent), the local equity benchmark ended the first quarter of 2014 in negative territory with a decline of 7.1 per cent - the first negative quarter since Q1 2012 – largely reflecting the declines in the two large banks (in view of the regulatory pressures) and the double-digit quarterly drop in IHI.
This morning’s uplift was largely due to the 0.9 per cent rise in the share price of Bank of Valletta plc to the €2.19,9 level across 23,880 shares.
6pm Holdings plc also moved higher as it reversed yesterday’s 4.2 per cent decline with an equivalent 3p increase during this morning’s session to regain the 71p level on volumes of 26,000 shares. The IT Group is scheduled to publish its 2013 full-year results on April 14.
The only other positive performing equity was Middlesea Insurance plc which edged minimally higher to 90c5 on just 115 shares.
On the other hand, HSBC Bank Malta plc trended lower for the third consecutive session with a decline of a further 0.6 per cent to its 2014 low of €2.38 on low volumes of 1,676 shares.
Crimsonwing plc also eased minimally lower to 80c9 on a single trade of 3,000 shares.
Meanwhile, no change was registered in the share price of Medserv plc at the €1.30 level across four deals totalling just over 19,600 shares.
This afternoon, Medserv issued its 2013 full-year results. The performance was below forecasts and the directors explained this arose from the postponement of two projects for the provision of shore base activities to the offshore oil and gas industry that had to be carried out from the Malta base.
Medserv confirmed that these two projects will come on stream in 2014 and one of them will continue for the next three years. The directors recommended a final net dividend of 2c4 per share subject to shareholders approval at the upcoming Annual General Meeting scheduled to be held on May 15.
A single deal of 500 RS2 Software plc was also executed this morning at the €2.43 level, representing no change from the previous closing price.
On the bond market, the Rizzo Farrugia MGS Index climbed a further 0.1 per cent higher to 1,028.920 points as Eurozone yields continued to retreat to 1.532 per cent (two-week lows) in view of the lingering tension between Ukraine and Russia as well as hopes of further stimulus measures from the European Central Bank (ECB), which is scheduled to hold its monthly monetary policy meeting next week, to bolster the region’s economic recovery and counter deflation risks.
www.rizzofarrugia.com