The share index closed the second week of the month in positive territory, gaining 0.5 per cent to 3,641.731 points. Seven of the 13 equities closed higher, with Plaza Centres leading the pack of risers with a gain of 2.3 per cent on a ticket of 30,000 shares. The equity closed the session at the 89c level.
GO closed at €2.91, edging 0.3 per cent higher on the 6,400 shares transacted across three deals. The final net dividend of 7c per share is payable to all shareholders as at close of trading on March 30.
The equity of International Hotel Investments managed a 1.4 per cent gain and closed at the 71c level. Similarly, Malta International Airport edged 0.3 per cent higher to €3.21 on 12,030 shares. A final gross dividend of 12c31 is payable to all shareholders of the airport operator as at the close of trading on April 16.
In the financial services sector, Lombard Bank gained 0.6 per cent and closed at €1.88,1 on total volume of 9,078 shares. Similarly, HSBC edged 1.3 per cent higher to €1.97 per share, on total volume of 12,500 shares which changed hands across five deals. Both bank equities trade cum-div until Wednesday.
Bank of Valletta also had a positive session, gaining 1.1 per cent to close at €2.27,5.
However, the market reacted to the financial results issued yesterday by FIMBank , which showed the trade finance specialist recording a pre-tax loss of $53.4 million.
This was mainly the result of impairments which amounted to $50.7 million particularly related to its Russian and Indian subsidiaries and a $8.9 million downward revision in goodwill, which netted off the 26.1 per cent increase in net interest income for the year.
Other losses in the bank’s factoring joint ventures continued to put pressure on the bottom-line of the group.
While no dividend will be paid to shareholders, the bank is recommending a bonus share issue in the ratio of one share for every 10 held as at close of business on April 1, subject to shareholders’ approval on May 7 during the upcoming annual general meeting.
As a reaction to the poor financial results, the share price ended the session 6.4 per cent lower at 44cUS, an all-time low.
Two IT equities also trended negatively this morning. 6PM Holdings slipped 0.2 per cent to 65p on shallow volumes of 1,040 shares, while the share price of RS2 Software closed 0.7 per cent lower at €2.93,9 on a single deal of 1,000 shares.
Meanwhile, the three other active equities closed unchanged. Midi retreated to its 23c price level, after failing to hold on to the intra-day high of 23c5. Similarly, Malita Investments maintained its 95c level across three deals for a total of 29,875 shares. The equity trades with entitlement to a gross dividend of 1c5 per share until March 18.
Two trades in Medserv for a total of 25,000 shares led to no change in the share price of the company, closing at €1.60.
On Wednesday, the company reported that it was awarded a fourth offshore maintenance contract for a value of €4 million. Medserv is expected to issue its FY2014 results on March 23.
The Rizzo Farrugia MGS Index retreated to 1,143.369 points (-0.1 per cent) as Eurozone benchmark yields recovered from the all-time lows recorded yesterday. Yields were back above the 0.2 per cent level at 0.263 per cent.
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