Following last week’s marginal rise the, Malta Stock Exchange index retreated from its positive position by recording a loss of 0.2 per cent to end the week at 2,971.832 points.
Despite a relatively encouraging week with the index trading on higher grounds in three sessions, the considerable losses incurred in the mid-week session and on Thursday pushed the index towards the red zone.
This week the bears pulled down the majority of financials namely Bank of Valletta plc, HSBC Bank Malta plc, Lombard Bank plc and Middlesea Insurance plc. Conversely, Go plc recorded a significant gain in its share price following weeks of volatility.
Activity throughout the week was characterised by eight equities being active, in which losers outperformed gainers as four depreciated in value, three gained ground and the other traded unchanged.
Total trading value in the week amounted to just over €1.15 million which were traded over 114 transactions consisting of just above 1.3 million shares.
In the local government stock market as opposed to last week, participants showed their lack of conviction, as from the 19 active stocks 10 closed lower, while six recorded minimal gains. In the week total turnover reached €13.7 million with the 6.65% MGS 2016 and the long-dated 4.6% MGS 2020 emerging as the most liquid with total trading value between them amounted to just over €8.7 million.
In the corporate bonds market yields were mixed, as from the 19 active issues three gained ground, six edged lower and 10 closed unchanged. The 6.25% IHI 2015-2019 issue was worst performer for the week with a loss of three per cent.
In the equity market, Bank of Valletta plc closed the week lower by 1.9 per cent or €0.04 to move in €2.08 price level. The banking equity lacked confidence throughout the week as it only managed to gain ground on Tuesday while it faltered gradually in all other sessions. Total trading volume amounted to 106,391 shares which were executed over 49 trades.
Likewise, HSBC Bank Malta plc shares fell out of favour with a loss of just below two per cent on Thursday. The equity was active in three sessions were it registered a minimal gain in one, incurred the said loss in the other, while it traded flat on Friday to end the week at €2.50. A total of 21,110 shares changed hands over 12 transactions.
In line with its peers, Lombard Bank plc re-affirmed its negative momentum by recording a further loss of 0.9 per cent. The equity succumbed to selling pressure as it drifted lower in three sessions, while it than managed to snap back most of the losses by recording a gain of two per cent on Friday to close the week at the €2.349 price levels.
Similarly, the other active financial, Middlesea Insurance plc, emerged as the primary laggard for the week with a sharp loss of 5.8 per cent. A total of 5,566 shares were dealt over a single session to end the week at €0.65.
On a positive note, from the telecommunications sector Go plc protracted last week’s upbeat tone by recording a staggering gain of 14.8 per cent to re-touch the €0.85 price levels. The equity showed impetus throughout the week as from the five active sessions it recorded significant gains in three sessions with yesterday’s session being the most noted as the equity advanced by 8.9 per cent. This week the equity captured the lion’s share as activity was spread on high volumes of 892,178 shares which were traded over 34 deals.
From the hotelier’s sector, International Hotels Investments plc shares were snuffed out with buying interest as the equity posted a 2.4 per cent gain on Monday to close the week at €0.84. Total trading value amounted to €227,763 traded over two sessions of 275,063 shares.
The other positive performer for the week was Malta International Airport plc, which managed to close the week in green ground in the last minutes of trading yesterday by recording a gain of 1.2 per cent over a mere of 500 shares to end the week at €1.75.
Yesterday, the company announced that, in line with its forecasts, in the first quarter of the year passenger movements were down by 4.7 per cent when compared to those of the previous year.
However, passenger movements showed an increase in April 2012 of 1.4 per cent bringing the total passenger movements for the first four months of the year to 2.6 per cent less than the amount for the same period last year.
Finally, the non-mover for the week was Island Hotels Group Holdings plc which closed the week flat at €0.85 over a single session of 500 shares.
This article, which was compiled by Atlas JMFS Investment Services Limited, does not intend to give investment advice and the contents therein should not be construed as such.
Atlas JMFS is licensed to conduct investment services by the MFSA and is a member firm of the Malta Stock Exchange.
The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article.
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