In line with the previous week, the Malta Stock Exchange index shaved a minimal 0.1 per cent from its year-to-date gains to close at 3,313.253 points.
Following a shortened week due to Tuesday’s public holiday, the index failed to re-position itself in winning grounds despite closing Thursday’s session with a remarkable gain of 1.4 per cent. In fact, that gain proved insufficient in prevailing over the incurred loss of 1.5 per cent which was gathered across the other three sessions.
Go plc shares tested yearly highs by posting a significant gain following the positive financial results for 2012, while Lombard Bank plc displayed strength by registering a notable gain. Conversely, Middlesea Insurance plc shares closed the week markedly lower in the last minutes of yesterday’s trading session.
Activity in the week witnessed the trading of 14 equities, in which losers and non-movers tallied to five, while gainers totalled to four. Total turnover for the week turned minimally lower to €0.9 million, of which 25 per cent were traded across Go plc shares. Total volume for the week amounted to 838,780 shares which were executed over 150 transactions.
Meanwhile, in the Government Stocks market, most of the active stocks experienced lower yields. Local investors were carried away by eurozone yields which moved towards the 1.35 per cent level over the uncertainty surrounding Cyprus with regard to the much needed bailout. Total turnover for the week amounted to €3.9 million across 22 issues.
Running yields within the Corporate Bonds market opted for opposing directions as four gained ground, three edged lower, while eight closed flat. The 5.6% Global Capital bond headed the list of gainers with an appreciation of 2.6 per cent.
From the equity segment, Go plc emerged as the prime gainer as its share price soared by 11.4 per cent or €0.16 to close the week at €1.57. A total of 155,550 shares changed hands across 34 deals. The telecommunications equity broke up to the upside as unsystematic risk acted as the main driver behind the buying interest. In fact, on Thursday, following the positive results for its financial year ending 2012, the equity surged by just below seven per cent, while it advanced by a further 1.9 per cent yesterday.
On Wednesday afternoon the company announced that the Group profit before tax for 2012 amounted to €26.5 million as opposed to the loss of €45.2 million incurred in the previous year due to its significant impairment of the company’s investment in Forthnet SA and by a number of one-time only charges. The company stated that the profit for 2012 was impacted positively by a gain of €11.4 million following the sale of a piece of land in Qawra. The board of directors are proposing a final net dividend of €0.10 which will be paid to all shareholders appearing on the company’s register as at Friday, April 5, 2013.
From the financial sector, Lombard Bank plc closed remarkably higher by 4.3 per cent on Wednesday to end the week at the €1.998 price level, while it closed unchanged on Monday. Total number of executed shares amounted to 9,806.
Likewise, FIMBank plc managed to partially snap back last week’s two per cent loss as it advanced by just over one per cent in the mid-week session to re-touch the $0.99 level.
Conversely, HSBC Bank Malta plc extended its negative momentum as its share value slid by 1.1 per cent to close the week at €2.72. The equity was active in three sessions in which it drifted lower in all three sessions over a total of 12 trades worth €35,996.
On a similar note, Middlesea Insurance plc plummeted by 11.1 per cent over low volumes of 1,072 shares to close at €0.80.
Meanwhile, from the same sector, Bank of Valletta plc shares closed the week flat at €2.25 after trading at an intra-week high of €2.30. A total 49 transactions were executed across 93,572 shares.
On a sour note, Malta International Airport plc headed southwards by posting a loss of 3.2 per cent to close the week at €1.84. The loss was conditioned by Monday’s session in which the equity plunged by 4.2 per cent, while it then recouped 1.1 per cent yesterday following the positive results announced on Wednesday. The company reported that Group profit before tax for the year ending December 31, 2012, increased by 2.8 per cent to €19.46 million. Furthermore, the board of directors is proposing a final net dividend of €0.04 to all share-holders listed on the company’s register as at the close of business on April 19, 2013.
Likewise, both Plaza Centres plc and Santumas Shareholdings plc closed the week in lower grounds. The former declined by 0.9 per cent on Monday to close at €0.575, while the latter contracted sharply by five per cent over 7,500 shares to close at the €1.70 level.
From the IT sector, RS2 Software plc gained 0.6 per cent yesterday over three transactions of 10,900 shares to touch the €0.91 level, while Crimsonwing plc closed flat at €0.54. The other non-movers for theweek were, International Hotels Investments plc, Maltapost plc and Midi plc which closed at €0.79, €1.02 and €0.314 respectively.
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: 2122 4410, or e-mail info@jesmondmizzi.com.