The Malta Stock Exchange Index extended its week-on-week gain as it closed higher for the second week in succession. In fact, the local index closed the week up by 2.41 per cent with the index reaching the 3,397 level after having surpassed the 3,400 mark on Thursday. International Hotel Investments plc was the main contributors to this week’s gain, while Bank of Valletta plc shares disappointed investors as the bank’s share price failed to live up to last week’s upbeat.
Notwithstanding the positive sentiment surrounding the local equity market, investors were reluctant to trade as turnover in this sector declined rapidly to €362,626.
In the local bond markets turnover was also on the low side as under €2 million were traded. The Government Stocks market was once again the most liquid as €1.6 million was traded across four deals. For the second week running the 5.7 per cent MGS 2012 was the most liquid with over €1 million being traded across five deals. Yields on the majority of the listed Government Stocks closed the week higher. In the Corporate Bonds market activity was spread across 21 issues. The 6.75 per cent Corinthia Finance 2012 was the top performer with a 6.4 per cent gain while the 5.6 per cent Global Capital 2014 – 2016 lost just over seven per cent. Meanwhile, the 4.8 per cent BOV 2020 was the most liquid issue as 81,500 nominal changed hands over 17 transactions.
In the equity market IHI posted a staggering 14.3 per cent or €0.10 as the equity managed to reach the €0.70 level to close the week at €0.80. In fact, following several sessions during which the hotels operator closed unchanged, on Thursday the equity ended the day at €0.80 and traded flat thereafter. This gain followed an interview which appeared on The Times with the group’s chairman Alfred Pisani during which he outlined that the Corinthia Group could well launch a second listing by the end of this year or beginning of next year to raise capital for the purchase of property in top cities like Rome and Paris. This week’s gain helped the equity to ease some of the year-to-date loss which now stands at 15.3 per cent.
Go plc shares held up to their positive momentum following four days of gains, while it edged minimally lower on Friday to end the week at €1.38. Throughout the week the telecoms company returned a 2.22 per cent gain as nearly 35,000 shares changed ownership over 19 transactions.
In the banking sector BOV shares were the only fallers as the bank posted a 1.06 per cent decline or €0.03 to end the week at €2.79 after having traded at a weekly high of €2.83. This week the bank was the second most active as almost 58,000 shares were dealt across 53 deals.
Meanwhile, HSBC Bank Malta plc closed the week in the green with a 0.7 per cent or €0.02 gain as the equity ended the final trading session at €2.98. Activity in HSBC was rather weak at 9,815 shares, down from 70,683 shares traded last week. This volume was dealt across 13 deals as across the week the bank’s equity price fluctuated between a weekly high of €3 and a low of €2.94.
FIMBank plc shares also closed on a positive note as the equity closed the only session during which it was active at $0.85 hence up by 1.2 per cent on the week. Turnover in this equity dropped sharply to $3,405 as one deal of 5,714 shares was executed.
Middlesea Insurance plc shares brought their positive run to an end as the losses recorded during the opening and the mid-week session were enough to propel the equity in the red. In fact, the insurance specialist kicked off the week lower, gained almost two per cent on Tuesday while retracted this gain the following day to finish at €1.03 hence down by nearly one per cent.
However, the worst performer for the week emanated from the IT Sector as 6PM Holdings lost 34.8 per cent during one trading session to end the week down at £0.30. One deal of 5,000 shares worth a mere £1,718 was executed.
Another deal of 650 shares in RS2 Software plc left the equity’s price intact at €0.50. Malta International Airport plc gained further ground as the airport operator finished the week with a gain of 1.79 per cent. On Monday the equity closed higher at €1.70 traded flat the following two sessions while it moved slightly higher yesterday to finish the week at €1.71.
MaltaPost plc also closed the week on the upturn having posted a 1.3 per cent or €0.011 gain to finish the trading week at €1.084. Turnover reached €15,107 which was dealt over 10 transactions.
Island Hotels Group plc traded flat at €0.895 as one deal of 112 shares was executed.
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