Throughout the week the sell off experienced in the local equities market forced the Malta Stock Exchange Index to a week-on-week loss of just over 0.5 per cent. As a result the MSE failed to keep up to the positive momentum enjoyed during the past two weeks after having closed yesterday’s session at 3,378.974 points. The lack of liquidity experienced lately obliged investors to accept lower bids as turnover in local equities declined further to €286,507. Investors however opted for less risky assets, as demand for fixed-income securities soared which in turn pushed yields on various securities lower following higher prices.
In the fixed-income market over €24.1 million were traded. In the Government Stocks market over €23.3 million were traded across 227 transactions. Out of the active issues the 5.7% MGS 2012 was the most liquid however it closed the week on the downside with a 0.53 per cent decline. Meanwhile in the Corporate Bonds market 20 issues were traded of which seven gained, five closed lower and the remaining bonds closed flat. The 6.2% - 6.8% IHI 2013 was the best performer with a 3.4 per cent gain while the 7.5% MIH 2012 – 2014 headed the list of fallers with a 2.4 per cent decline. Turnover in both securities was however on the low side.
Meanwhile in the equity’s market 12 issues were traded, the majority of which closed the week on the negative side, while HSBC Bank Malta plc was the week’s only gainer. MIDI plc topped the losers list as the equity slumped during one trading day, while Bank of Valletta plc was the worst performer out of the listed financial equities.
In fact BOV closed the week with a 1.43 per cent or €0.04 decline as it finished yesterday’s session at €2.75. This loss was attributed primarily to the bank’s announcement late in the week which made reference to the Bank’s proposal to all investors in the La Valette Multi Manager Property Fund. BOV is offer-ing €0.75 for every qualifying share to all investors who appeared on the list of holders as at August 18, 2010. Shareholders of this fund have until June 30, 2011 to accept this offer and the bank reserves the right to withdraw the offer should acceptances do not total 70 per cent of the outstanding shares. On the news the equity’s price plummeted by nearly two per cent. Turnover throughout the week reached €146,375 as 47 deals of 52,592 shares were executed.
Conversely HSBC shares finished the week as the top performers having gained a meagre 0.17 per cent to finish the week at €2.985 after having traded at a weekly high of €3. Turnover was slightly higher this week as just under €58,000 changed hands across 18 deals.
Meanwhile Middlesea Insurance plc edged minimally lower this week as the equity closed the only session during which it was active at €1.029 hence down by 0.1 per cent on the week. Five hundred shares were dealt across one transaction.
FIMBank plc which was only active during the mid-week session closed flat at $0.85 as four deals of 9,279 shares were recorded.
Go plc failed to live up to the upbeat enjoyed during the past two weeks as the telecoms company posted a 0.72 per cent or €0.01 decline. The equity was the second most liquid as nearly 29,000 shares were traded over 18 deals. The equity shaved off 2.2 per cent or €0.03 during the week’s opening trading day while it recovered some of these losses thereafter.
Likewise Simonds Farsons Cisk plc shares were also on the downside as the equity lost a hefty 2.8 per cent or €0.05 during yesterday’s trading day. Two thin trades of 1,180 shares were executed at €1.75. Notwithstanding this fall the equity is the still up by almost three per cent since the beginning of the year.
One deal of 1,000 shares in MIDI plc propelled the equity in decline as the equity finished the week as the worst performer. In fact MIDI shares lost 4.55 per cent or €0.02 to end the week under review at €0.42.
MaltaPost plc shares closed slightly lower as one deal of a mere 300 shares reduced the equity’s price by 0.4 per cent as the equity closed the week at €1.08. In the IT Sector RS2 Software closed at €0.499 hence down by 0.2 per cent as 18,000 shares were traded over one deal worth €8,982.
Malta International Airport plc shares failed to move higher as Monday’s gain was swiftly erased mid-week. In fact the equity kicked-off the equity on a positive note however on Wednesday the equity repealed all of these gains as it returned to the €1.71 level.
International Hotel Investments plc traded sideways at €0.80 as two transactions of 11,000 shares were executed. Similarly another two deals in Island Hotels Group plc left the equity’s price intact at €0.895.
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