The Malta Stock Exchange Index gained 0.06% this week as global markets continued with the volatility that we have become accustomed to in recent weeks. The MSE Index had a mixed week as it gained in value on Monday and Thursday but lost ground on Tuesday, Wednesday and Friday.
A total of 285 deals were registered on the stock exchange for a turnover of over €11.7 million. In the equity market, 166 transactions were carried out for a total value of €881,338. In the corporate bond market, 55 transactions for a total value of €332,532 were carried out; in the government bond market 37 transactions were executed for a value of over €6.3 million and 26 transactions were carried out in the Treasury Bills market for a value of over €4.1 million.
Bank of Valletta plc was the best performer this week as the market price appreciated by 1.98%, closing the week at €3.60. The equity traded all week and appreciated in the main on Monday by 1.7%. On Thursday, the share price fell by 0.03% but regained the drop on Friday. The equity traded 57 times on a turnover of 80,005 shares.
HSBC Bank Malta plc also appreciated in value this week by 0.86% as 110,256 shares changed hands in 63 deals. On Monday HSBC was the most active as 15,480 shares changed hands across eight deals. This led to an increase of 0.52% in its share price which closed at €2.91. On Tuesday, the share price increased by a further 0.45% to €2.923. On Wednesday, the equity gained 0.07% but on Friday the share price dropped by 0.17% to €2.92. On Friday, HSBC Bank Malta plc issued an interim directors' statement stating that despite challenging global and local market conditions, core income and profitability levels at HSBC Bank Malta plc remained satisfactory for the period July 1 to September 30. As at September 30, both customers' deposits and customers' loans increased in line with expectations over the prior September end.
FIMBank plc share price dropped by 3.45% to $1.40 on 18 deals as 181,240 shares were negotiated. On Tuesday, the equity lost 4.48% to $1.385 as 165,240 shares changed hands across 12 deals. However, on Thursday the share price contributed to the gain on the index as its share price increased by 1.08% to $1.40 as 16,000 shares changed hands across six deals.
GO plc retained last week's share price at €1.90. All trades during the week were traded at this price as trading took place in four trading sessions.
Grand Harbour Marina plc lost most ground this week as 12,770 shares changed hands in seven transactions. The equity fell by 9.52% and closed at €1.90.
During the week, MaltaPost plc saw its share price decrease by 5.06% from €0.79 to €0.75 as 33,822 shares changed hands across 11 transactions. On Monday, the share price dropped by 6.96% to €0.735 on a single deal of 2,500 shares.
On Tuesday, the share price lost another 3.40% to €0.71 as 22,500 shares changed hands across four deals. On Wednesday and Thursday, the share price increased by 4.93% and 0.67% respectively.
On Wednesday, the share price of Malta International Airport plc dragged the index lower as it dropped by 6.84% to €2.329 on a single deal of just 1,000 shares. This is the lowest price since October 2004. On Friday, a single deal of 1,300 shares left the share price unchanged at €2.329.
Medserv plc this week announced that the growth in turnover and profits as reported in the half yearly results announced on August 25 has been sustained for the period ended September 30, and drilling operations supported by both the Malta base and that situated in Misurata, Libya (in which the company has a 60 per cent interest) have started. The directors' statement also pointed out that since the previous company announcement the world price of oil has fallen sharply. However, the company has received no indication that the current and near future drilling operations will be effected either in Libya or Malta.
In another interim directors' statement, GlobalCapital plc announced on Monday that from June 30 to date it has continued to focus on its strategy to improve operational efficiencies and to reinforce robust risk management practices and effective cost management. The company pointed out that the difficult conditions in global financial markets continued to have an adverse effect on the fair valuations of the group's portfolio of financial investments, and on demand for its products, leading to a decline in the earnings of the company's main divisions when compared to the same period in 2007. However, property, agency and brokerage segments of the group continue to perform well. The capital position of the group remains sound and the board believes that the company remains well-positioned to handle the challenging environment, and to enhance stakeholder value in the long term.
This report was complied by Jesmond Mizzi, managing director of Jesmond Mizzi Financial Services Limited (JMFS).The report does not intend to give investment advice and the contents should not be construed as such. JMFS is licensed to conduct investment services by the MFSA. 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 JMFS at 67/3, South Street, Valletta, or on 2122 4410 or e-mail jmizzi@jmfs.net.