The Malta Stock Exchange index ended the trading week at 2702.287 points, therefore falling by 2.66 per cent, notwithstanding a slight up tick in the last session of the week. Accumulating this week's losses, therefore, the MSE index has shed 15.77 per cent since the start of this year. During the week, 10 equities were negotiated, with eight closing in negative territory and two ending the week unchanged. The best performers of this week were Go plc and Plaza plc, both remaining stable. MIA plc was the worst performer, declining by 7.17 per cent and closing at €2.20.
The past week saw 294 deals being registered on the stock exchange with a turnover of over €11.8 million. In the equity market 167 transactions for a total value of €630,044 were executed, while in the corporate bond market 38 transactions were carried out for a total value of €284,599. The government bond market saw 39 deals changing hands for a total value of over €1.68 million while 50 transactions were carried out in the Treasury bills market for a total value of over €9.25 million.
Bank of Valletta plc posted a loss of five per cent this week as 93,644 shares traded in this equity across 61 deals. BOV traded at a low of €2.002 and a high of €2.209, closing the week at €2.09.
The highest number of trades was registered in HSBC Bank Malta plc where a total volume of 152,050 shares exchanged hands across 78 trades. This week the equity fell by 2.71 per cent having traded at a low of € 2.10 and a high of €2.20 but closed at €2.15.
During the week the share price of Lombard Bank Malta plc depreciated by 0.04 per cent and closed at €2.52 as four deals were executed for a total volume of 8,500 shares. Lombard this week issued their preliminary statement of annual results for the financial year ended December 31, 2008 with profit before tax rising by 32.9 per cent to €14.14 million. One major contribution to these improved results was the increase in "postal sales and other revenues" which rose from €1.21 million to €19.51 million. The directors resolved to recommend the payment, to be approved at the company's AGM on April 23, 2009, of a final ordinary gross dividend of €0.10 per share.
The share price of Go plc remained stable at €1.50, yet this equity saw its major trading last Monday where 27,125 shares changed hands lowering the price slightly to €1.49. This fall in price was reversed later in the week yet on much lower volumes.
A single trade last Monday lowered the price of International Hotels Investments plc by €0.03 resulting in a closing price of €0.80, a fall of 3.50 per cent from the previous week closing price. Two further trades during the week kept the price stationary at this level.
Last Wednesday, one single trade of 8,960 shares in Plaza Centres plc maintained its share price at €1.70. In a company announcement, the board of directors approved the preliminary results for the year ended December 31, 2008, reporting an increase of 7.2 per cent in the company's profit after tax when compared to 2007. The profit after tax figure reached €783,566 for 2008. The board is recommending the payment of a final net dividend of €0.0791 per share to all shareholders on the register as at April 1, 2009, to be approved at the company's AGM due to be held on April 22, 2009.
Fimbank plc, this week announced their results for the year ended December 31, 2008, with group profits after tax reaching US$24.8 million in 2008 compared to US$10.5 million in 2007. These results were positively impacted by the disposal of shares in Global Trade Finance Ltd announced earlier last year. The board announced a dividend applicable to shareholders on the register as at close of trading on March 24, 2009 of US$ 2.251215 per share. Furthermore the board approved a bond issue which is expected to take place in the second quarter of 2009. Notwithstanding this announcement the equity traded only once yesterday with a mere 2,000 shares changing hands at US$ 1.485, which lead to a drop in its share price of 0.34 per cent.
The board of directors of Malta International Airport plc approved the financial statements of the company for the year ended December 31, 2008. While passenger movement increased by 4.7 per cent to a record 3.11 million, profit before tax fell by almost three per cent to €13.68 million. Operating costs increased by €765,000 to €24.8 million while revenue increased by €749,493 to €45.1 million. It was resolved to propose a further gross dividend of €0.08769 per share to be paid to shareholders on the register as at close of business on May 8.
Such an announcement caused this company's share price to suffer the hardest hit, this week, following a drop in share price of €0.17 resulting in a closing price of €2.20. This occurred on three deals over minor volume of 2,800 shares.
Maltapost plc and RS2 plc saw their equity prices deteriorate by 0.67 per cent and 1.33 per cent respectively. Both prices moved following single trades of 1,000 shares.
This article, which was compiled by Jesmond Mizzi Financial Services Ltd (JMFS), does not intend to give investment advice and the contents therein 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 telephone 2122 4410 or e-mail jmizzi@jmfs.net.