The Malta Stock Exchange (MSE) index closed at 3,823.902 points yesterday, gaining 0.43 per cent on the week, following last week's gain of 1.1 per cent. This week, 11 equities were negotiated, with two equities closing in negative territory, three in positive territory and six other equities remaining unchanged. During the week, Bank of Valletta plc was the best performer, while Crimsonwing plc lost most ground.
A total of 345 trades were registered on the stock exchange, with a total turnover of over €27.87 million, including put-through trades of €761,895. In the equity market 127 deals were executed for a total value of €798,503. In the government bond market 72 deals were carried out, for a value of over €22.79 million, while in the corporate bond market 31 deals were executed for a total value of €494,303. In the Treasury Bills market 12 deals were executed for a total value of over €3.027 million.
In the banking sector, Bank of Valletta plc was also the best performer during the week within the sector. The equity closed at €4.30, rising by 3.61 per cent, and therefore recovering from last week's losses. BOV traded 53,755 shares over 40 deals. On the other hand, the share price of Lombard Bank plc remained stable, closing the week at €2.899, with 7,763 shares changing hands on six deals. HSBC Bank Malta plc registered a fall of 1.21 per cent. The closing price for the week was €3.112, a fall of €0.038 from last week, with 28,994 shares traded over 21 deals. Yesterday, the share price of HSBC Bank Malta gained €0.101. FIMBank plc experienced a rise of 2.86 per cent in its share price, as it closed the week at US$1.94, therefore rising by US$0.054, on a turnover of 185,374 shares traded over 21 deals, for a total value of €236,108.
Yesterday morning, FIMBank plc announced its interim financial statements for the half year ended June 30. The FIMBank group posted a profit after tax of US$23.81 million, a significant increase over the US$3.46 million registered for the same period in 2007. The disposal of shares in Global Trade Finance Ltd in March 2008 contributed to a consolidated profit on disposal of US$29.15 million. Group net interest income increased by 42 per cent to US$7.04 million, while group net operating income grew from US$12.22 million to US$47.30 million. Net fee and commission income increased by 64 per cent to US$10.05 million, being largely the result of improved performance both at the Bank and London Forfaiting Company Ltd.
The company also announced the payment of an extraordinary dividend of US$4,397,685 (i.e. US$0.03290924 per ordinary share) by means of a scrip issue to members on the register at the Central Securities Depository of the Malta Stock Exchange as at the close of trading on September 5. All such members will be entitled to receive the circular to members and supporting documentation, including but not limited to the scrip election form; and receive the scrip dividend, to be paid either in cash or by the issue of new shares at each member's option, as from September 29.
The board of directors also resolved that the attribution price for calculating the scrip dividend entitlement be established at US$1.600, that is to say approximating a discount of 15 per cent, to the trade-weighted average price of the company's equity securities for the past quarter. Crimsonwing plc was the only other loser during the week. The equity closed the week at €0.50, thus losing almost six per cent on the week, or €0.03. Crimsonwing traded 29,854 shares over six deals.
Plaza Centres plc retained its share price of €1.70, with 54,717 shares changing hands over four deals. On the other hand, Malta International Airport plc traded only 4,215 shares on five deals. The equity closed at €3.04, therefore maintaining its previous share price. Likewise, International Hotel Investments plc closed the week at its previous share price. The equity closed at €1.05, as 35,235 shares changed hands over five deals. Go plc also retained its previous share price during the week, as it closed the week at €2.35, with 9,760 shares changing hands on nine deals. Maltapost plc was the other equity which maintained its share price from last week. The closing price was €0.75, with 6,199 shares traded over three deals.
RS2 Software plc was the only other equity which registered a rise in its share price. RS2 closed the week at €0.83, €0.01 higher than last week, with 44,000 shares changing hands on seven deals, this notwithstanding the positive results announced last week.
During the week, GlobalCapital plc announced that a meeting of the board of directors has been set for August 28 to consider and approve the interim results of the company as at June 30. 6pm Holdings plc also announced that the board of directors is scheduled to meet on August 26, to consider and approve the half-yearly financial report for the period ended June 30.
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 please contact JMFS at 67/3 South Street, Valletta, or on tel. 2122 4410 or e-mail jmizzi@jmfs.net.