The Malta Stock Exchange index yesterday ended at 2,689.487 points, decreasing by 0.47 per cent in a short trading week. The year to date loss now stands at 16.17 per cent. The index had a positive start as it was up on both Monday and Tuesday but declined on Wednesday and Friday.
During the week, six equities were negotiated, with four closing in negative territory and two closing in positive territory. The best performers of this week was Bank of Valletta plc, while FIMBank plc was the worst performer, declining by 12.46 per cent.
The past week saw 321 deals being registered on the stock exchange with a turnover of over €2.89 million. In the equity market, 162 transactions for a total value of €418,680 were executed, while in the government bond market 41 transactions were carried out for a total value of over €1.4 million. The corporate bond market saw 19 deals changing hands for a total value of €97,793, while nine transactions were carried out in the treasury bills market for a total value of €974,925.
Bank of Valletta plc (BOV) posted an increase of 5.26 per cent this week as 60,838 shares traded in this equity across 49 deals. BOV traded at a low of €2.09 and a high of €2.22, closing the week at €2.20.
HSBC Bank Malta plc (HSBC) saw its share price increase by just 0.47 per cent, as a total volume of 98,965 shares exchanged hands across 43 trades. This week the equity traded at a low of €2.15 and a high of €2.18 but closed at €2.16.
The share price of Go plc decreased by 6.67 per cent, as the equity closed at €1.40, on a volume of 17,199 shares across 13 deals. Yesterday, Go plc announced that the board of directors approved the annual results for the financial year ended December 31, 2008. The Group announced that turnover for the year amounted to €130.3 million (2007: €131.9 million), a decrease of 1.2 per cent over 2007 as revenue from core services remained strong. However, the Group recorded a loss before taxation amounting to €1.3 million as compared to profit of €27.6 million in 2007. Earnings per share decreased from €0.165 to -€0.03. The Group registered an operating profit of €11.8 million (2007: €28.6 million). However, results include various one-off transactions, namely a charge for pensions of €12.9 million (2007: Nil), voluntary retirement costs of €2.0 million (2007: €4.3 million) and income from refundable VAT claim of €9.6 million in 2007.
The board of directors of Go plc further resolved to recommend that the annual general meeting approves the payment of a final net dividend of €0.12 net of taxation per share.
The share price of FIMBank plc this week decreased by 12.46 per cent as 30,116 shares traded on 53 deals closing the week at US$1.30. The equity fell by US$0.072 yesterday as shares traded ex-dividend. (FIMBank dividend was 2.251215 US cents or $0.02251215, and not US$2.251215 as erroneously reported last week.) On Tuesday, FIMBank plc announced that it published a Prospectus dated March 9, 2009 in respect of an issue of seven per cent Subordinated Bonds 2012-2019 for an aggregate of €15 million subject to an over-allotment option not exceeding €15 million in any one or a combination of euro bonds and US$ bonds. The bonds shall be offered to the general public at their par value of €100 and US$100, respectively.
Preferred applicants will be entitled to subscribe to the bonds at a discount of three per cent of their par value, that is, at €97 and/or US$97. Payment of interest shall be made semi-annually and applications to the public open on April 23, and pre-placement agreements with intermediaries on April 17.
The share price of Malta International Airport plc decreased by €0.02, with a single trade of 50 shares dropping its share price by 0.91 per cent, to close at €2.18.
Maltapost plc saw their equity prices decrease by 1.49 per cent, closing the week at €0.729, a loss of €0.011, with 22,000 shares being traded on three deals.
During the week, RS2 Software plc announced that the board of directors approved the final audited financial statements for the financial year ended December 31, 2008. The company registered total revenue of €8.34 million, representing a significant increase of 33 per cent over last year's total revenue of €6.26 million. Profit before taxation amounted to €2.9 million, a 35 per cent increase over the reported profit in 2007 of €2.15 million. The board of directors is recommending for the approval of the annual general meeting the payment of a net final dividend of €0.022 per share amounting to €825,000.
Yesterday, the Treasury announced an issue of €60 million, 3.6 per cent Malta Government Stock 2013 (IV) Fungibility Issue, subject to an over-allotment option of €20 million). Applications open on March 27 and close on April 1, or earlier at the discretion of the Accountant General and April 3 for sealed bids. The price of the bond will be issued on March 24.
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.