The Malta Stock Exchange index closed at 4195.241 points yesterday, losing 1.83 per cent on the week and is now just about 15 per cent under on the year. The positive run seems to have ended very quickly as the large caps lost ground again this week. The MSE index lost 13.55 per cent in the first six months of 2008.
During the week, 13 equities were negotiated, with seven equities closing in negative territory, six in positive territory while the rest remained stable. During the week, Crimsonwing was the best performer while Go plc lost most ground.
A total of 175 trades were registered on the stock exchange for a turnover of over €11.34 million. In the equity market 89 deals were executed for a value of €291,851 while in the corporate bond market 24 deals for a total value of €196,093 were carried out. In the government bond market 46 trades were executed for a total value of over €8.8 million. In the Treasury bills market 14 deals were executed for a total value of over €2.02 million.
In the banking sector, the share price of HSBC Bank Malta plc had a very negative week after having had a very positive run the previous week. In fact, the equity closed at €3.80, falling by 2.54 per cent on a turnover of only 9,183 shares traded over 15 deals. Likewise, the share price of Bank of Valletta plc also fell by 2.21 per cent, as 16,058 shares changed hands over 15 deals. BOV closed the week at €4.87. Lombard Bank plc also lost ground, falling 1.67 per cent and closed at €2.95. Turnover was very small with only three deals and 2,200 shares changing hands.
FIMBank plc experienced a small positive increase in its share price which closed the week at US$1.89, up 0.53 per cent on the week.
International Hotel Investments plc saw its share price decrease by 1.32 per cent, thus giving up some of last weeks gains. Seven deals were traded in IHI with a volume of 17,524. MaltaPost plc also gave up some of last weeks gains as the share price fell by 3.61 per cent, as it closed at €0.80, with 22,689 shares changing hands over 12 deals. Malta International Airport plc closed the week at €3.11, down 0.32 per cent over five deals and a turnover of 6,600 shares.
GO plc saw its share price decrease by 3.85 per cent to €2.50 on 17 deals for a total volume of 19,440. The share price of Grand Harbour Marina plc gained 0.24 per cent, recovering some of last week's losses and closed at €2.05 as 7,250 shares changed hands in two deals.
RS2 Software plc which traded for the first time yesterday week had a positive week and gained 1.87 per cent and closed at €0.81,5 on three deals totalling 2,500 shares. Crimsonwing plc also had a good week and was the best performer gaining 1.89 per cent on the week, closing at €0.54. Turnover was also the highest at 24,138 and spread over four deals. Simonds Farsons Cisk plc traded twice during the week, with 5,050 shares changing hands. The closing price was €2.76, up 1.43 per cent on the week. Plaza Centres traded twice this week on a turnover of 5,300 and closed at €1.73, up 0.29 per cent.
Next week, United Finance p.l.c. is offering investors in Malta €10 million 6.75 per cent bonds due 2014-2016 having a nominal value of €100 each. The bonds will, unless previously purchased and cancelled, be redeemed at any date between June 30, 2014 and June 30, 2016, as the issuer may determine, on giving not less than 60 days notice. Interest on the bonds will become due and payable annually in arrears on June 30 at the rate of 6.75 per cent per annum. In the event that during the offer period the issuer receives applications for bonds in excess of the first €10 million bonds, the issuer has the option to increase the bonds in issue to an aggregate amount of €12 million.
The net proceeds from the bonds shall be used by the issuer principally to re-finance the redemption of the Lm4,000,000 (€9,317,494) 6.75 per cent bond issued on September 13, 2000, which bond issue is due for redemption in full on October 31.
This article, which was compiled by Jesmond Mizzi Financial Services Limited (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.