In a predominantly positive week, three of the four large cap stocks posted convincing gains with Bank of Valletta plc (BoV) topping the charts with a 5.4 per cent advance. Malta International Airports (MIA) was next with a 3.7 per cent rise, while HSBC Bank Malta plc (HSBC) trailed with a 1.5 per cent gain. In small cap stocks International Hotels Investments (IHI) was the week's best performer, up 2.1 per cent to €0.97.
On the other hand, Middlesea Insurance plc (MSI) was the week's laggard losing 4.6 per cent to Lm2.38 followed by Simonds Farsons Cisk plc (SFC)'s 2.8 per cent decline to 70c. Fimbank plc (FIM) was also on the loser's bench, down 1.6 per cent to US$1.81.
Meanwhile Maltacom plc (MLC) managed to claw back most of the losses it sustained throughout the week to end a mere 0.6 per cent lower at Lm1.70.
The MSE index closed the week at 5,141.011, up 1.93 per cent.
BoV, the week's best performer, opened the week at Lm3.67 and went from strength to strength closing at a week's high of Lm3.86 on Thursday. Yesterday, it fell back a cent to Lm3.85, ending the week a very healthy 5.4 per cent ahead. The ban's financial year ends today. At the close of trade yesterday best bids totalled 500 shares at Lm3.84, while supply for 5,550 shares started at Lm3.85.
MIA only traded twice this week, remaining unchanged at Lm1.35 on Monday and on Tuesday's open, before advancing to Lm1.37 and Lm1.40. This price marked a five-week high for MIA, up 3.7 per cent on the week. At the end of the week, best bids were for 6,500 shares at Lm1.35, while offers for 2,000 shares started at Lm1.38.
HSBC saw 94,454 shares changing hands in a week where the price range yo-yoed between a low of Lm2.04,8 on Thursday and a high of Lm2.08 - the closing price on every single day of last week. At this latter price, HSBC ended the week 1.5 per cent higher on yesterday's close. At the end of trading, the best bid was for 2,000 shares at Lm2.04,1, while the best offer for 4,662 shares stood at Lm2.08.
IHI had an erratic week - it did not trade till Thursday, falling to €0.93 at the open and hitting €0.90 by 11 a.m. However, two purchase orders reversed the losses, first taking the price back to €0.93 and then to €0.95 to close the day unchanged. The upswing continued yesterday with IHI climbing to €0.97 for a week on week gain of 2.1 per cent on a turnover of 30,398 shares.
Plaza Centres plc (PZC) had a positive week, advancing 0.75 per cent to 67c, the price at which all the week's deals were negotiated. PZC was comparatively active with a turnover of 26,700 shares for a market value of Lm17,889.
Lombard bank plc (LOM) continued to advance, trading at Lm4.68 and at Lm4.70,1 on Wednesday and inching forward to Lm4.71 yesterday to close the week 0.6 per cent higher on a turnover of 7,412 shares.
MSI, as expected, suffered a blow following the release of their interim results for the six months which ended on June 30. These showed a 42.2 per cent drop in pre-tax profits and a fall in EPS from 6c4 to 6c2. On Monday, MSI fell from Lm2.48 to Lm2.40, stumbling to Lm2.35 during Tuesday's session. However, it regained some ground recovering to Lm2.38 to close the day and the week at this level, nursing a loss of 4.6 per cent. SFC was again under pressure as a series of sale orders - totalling 32,500 shares for the week - sent the price crashing to the recently touched year's low of 70c. FIM traded after a week's break to close 1.6 per cent lower at $1.81.
MLC had a tough week both on and off market. Off market, the company had to contend with a fine slapped on by the Malta Communications Authority for Lm10,000 together with a daily penalty of Lm200 for failing to conclude an interconnection agreement with Melita Cable. MLC announced on Wednesday that it will be appealing this decision in the appropriate fora.
On the market, MLC opened the week at Lm1.69, slumping to Lm1.59 by Thursday - both a 2006, and an 11-month low. It snapped its nine-day losing streak yesterday; it traded at Lm1.60 for most of the time, but in the final three deals advanced to Lm1.64, Lm1.68 and Lm1.70, a near seven per cent comeback for the day, even if it ended the week 0.6 per cent lower on a turnover of 50,669 shares. At the end of the week, the best bid was for 1,060 shares at Lm1.60 and the best offers for 4,640 shares at Lm1.70.
GlobalCapital did not trade. In a company announcement issued on Tuesday, GCL announced that Kevin Vella has been appointed member of the company's executive committee and Kenneth Spiteri resigned from chief sales officer. This position is now occupied by Oliver Said.
In the Alternative Companies List, Datatrak was stable at 26c. In a company announcement released yesterday, the board announced that it will meet on October 17 to approve and consider the interim financial statements for the period which ended on June 30.
The bond markets were much quieter this week. In government bonds turnover by value reached Lm233,088 spread over 44 deals. In the corporate bond market, there were only 28 deals for just over Lm46,000.
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