After what seemed to be an all-negative week on the Malta Stock Exchange there was a slight correction last Friday, with the MSE index ending 0.28% lower at 3,865.625 points.
Trading was spread across 15 equities, of which six gained value, five shed some ground, while four remained unchanged. This notwithstanding, the market weighting of the equities whose share price rose was outpaced by those that lost value, resulting in an overall drop in the local index.
Movement in Bank of Valletta plc’s share price was rather stuck throughout the week, fluctuating between €3.10 and €3.136, finally ending the week with a 0.97% gain. However, BoV’s share price remains 2.64% below its level at the start of the year.
Last Friday after the close of trading, the BoV group issued its interim directors statement which reported that no material events or transactions took place that should impact the bank’s or the group’s financial position.
The bank said demand for new credits during the first quarter was subdued, customer deposits were flat, while commission and trading income was slightly higher than at the same time last year, but just below expectations.
It added that unrealised fair value markdowns were registered in the quarter as a result of the current lack of confidence in the eurozone sovereign debt market.
Overall, the group’s net profit for the quarter is in line with that of the first quarter of the 2010 financial year, but falls short of expectations for Q1.
There was little movement in HSBC Bank Malta plc’s share price, with the equity ending every trading session last week flat at €3.50, at which it closed on Friday.
Investors’ sentiment towards HSBC remains cautious in anticipation of the approval of the group’s and bank’s financial statements for the year ended December 31, 2010, and the recommendation for the payment of a final dividend.
Shareholders will have to wait till February 18, when the HSBC board of directors is scheduled to meet, and thereafter the results will be announced.
The share price of Lombard Bank plc continued its upward surge with a 1.35% gain on significant trading volume. Following last week’s gain, Lombard shares are now one of the best performing equities so far this year, up by 7.14%, and second only to HSBC.
Maltapost plc’s share price also gained strongly, rising 3.96% or €0.04, to reach a new all-time high of €1.05, after 71,439 shares were traded.
Middlesea Insurance plc (MSI) shares also joined last week’s gainers when a single trade of 202 shares on Thursday upped the share price by just under 1%.
On Thursday, MSI announced that the board of directors is scheduled to meet on March 14 to approve the company’s financial statements as at December 31, and to consider recommending a dividend.
A single deal of 3,000 shares in Plaza Centres plc raised its share price by 11.33% to €1.67.
The last equity to gain value was Loqus Holdings plc, the shares of which rose €0.011 or 7.33% after a solitary deal of 400 shares.
The worst drop last week that of Malta International Airport plc, whose share price fell by 1.64% on Tuesday and a further 2.78% on Thursday to end the week down by 4.37% at €1.75.
Volume traded in this equity also fell significantly from over 106,000 shares exchanged the previous week to 22,000 last week.
Late on Friday, MIA announced its passenger movements for January, reporting record figures equivalent to a 14.9% increase compared to the same month last year.
Similar price movements and volumes traded were seen in Fimbank plc and International Hotel Investments plc shares, with the equities shedding 2.56% and 2.06% respectively.
Medserv plc’s share price slid by €0.05, or 1.18%, as three deals of 7,930 shares were executed at €4.20.
Last week the company announced that its next annual general meeting will be held on April 21.
Go plc’s share price fell by a moderate 0.47% on a volume of 17,000 shares.
Midi plc shares were active for the first time since being listed, yet no movement was registered from the initial public offering share price, as 225,000 shares changed hands at €0.45.
Minimal trading occurred in Crimsonwing plc and Simonds Farsons Cisk plc, leaving no impact on their share price.
On Friday, Crimsonwing issued its interim directors statement, reporting that excellent progress was made in the third quarter across all business units.
Activity in the corporate bonds market was almost half that of the previous week, with one-third of volume traded being in the 7% Midi plc euro bond maturing in 2016-2018.
On the other hand, value traded in Malta Government Stocks more than doubled to reach €2.93m, with more than half of trading activity and value being in the 5.25% stock maturing in 2030.
The price trend in this market was predominantly negative.
This article, which was compiled by Jesmond Mizzi, joint managing director of Atlas JMFS Investment Services Ltd, does not intend to give investment advice and the contents therein should not be construed as such. Atlas JMFS is licensed to conduct investment services by the MFSA and is a member firm of the Malta Stock Exchange. 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 Atlas JMFS at 67/3, South Street, Valletta, or on Tel: 2122 4410 or e-mail jesmond.mizzi@atlasjmfs.com.