Global equities continued with their positive run for the third consecutive week, with Japan's Nikkei 225 up 8.5% and Standard and Poor's 500 (S and P) index, the Nasdaq Composite and the Dow Jones Industrial Average in the US each gaining over six per cent. The S and P is poised to be up 11% in March alone, its best month since 1991.
In Europe, Paris's CAC 40 was up 1.76% and Frankfurt's Xetra Dax was up 3.32%. This is despite the latest gloomy data which shows the eurozone recession appearing to have deepened in the year's first quarter and manufacturing orders collapsing in January. This has added pressure on the European Central Bank to lower its interest rate on Thursday. London's FTSE 100 index was up 1.46%, helped by the banking sector.
Meanwhile, the Malta Stock Exchange (MSE) index which ended the trading week at 2,687.928 points, was down just 0.06 per cent, though the loss to date this year stands at just over 16 per cent. The index started positively on Monday but fell in the next four trading sessions.
Eight equities were negotiated on the MSE this week, with four closing in positive territory, three closing negative and one unchanged. The best performer of this week was Go plc, while Malta International Airport plc was the worst.
A total of 318 transactions deals were registered on the MSE with a turnover of over €8.67m. In the equity market, 155 for a total of €348,860 were executed, while in the corporate bond market 43 deals were carried out for €322,939. The government bond market saw 99 transactions for over €1.527m, while 21 transactions were carried out in the Treasury Bills market for over €6.47m.
HSBC Bank Malta plc shares traded at a high of €2.18 and a low of €2.16, closing the week at €2.175, an increase of 0.69%, with a total of 60,665 shares being traded across 44 trades.
Lombard Bank plc traded twice this week, with just 1,500 shares changing hands, with its share price increasing 0.40%, closing the week at €2.53.
Bank of Valletta plc (BoV)'s share price slipped by €0.03, or 1.36%, as 23,151 of the equity's shares were traded across 33 deals. BoV traded at a high of €2.25 and closed at its low of €2.17. During the previous week, the bank's share price had increased by 5.26%.
Following the announcement of its results for 2008 on Friday, Go plc had a good start on Monday, when its share price increased 6.93%. During the week, 94,494 Go shares were traded across 65 deals at a high of €1.50 and a low of €1.44. It closed the week at €1.45, an increase of 3.57%. The previous week it had dropped 6.67%.
Plaza Centres plc's share price rose €0.02, or 1.18%, to close the week at €1.72 after a mere 150 shares were traded in one deal.
Although 13,500 Fimbank plc shares were traded in three deals this week, the share price remained unchanged at $1.30.
Malta International Airport plc (MIA) this week tumbled 6.97%, or €0.152, as 2,100 shares were traded in four transactions. The share price traded from a high of €2.10 to a low of €2.028 where it closed the week.
Maltapost plc's share price lost €0.009, or 1.23%, to close the week at €0.72, as 7,000 shares changed hands in three deals.
On Tuesday, the Grand Harbour Marina plc board of directors approved the company's financial statements for the year ended December 31. The company registered a loss before tax of €410,848, compared to last year's profit before tax of €3.9m.
Total revenue last year was €2.496m, a significant 77.66% drop over last year's €11.176m. During the year, the company sold €1.01m worth of super yacht berths for long term use, compared to €10.01m in 2007.
Pontoon fees and revenue from ancillary services for the year rose 28% from €1.15m to €1.47m.. Earnings per share fell from €0.40 to -€0.04. The board is not recommending the payment of a dividend.
Medserv plc's board of directors also approved the company's financial statements for 2008 this week. The group registered a profit before tax of €975,421, a massive 439% increase over last year's loss before tax of €287,333.
Total revenue last year was €15.56m, compared to €4.65m the previous year. Earnings per share in 2008 increased from a €0.0005 loss per share to a positive €0.113 per share. The increase in earnings per share is mainly attributable to the strong performance of company's subsidiaries, particularly in Libya.
The board is proposing the payment of a net dividend per ordinary share of €0.039, amounting to a total net dividend of €390,000, to be approved at the annual general meeting. The dividend will be paid to company shareholders registered as at April 8.
Global Capital plc on Friday announced that the group registered a loss after tax of €6,886,162 in 2008, compared to a profit after tax of €579,935 in 2007. Details on the group's results appear on page 103.
The application for the 3.6% Malta Government Stock 2013 (IV) Fungibility Issue opened for the investors last Friday. Applications close on Wednesday, or earlier at the discretion of the Accountant General, and on Friday for sealed bids.
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 contact JMFS at 67/3, South Street, Valletta or on Tel: 2122 4410 or e-mail jmizzi@jmfs.net.