Local Weekly Round – up 20th Mar – 24th Mar
During the first few days of the week the MSE share index continued to record fresh levels until Thursday’s session where profit taking kicked in mainly on banking sector equities resulting in drops which were partly recouped in Friday’s trading as the index marginally rose and closed at a level of 6552.572 contributing to an overall weekly rise of 3.08%. A positive performance was recorded by GFSF throughout the whole week as a persistent buying activity was evident in anticipation of Friday’s company announcements. In fact GFSG registered the highest gains of 11.80% during this week closing on Friday at a level of Lm1.99c. Plaza Centres equity also recorded substantial gains of 5.74% following Tuesday’s dividend recommendations. Low volumes of 9,500 shares were traded across 6 deals closing off the week at a level of Lm0.71c9. Investors were very much attracted by the high levels being traded by both HSBC and BOV equity this week and as supply entered the market substantial losses were registered towards the end of the week however still resulting in an overall gain of 4.05% and 1.03% respectively. After recording an all – time record high of Lm11.72c on Wednesday, HSBC equity closed sharply lower at a level of Lm11.60c whereas BOV closed at Lm4.90c after touching the Lm5.00 level this week. The most actively traded equity was FIM Bank with over 237,000 shares changing hands, recording an overall weekly gain of 4.00%. Middlesea equity recorded continuous gains during this week and registered an overall increase of 3.96% closing the week at a level of Lm5.25c. Investors reacted positively to the recent news regarding the interest of Telecom Italia in the Government’s 60% equity holdings resulting in a 1.84% gain settling on Friday at a level of Lm2.22c. The only loser this week was IHI recording a weekly loss of 0.59%. San Tumas Shareholdings plc, Simonds Farsons Cisk, MIA, Datarak Holdings recorded an overall stability during this week.