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Local Weekly Round Up: 23rd February — 2nd March 2007

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The MSE Index declined by 3.73% on a week-on-week basis. Four equities closed in positive territory while three others registered losses. 302 trades were performed on the regular market this week with the volume amounting to 270,656 for a value just over Lm526,000.

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HSBC Bank Malta was the week’s worst equity performer declining by 9.65%. Trading was high in the equity this week reaching a volume of 156,115 spread across 187 transactions. In Monday’s session the equity immediately dropped 2c6 (1.2%) and headed downwards on Tuesday by a further 8c8 (4.2%) and another 9c2 (4.6%) on Wednesday. On Wednesday 28th February the equity started trading ex-dividend. In the following session, trading remained quite high and the HSBC shares managed to close in positive territory (1c6 higher) for the first time this week.  Notwithstanding this, the equity lost 1c5 in Friday’s session to close at the Lm1.92 level, a drop of 20c5 on a week-on-week basis.

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Within the same sector, Bank of Valletta also closed lower even though marginally. The equity lost 0.22% in a week which saw 33,591 shares change hands across 49 transactions. In addition, FIMBank shed nearly 1% across a few trades this week.

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Maltacom on the other hand closed the week in positive grounds after having added 2.82% over last week’s closing price. The equity was traded in every session of the week, gaining 1c on Monday, 2c on Thursday and another 1c in the last session of the week.

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Malta International Airport (“MIA”) gained 0.29% in the week in which it announced the approval of its financial statements for the year ended 31st December 2006. MIA shares had edged marginally lower in Tuesday’s session losing 0c6, however rallied and gained 1c7 in the following session. In Wednesday’s session the equity lost the previous day’s gain of 1c7 and recouped 1c on Friday to close higher on a weekly basis.

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On Thursday afternoon, 1st March 2007, the Board of Directors of MIA approved the financial statements for the period ended 31st December 2006 and resolved that they be submitted for the approval of the shareholders at the forthcoming AGM. The Board also decided that the AGM shall be held on the 12th April 2007.

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As may be noted from MIA’s financial statements the revenue of the company decreased from Lm16,686,758 to Lm14,053,331, but staff costs are also down from Lm3,357,520 to Lm2,589,248 and operating expenses from Lm6,008,912 to Lm4,754,780. This gives a profit after tax for the 9-month period of Lm3,118,225 compared to Lm3,076,413 for the previous 12-month period. Please click on the above link for further details.

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Moreover, it was also announced that the Board proposed that the Annual General Meeting approves the payment of a gross dividend of Lm0.0338. Upon such approval, all shares of Malta International Airport plc settled as at close of business on Monday 23rd April 2007, shall be entitled to a payment of a net dividend of Lm0.022 per share, which shall be paid by not later than the 15th May 2007.

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Back to trading on the Malta stock exchange, Datatrak Holdings shares registered a 3.92% gain; however this was attained across a single transaction of 2,177 shares. International Hotel Investments also closed in positive territory rising minimally by 0.27% on just two minor trades.

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GlobalCapital, Middlesea Insurance, Medserv and Simonds Farsons Cisk were also active however no changes were registered in their share prices.

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Meanwhile, during the week the Board of Directors of Suncrest Hotels stated that the remaining balance of 8.25% Suncrest Bonds 2005-2007 will be redeemed upon maturity on 26th March 2007 (and not on 23rd March erroneously stated in a previous company announcement issued by Suncrest).

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Bondholders were also informed that they will be receiving a payment of the principal as well as the final year’s interest payment up to 26th March 2007. These payments will be issued to the registered bondholders as at the close of business on 11th March 2007. Consequently trading in Suncrest bonds will stop on 6th March 2007, to allow sufficient time for settlement by the record date.

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On Monday, the Central Bank of Malta announced that it left the central intervention rate unchanged at 4.00%. The decision was taken by the Governor at the end of the Monetary Policy Advisory Council meeting held that same morning.-The Governor considered that, at their current level, official interest rates provided adequate support to the exchange rate peg. The January increase in the central intervention rate had been transmitted to bank deposit and lending rates, and appeared to have had a favourable impact on the demand for assets denominated in the Maltese lira, including bank deposits. Please click here for further details.

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