Malta Weekly Round-Up Report: 23rd – 27th April 2007

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Positive week for the MSE Index as it gains 0.66%

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The Malta Stock Exchange (MSE) Index gained 0.66% this week as trading picked up and total volume stood above 2.5 million. Thirteen equities were active in all, five of which registered gains while five others closed in negative territory. The equity market had 242 transactions be executed, while 86 were performed in the bond market, 6 in Treasury Bills and 2 others on the put-through market. The Index closed the week at the level of 4,903.41.

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In the banking sector, HSBC Bank Malta (HSBC) as well as Bank of Valletta (BOV) both performed positively, while FIMBank (US$1.95) remained stable and Lombard Bank shares were not traded. HSBC was the most actively traded equity recording 34% of the total transactions on the equity market. It gained 2.08% on a weekly basis to close at the price of Lm1.96. The equity registered gains in the first four sessions of the week, 0c5 on Monday, 1c on Tuesday, 1c5 on Wednesday and 2c on Thursday to lose 1c in Friday’s session. In this last session the equity was also traded at Lm2.00 even though this level was not maintained until the end.

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BOV closed marginally higher as it gained 0.14% or 0c5 on a weekly basis to close at Lm3.63. Thirty transactions were performed in the equity with volume amounting to 26,301. On Friday afternoon, BOV’s Board of Directors announced the financial statements for the six months ended 31st March 2007.

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The Group recorded a net profit before tax of Lm24.3 million (for the six months), this representing an increase of 29.2% over the same period a year ago. Moreover, an interim dividend of 6.75 cents per share (4.39 cents net of tax) was also declared in respect of these six months. The dividend will be paid on 30th May 2007 to those Members appearing on the Bank’s register as at close of business on 10th May 2007.

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Grand Harbour Marina was the top equity performer of the week as its share price climbed 7.86% and close at Lm0.755. On Wednesday, GHM announced that Camper & Nicholsons Marina Investments Ltd entered into a conditional agreement to purchase and acquire from Portosalvo Holdings Lts; V&F Portelli; Nick Maris and Simon Arrol a 50% equity interest in the Company; with put and call options for a further 20% equity interest in the Company.

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GlobalCapital recovered part of last week’s losses as it moved 6.21% higher on a week-on-week basis. On Monday’s session the equity lost 11c, however it managed to recoup 9c1 and 12c9 in the following two sessions to close at Lm1.88. In all, fourteen transactions were recorded with 62,570 shares being transacted.

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Volume in Medserv shares amounted to 8,350 during the week with five transactions being executed over two sessions. The equity gained 3c on Wednesday’s session to close the week at Lm1.45, this representing a 2.11% increase on a weekly basis.

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On the other hand, it was a negative week for Maltacom’s share price as losses were registered in four sessions, to close 2% lower at Lm1.47. Activity was strong in the equity with over 117,000 shares changing hands across 52 transactions.  International Hotel Investments (IHI) had 24,650 shares trade across six transactions to also see its share price drop. The equity closed 1.79% lower at the EUR1.10 level.

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Minimal trades were recorded in Middlesea Insurance’s shares as volume for the week stood at 2,300 across four transactions. This resulted in a drop of 1.07% in the equity’s share price to close at Lm1.85. In addition, Plaza Centre had 5,800 shares change hands across two transactions, to close 1.4% lower at Lm0.705.

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Malta International Airport also closed in the red as 11,301 shares were traded across eight transactions, with the equity declining 0.58% and closing at Lm1.362.

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The other equities to trade however close unchanged were Datatrak Holdings (Lm0.27) and Simonds Farsons Cisk (Lm0.85).

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During the week, 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, which is due to meet again on 29 May 2007.

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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 please contact JFMS at 67/3 South Street Valletta or on tel:  21224410 or email [email protected]