MSE Weekly Round-Up Report: 16th — 20th July 2007

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BOV and FIMBank shares edge slightly higher

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The Malta Stock Exchange (MSE) Index declined 0.2% on a week-on-week basis following losses in four of the ten active equities traded during the week. The banking sector edged slightly higher after Bank of Valletta (BOV) and FIMBank shares posted minor gains while HSBC Bank Malta (HSBC) closed stable from last week. On the other hand, GlobalCapital and Plaza Centre shares slumped lower, while Middlesea Insurance and Maltacom also registered declines, even though to a much lesser extent. The MSE Index lost 9 points over the week to close at the level of 4,885.46.

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The two largest local banks, HSBC and BOV, together with Maltacom and FIMBank accounted for 88% of the volume traded on the equity market. A total of 170 transactions were executed in equities during the week for a total turnover of Lm289,785, while 73 transactions were performed in the local bonds and government stocks for a traded value over Lm2.41 million. In addition, a minor trade for a nominal value of Lm4,000 was  executed in a Treasury Bill.

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BOV’s share price moved 0.1% higher to close at the Lm3.60 level during a week in which 19,981 shares were transacted across thirty-three deals. FIMBank gained 0.5% on a volume of 16,406 shares traded across four deals, to close at US$1.95. All trades performed in this latter equity were executed at the same price.

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Within the same sector, HSBC was the most actively traded equity having 78,063 shares change hands over 91 deals. After three consecutive weekly gains the equity closed flat from last week at the Lm1.96 level. The weekly high and low prices traded at were Lm1.98 and Lm1.95.  Meanwhile, the Board of Directors of HSBC announced that they are scheduled to meet on Monday 30th July 2007 to approve the Group’s and Bank’s Interim Accounts for the half-year ending 30th June 2007 and also to consider the declaration of an interim dividend.

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GlobalCapital was the week’s worst equity performer slumping 9% and closing at Lm2.002. This was however attained on a single trade of a mere 300 shares. Plaza Centre shares also registered a sharp decline, having lost 5.7% to close 3c9 lower at Lm0.651. The weekly highest and lowest prices traded at in this equity were Lm0.68 and Lm0.651 respectively. Plaza’s Board of Directors is scheduled to meet on Friday 3rd August 2007 to consider and approve the company’s interim financial statements for the half-year ending 30th June 2007.

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Amongst the equities to close in the red on a week-on-week basis were Middlesea Insurance and Maltacom. Middlesea dropped 1.2% on a volume of 6,559 shares traded across eleven deals to close at Lm1.71, while Maltacom shed 0.1% to close the week at the Lm1.40 level. Maltacom’s share price decline was attained on a volume of over 23,300 shares which were traded across twenty deals.

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The remaining active equities of the week all closed unchanged from the previous week. Malta International Airport had 1,800 shares change hands over five deals to close at Lm1.33. Simonds Farsons Cisk registered two trades at the price of Lm0.97 while International Hotel Investments had 2,467 shares transacted over a single trade at EUR1.05.

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In the local bonds market, nine corporate bonds were traded for a turnover of Lm56,495 while fifty-one deals were also recorded in Malta Government Stocks (MGSs) for a turnover of Lm2.35 million. Activity was stronger in the shorter dated MGSs with the price movements in such stocks being quite mixed, some of which posted gains while a few others declined in value.

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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]