MSE Weekly Round-Up Report: 12th — 16th November 2007

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Farsons’ shares up 40% year-to-date

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Trading was mixed during a week in which four of the twelve active equities closed in positive territory, seven closed lower while an equity closed unchanged. Medserv and Middlesea Insurance were the top two performers, while on the other hand Datatrak Holdings shares declined sharply. The MSE Index shed 0.14% on a week-on-week basis to close at 4,879.53 points.

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A total of 307 deals were registered on the local bourse for a turnover above Lm2.8 million. In the equity market, 199 deals were executed for a traded value of Lm389,635, while 98 transactions were performed in local corporate bonds and government stocks for a turnover of Lm2.15 million. In addition, 10 deals were executed in Treasury Bills for a value of Lm275,975.

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In the banking sector, HSBC Bank Malta was the only positive performer gaining 0.5% to close at Lm1.979 on a volume of 52,713 shares. On the other hand, Bank of Valletta edged 0.1% or 0c4 lower to close at Lm3.58 as 35,467 shares changed hands across seventy-one deals. Lombard Bank declined by nearly 2% to terminate the week at the Lm5.20 level on thin volume. Moreover, FIMBank shares lost 2.7% on a single deal of 2,529 shares to close the week at the US$1.75 level.

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Medserv registered the largest weekly gain having advanced 8.4% or 13c5 to Lm1.735 (equivalent to a 28% rise since inception). This was attained over a low volume, with 2,100 shares being traded across three transactions. Middlesea Insurance shares also managed to end in positive territory having gained 5.7% to close at Lm1.66. This was however recorded on a single deal of 1,000 shares.

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Simonds Farsons Cisk was amongst the weekly positive performers having gained 1.8% to close at Lm1.12 on a volume of 4,000 shares, transacted across four deals. Thus, since the beginning year to date the equity advanced 40%; the year’s top performer so far.

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On the other hand, local large cap Maltacom saw its shares drop by 2.9% on a volume of 30,550 shares and close at Lm1.34. International Hotel Investments lost 1% to close at EUR1.03 on a strong volume of 114,783 shares which were negotiated over twelve deals, while GlobalCapital shares shed 0.6% to close at Lm1.79 on a volume of 9,500 shares.

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Datatrak Holdings was however the worst equity performer of the week, seeing its share price head downwards by over 22%. The equity closed at Lm0.131 as 5,000 shares were transacted across four deals.

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The only equity to trade and close unchanged on a weekly basis was Malta International Airport in which 13,823 shares changed hands across eighteen deals to close at the Lm1.40 level.

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A good part of the public’s attention in the coming week will probably now focus on the new bond issue. In fact, on Monday 19th November, the pre-placement subscriptions in relation to the 7.5% Mediterranean Investments Holdings plc (MIH) 2012-2014 Bond will be open for the day and between the 21st until the 27th November subscriptions will be open to the public. Through this bond issue MIH will seek to raise Lm6,439,500 or €15,000,000 and the Bonds nominal value will be Lm100 and €100 respectively per Bond at par. The proceeds raised from the Bond issue will be utilised to partly fund the Palm City Residences Project in Libya. The project will try and position itself as a leader in the market for expatriate residential accommodation with a high level product, offering quality residential accommodation and that will also include facilities such as a supermarket, a variety of retail shops, health clinic and a number of catering outlets.

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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]