MSE Weekly Round-Up Report: 3rd — 7th December 2007

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Positive week for the local bourse

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The local bourse recouped most of last week’s losses as eight of the eleven active equities closed in positive territory. Lombard Bank and GlobalCapital shares advanced over four percent on the week, while the only negative performers were GO and Bank of Valletta shares. The Malta Stock Exchange Index closed 0.75% higher at 4,843.051 points.

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A total of 292 deals were registered on the stock exchange for a turnover close to Lm5 million. In the equity market, 208 deals were executed for a traded value of Lm571,584, while 91 transactions were performed in local corporate bonds and government stocks for a turnover above Lm3.1 million. In addition, 9 deals were executed in Treasury Bills for a value of Lm1.3 million.

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In the banking sector, Lombard Bank and FIMBank were the only equities to register share price gains, with HSBC Bank Malta closing unchanged from the previous week and Bank of Valletta edging marginally lower. Lombard was in fact the top equity performer having advanced 5% or 25c to close at the Lm5.25 level. This was however attained over thin activity with 3,498 shares changing hands across five deals. FIMBank on its part traded 19,000 shares across eight deals to move just above a percent higher and close at US$1.75. HSBC Bank Malta registered a volume of 49,456 shares which were transacted across twenty-nine deals to close unchanged at Lm1.96. Bank of Valletta on the other hand dropped 0.7% to close at Lm3.524 as 45,167 shares were transacted over seventy-two deals.

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The largest volume of shares traded on the week was that of GlobalCapital, with over 102,000 shares changing hands across twenty-eight deals. The equity gained 4.7% to close at its weekly high Lm1.88.

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International Hotel Investments shares were not traded until Friday’s session, in which they advanced 4% on a weekly basis and closed at EUR1.04. This was performed on a volume of 12,645 shares which were negotiated over four deals. Middlesea Insurance closed in positive territory having added 2.4% to close at Lm1.72, even though this was registered on a mere volume of 1,402 shares. Malta International Airport advanced 2.5% to close at Lm1.384 as 3,780 shares changed hands across five deals.

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Minor share price gains were also recorded in Medserv and Grand Harbour Marina (GHM). The former had 2,000 shares transacted over a deal to move 0.6% higher and close at Lm1.76, equivalent to a 30% increase since the beginning of this year. The latter edged 0.1% upwards to close at the Lm0.75 level with 19,200 shares having changed hands across five deals.

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During the week, GHM announced that it concluded the grant of three super yacht berths for long-term use, for a combined consideration of EUR10 million. As stated in the company’s announcement, this figure compares with GHM’s berth licensing sales forecast for the year 2007. The director of the company also commented “We are delighted that through our managers, Camper & Nicholsons, we have secured these sales which have permitted us to exceed our 2007 berth license  sales target by over EUR 5 million….”

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The only equity to close in the red this week was GO which suffered a 3.8% decline. On Thursday the equity closed at the Lm1.20 level before managing to recoup 5c in the last session of the week and close at Lm1.25. Activity was in fact relatively high with nearly 58,000 shares being transacted over forty-nine trades.

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Meanwhile last Tuesday, Datatrak Holdings announced some positive news for the company, in that its subsidiary Datatrak Solutions Ltd registered further progress in its market penetration efforts in the Italian Market and that it continued steady progress with its projects in the UK.

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Turning on the Crimsonwing Share Offer, the pre-placement stage closed Friday morning in line with the offer timetable. The amount available for allotment under the placing arrangements, 4,048,280 shares, was in fact heavily over-subscribed and following the preferential allocation to Crimsonwing employees, financial intermediaries’ subscriptions were accordingly scaled down. The public offer will now open on Tuesday 11th December 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]