Weekly Round-Up — 14th — 18th January 2008

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Modest activity on the local equity market

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The Malta Stock Exchange Index retreated 1.5% to close at 4,953.10 points during a week in which two of the eleven active equities closed in positive territory while four others closed in the red. Activity was strong in the local bonds sector while that in the equity market was modest. Bank of Valletta and the closed ended collective investment scheme San Tumas Shareholdings were the only equities to register price increases, whilst on the other hand International Hotel Investments followed by HSBC Bank Malta were the worst weekly equity performers.

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A total of 304 deals were registered on the stock exchange for a turnover above €13.24 million. In the equity market 147 deals were executed for a traded value of €890,186, while 65 transactions were performed in local corporate bonds and government stocks for a turnover over €10.6 million. In addition, 17 deals were executed in Treasury Bills for a value of €1.75 million.

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HSBC was the equity to register the highest number of trades on a week-on-week basis, with 49,762 shares being transacted across forty-seven deals for a turnover of €247,187. Its equity price however suffered a 2.8% drop to €4.85 (its weekly lowest) after having traded at a €4.999 earlier during the week. Within the same sector, Bank of Valletta edged 0.60% higher to close at the €6.75 level on a volume of 27,054 shares. These were traded across forty-six deals for a total traded value of €184,290. FIMBank was also active during the week having 14,200 shares traded over four transactions to shed 0.5% and close at US$1.759.

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Local large cap GO was also active having just above 25,000 shares traded across eleven deals to close 0.33% lower at €3.04. Its weekly high and low prices traded at were €3.05 and €3.026 respectively. Friday afternoon GO announced that together with Emirates International Telecommunications Ltd (the majority shareholders in GO plc) it is currently evaluating the possibility of acquiring a shareholding of a Greek Telecoms Company in which further details will be announced in due course.

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International Hotel Investments was the equity to suffer the largest weekly drop having slumped by 3.9% on a high volume. In fact, on Tuesday the equity lost €0.03 on a single deal of 1,000 shares, with the equity trading over 203,000 shares in Friday’s session to drop a further €0.01 and close at its nominal value of €1.00.

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The rest of the equities all closed unchanged on a week-on-week basis. Malta International Airport traded 23,180 shares over ten trades to close at €3.22, Plaza Centres had 6,300 shares negotiated across five deals to close at €1.563, while Crimsonwing’s shares closed at €0.55 on a volume of 57,550 shares after having edged slightly lower earlier during the week. Moreover, Middlesea Insurance traded a mere 4,765 shares across three deals all at the stable price of €3.85, whereas Simonds Farsons Cisk had 8,940 shares transacted all at the price of €2.40.

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The equity to perform best was San Tumas Shareholdings which registered two trades for a total volume of 1,500 shares in the last session of the week, to gain 1.3% and close at €2.95.

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During the week, activity was particularly strong in Malta Government Stocks with the traded value amounting to over €9.62 million. Eighteen stocks were in fact traded most of which registered price increases and with the 5.7% MGS 2012, 7.5% MGS 2011 and 5.4% MGS 2010 accounting for the majority of the volume recorded on the exchange. With regard to the local corporate bonds sector, eighteen bonds were also traded with the turnover amounting to €982,446.

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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]