Weekly Round-Up — 24th — 28th March 2008

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MSE Index marginally unchanged

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The Malta Stock Exchange Index closed just two points lower over the previous week at the 4,650 level, nearly six percent down since the beginning of the year. Thirteen equities were active in all, seven of which closed in positive territory, while four others closed in negative terrain. Middlesea Insurance was the week’s top equity gainer followed by Crimsonwing, whilst Bank of Valletta was the equity to suffer the largest weekly drop, even though it was minimal.

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A total of two hundred forty one deals were registered on the stock exchange for a turnover just above EUR2.53 million. In the equity market one hundred eighty-two deals were executed for a traded value of EUR904,616, while fifty-six transactions were performed in local corporate bonds and government stocks for a turnover just above EUR408,000. In addition, two deals were executed in Treasury Bills for EUR1.2 million.

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In the banking sector, HSBC Bank Malta (HSBC) edged 0.1% higher to EUR4.415 (its weekly highest traded price) as 21,677 shares changed hands across twenty-three transactions. HSBC’s annual general meeting (AGM) is to be held on 4th April, in which a final gross dividend of EUR0.148 (Lm0.064) cents gross per share will be presented for consideration. On the other hand Bank of Valletta (BOV) lost 0.9% or EUR0.05 to end the week at the EUR5.60 level as 16,586 shares swapped hands over forty-four deals. Year-to-date, this puts HSBC and BOV down five point two percent and seventeen percent respectively.

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FIMBank was highly active during the week having seen 332,626 shares transacted over fourteen deals to close US$0.01 or 0.6% lower at US$1.73. FIMBank’s annual general meeting is scheduled to be held on 10th April, in which among other things, a net dividend of US$0.038023 per ordinary share is to be recommended. Lombard Bank’s shares were also traded during the week however they closed unchanged at the EUR13.00 level on a volume of 6,815 shares.

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Middlesea Insurance gained 2.9% or EUR0.10 to close the week at EUR3.60 on a single transaction of a mere 36 shares. Crimsonwing’s shares added 1.8% on a volume of 12,500 shares, to close at EUR0.56, twelve per cent up year-to-date.

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GO had 16,425 shares traded during the week to shed 0.6% and close EUR3.01. On Wednesday, GO announced that its tenth AGM is scheduled for 11th April 2008 in which its financial statements will be presented for approval. A net dividend of EUR0.11c65 per share (same as that provided in the previous year) net of taxation will also be proposed.  Malta International Airport’s shares gained EUR0.02 or 0.6% to close at EUR3.32 on a volume of 29,250 shares which were traded over eighteen trades, whilst Plaza Centres edged 0.2% higher to EUR1.703 on two transactions.

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Moreover, Grand Harbour Marina (GHM) and International Hotel Investments (IHI) were amongst the weekly positive performers, both advancing by 0.6% to close at EUR1.74 and EUR1.04 respectively. GHM had a single deal of 5,800 shares registered, whilst IHI had over 33,000 shares negotiated over fourteen transactions. Year-to-date, this placed the former equity 0.4% down, while the latter closed at the same level.

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On the other hand, Maltapost closed 0.5% lower at EUR0.844, after reaching a weekly high of EUR0.968 earlier during the week. This was attained on a volume of 54,317 shares which changed hands over thirty-nine transactions.

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A single deal of five-hundred shares was executed at £0.70 in 6PM’s shares, to close unchanged. 6PM also announced that its AGM will be held on 11th April 2008. During the week GlobalCapital also announced that a meeting for its Board of Directors has been set for 3rd April 2008, in order to consider and approve the Company’s Financial Statements.

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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]