Weekly Round-Up — 1st April — 4th 2008

Grand Harbour Marina share price up 20%.

The Malta Stock Exchange Index closed up 0.92% over the previous week at the 4693 level. Year to date the MSE index is down just under 5%, which is a much better performance than most international indices. Thirteen listed equities were active this week, eight of which closed in positive territory, whilst three closed in negative territory. FIMBank plc was the highest traded equity whilst Grand Harbour Marina plc was the best performer over the week. Maltapost plc on the other hand was the worst performer after reaching new highs in the previous week.                     

A total of two hundred and thirty four deals were registered on the stock exchange for a turnover just under EUR4 million. In the equity market one hundred and forty nine                     deals were executed for a traded value of EUR1.255million, while fifty transactions were performed in local corporate bonds and twenty three in government stocks for a turnover just above EUR1.02 million. In addition, twelve deals were executed in Treasury Bills for a total of EUR 1.71million.

In the banking sector, FIMBank was once again highly active during the week having seen 549,370 shares in thirty deals to close at USD 1.90.  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. On Tuesday, FIMBank was the best performer as its share price gained 6.13% to close at US$1.836. The turnover was high at 258,000 on a total of 20 trades. On Wednesday, the shares experienced another positive performance as its share price gained 3.49% to close at US$1.90. However, only 2,000 shares changed hands. On Thursday, the share price remained unchanged although the turnover was high as 289,370 shares changed hands. The equity did not trade on Friday and therefore ended the week 9.83% up.

Bank of Valletta (BOV) had a positive week all-round as its share price increased by 1.61% to close the week at € 5.69. Thirty six deals were executed totalling 49,031. The equity traded at a low of €5.50 and at a high of €5.75.Rating agency Moody’s during the week re-affirmed all BOV’s ratings, as last awarded in May 2007. The ratings are as follows: Bank Deposits A3/Prime-1, Bank Financial Strength D+, Baseline Credit Assessment Baa 3 and Senior Unsecured Debt A3. The outlook for the Bank is Stable.

HSBC Bank Malta plc (HSBC) moved slightly up (0.11%) to end the week at €4.42. Eighteen deals were executed reaching a total volume of 18,713 shares. HSBC shares traded between €1.43 and €1.415.

Lombard Bank’s shares were also traded during the week however they closed unchanged at the EUR13.00 level on a volume of 3,200 shares.

Middlesea Insurance plc share price fell 2.22% during the week as only four transactions were executed totalling 1,154,

Crimsonwing was also active during the week as 6500 shares changed hands in two deals at the closing price of €0.56.

GO( €3.014), International Hotel Investments (€1.05) and Malta International Airport €(3.35), all ended the week in positive territory gaining 0.13%, 0.96% and 0.90% respectively on minimal trading. International Hotel Investments announced that The Board of Directors will be meetings on Tuesday 8th April 2008 to approve the Financial Statements for the period ended 31st December 2007.

Plaza and Maltapost plc ended the week in negative territory. Plaza lost 1.94% at close at €1.67 and Maltapost plc ended the week at €0.73 losing a staggering 13.51% on a thirteen transactions totalling 38,220 shares.

6pm traded nine times this week closing at last weeks price of £0.72 having traded at £ 0.70 and £0.73. The total traded shares this week was of 43,660 executed in nine deals.

Grand Harbour Marina (GHM) share price rose by a whopping 20.69%, on five transactions totalling 12,500. On Monday, the Company published its preliminary financial statement for the year ended 31st December 2007. The company announced that the Board of Directors is proposing to the Annual General Meeting the payment of a net dividend of Euros0.20 per share. The results for the year ended 31st December 2007 show a profit after tax of Lm 1,675,032 compared to a profit of Lm318,552 for the same period in 2006. Earnings per share as at 31st December 2007 was up 17cents compared to 3 cents in the previous year. Profit before tax for 2007 increased to Lm2.82 million from Lm 419,236.

 On Friday, GlobalCapital also announced the preliminary results of the Group for the financial year ended 31st December 2007. GlobalCapital announced that the Group registered a profit before tax for the year of LM151,662 compared to Lm3.17million for 2006. The Company stated that 2007 was characterised by a severe downturn in the capital markets which had an adverse effect on the results and operating performance for the year. The Board further stated that despite the prevailing environment, the Group is well positioned to take advantage of an upturn in due course. 

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]