A positive week for the MSE

September 5, 2008

MSE Trading Report weekly round-up for the week ending 5th September 2008

The Malta Stock Exchange Index closed at 3,938.573 points after experiencing five positive consecutive sessions and gaining 3.77 per cent on the week, therefore recovering from last week’s losses of 0.74 per cent. This week, twelve equities were negotiated, with four equities closing in negative territory, five in positive territory and three other equities remaining unchanged. During the week, Bank of Valletta plc was the best performer, whilst FIMBank plc lost most ground.

A total of two hundred and sixty trades were registered on the stock exchange, with a total turnover of over EUR 15.86 million. In the equity market, one hundred seventy seven deals were executed for a total value of over EUR 1.14 million. In the government bond market fifty seven deals were carried out, for a value of over EUR 13.77 million, whilst in the corporate bond market, nineteen deals were executed for a total value of EUR 173,722. In the Treasury Bills market, seven deals were executed for a total value of EUR 765,137.

In the banking sector, Bank of Valletta plc registered a rise of EUR 0.399, closing the week at EUR 4.699, thus increasing by 9.28 per cent, with 55,772 shares being traded over fifty six deals. During the week, BOV traded at a high of EUR 4.72, and a low of EUR 4.30. On the other hand, FIMBank plc was the only banking equity which lost some of last week’s share price. FIMBank registered a loss of USD 0.049, as it closed the week at USD 1.909, decreasing by 2.50 per cent on the week, with a volume of 265,600 shares traded over nine deals, for a total value of EUR 351,276. HSBC Bank Malta plc recovered from the last two weeks’ losses, as it registered an increase of 5.81 per cent. The equity closed the week at EUR 3.28, a rise of EUR 0.18, with 57,157 shares changing hands over forty one deals. Lombard Bank plc also registered a rise in its share price, increasing by EUR 0.101, or 3.42 per cent. The closing price for the week was EUR 3.05, with 60,588 shares changing hands on sixteen deals.

GO plc registered a rise of 4.55 per cent in its share price. GO closed the week at EUR 2.30, EUR 0.10 higher than last week, with a volume of 34,062 shares changing hands on twenty four deals. Maltapost plc was the other equity which registered a rise in its share price. The equity closed the week at EUR 0.77, increasing by EUR 0.02 from last week, as 2,000 shares were traded over just one deal.

International Hotel Investments plc (IHI) continued to retain its previous share price of EUR 1.05. IHI traded 44,628 shares over seven deals. Datatrak Holdings plc also registered its previous share price during the week, as it closed the week at EUR 0.29, with 15,000 shares changing hands on just one deal. Likewise, RS2 Software plc closed the week at its previous share price. The closing price for the week was EUR 0.829, with 14,900 shares changing hands over eight deals.

Crimsonwing plc registered a loss of almost 2 per cent in its share price. The equity closed the week at EUR 0.51, thus losing EUR 0.009 on the week, having traded 22,500 shares over four deals. Malta International Airport plc also experienced a loss in its share price, as it closed the week at EUR 2.95, therefore decreasing by 1.63 per cent on the week, or EUR 0.049, with 9,350 shares changing hands on nine deals. Medserv plc traded once during week, as it fell by just 0.08 per cent, closing the week at EUR 3.997, EUR 0.003 less than last week, as 1,000 shares changed hands.

Last week, Grand Harbour Marina plc announced that the Board of Directors had approved the Half-Yearly Financial Statements of the Company for the period from 1st January 2008 to 30th June 2008. Grand Harbour Marina registered a loss after tax of EUR 84,760, compared to a loss of EUR 315,751 in the first 6 months of 2007. Revenue for the first six months ended 30 June 2008 was EUR 1.08 million, compared to revenue of EUR 472,905 registered in 2007, including revenue generated from the licensing of long term super yacht berths of EUR 508,475. No super yacht berth sales were reported in the first six months of 2007. Pontoon fees and revenue from ancillary services for the first 6 months ended 30 June 2008 grew from EUR 472,905 to EUR 571,879, an increase of 21 per cent over the first 6 months of 2007. Operating costs, excluding direct costs of revenues from long term berth licensing for the 6 months ended 30 June 2008, were in line with those for the first 6 months of 2007. The decrease in total assets to EUR 12.31 million at 30 June 2008 from December 2007 (EUR 17.67 million) is mainly related to the decrease in cash and cash equivalents due to the payment of dividend and payments related to taxation.

On Thursday, the Governing Council of the ECB decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.25%, 5.25% and 3.25% respectively. This announcement seems to have had a positive impact on Malta Government Stocks on Friday, as all MGS’s traded appreciated in value.

This article which was complied 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 JMFS at 67/3, South Street, Valletta or on Tel: 21224410 or email [email protected].