MSE Index maintains negative stance
MSE Trading Report for week ending September 10, 2010
MSE Index maintains negative stance
For the second week in a row the Malta Stock Exchange Index closed lower ending Friday’s session at 3,385.904 points, a decline of 0.27 per cent on the week. This week, the local stock exchange was active only during four trading days, due to a public holiday on Wednesday. Contrary to foreign markets which kicked off the month of September on a positive note, the local market seems to hold on to its negative trend, which has worsened its year-to-date performance and now stands at 2.16 per cent in the red. Similar to last week, the majority of traded equities closed lower with turnover declining to Eur545,154 while traded volume picked up slightly due to significant trading in FIMBank plc. On the week 11 equities were traded with three ending higher, two closed flat, and six closed in the red.
Turnover across all traded securities declined heavily to Eur8.37m as turnover in the fixed income market maintained its downward trend. In fact, in the Government Stocks market Eur3.4m was traded down from nearly Eur15m traded last week, while in the Corporate Bonds market Eur367,505 was traded across 51 deals down from Eur1.1m last week. Volume traded in the Treasury Bills market was similar to last week as Eur4m was traded. In the equity market 122 transactions worth Eur545,154 were recorded.
Middlesea Insurance plc shares suffered the week’s heaviest fall having closed the week down by nearly 5 per cent. The equity was active with similar volume in the closing two sessions of the week as a total 16,192 shares was traded over 10 deals. Notwithstanding this week’s decline the insurance firm is still enjoying a 24 per cent gain since the beginning of the year.
Following last week’s decline, International Hotel Investments plc (IHI) shares maintained their negative momentum registering a further loss of 1.19 per cent this week. The hotel operator kicked off the short week with a hefty decline of 4.76 per cent over three trades of 2,976 shares, which pushed down the price to a weekly low of Eur0.80. This lower price generated activity on Tuesday as trading volume increased to over 30,000 shares pushing the price up by nearly four per cent to Eur0.83. The equity closed flat in the following two sessions bringing the total volume of shares traded this week up to 59,188 across 17 transactions. The equity’s performance year-to-date stands 3.75 per cent in positive territory.
The most widely traded equity this week was FIMBank plc with 143,922 shares changing hands over four deals. The bank closed lower with a 2.51 per cent drop as all deals were executed at $0.97. The bulk of trading took place on Monday when nearly two-thirds of the total shares traded were dealt over two transactions.
In the IT sector, Crimsonwing plc share price climbed 5 per cent as a single trade of 22,000 shares was executed at Eur0.42.
GO plc followed with a 1.07 per cent gain to end the week at Eur1.89. This positive move came about following three consecutive negative trading weeks. A total of 2,755 shares were dealt across two deals.
Of the listed financial equities, HSBC Bank Malta plc was the only gainer having moved 0.71 per cent higher. On the week turnover increased to nearly Eur144,000 as 51,237 shares were dealt across 39 deals, as the equity’s price fluctuated between a low of Eur2.80 and a high of Eur2.84.
Conversely, Bank of Valletta plc only managed to close flat at Eur3.20 despite having closed the first and last sessions of the week in positive territory. On the week, trading volume increased by over 12,000 shares as 33 transactions of 42,818 shares were executed.
Lombard Bank plc shares again moved lower as one deal of 1,000 shares executed during Tuesday’s session depreciated the price by 0.72 per cent to finish the week at Eur2.75.
MaltaPost plc failed to keep up its two-week positive streak as the postal operator lost a meagre 0.11 per cent. In fact, on Monday the equity closed the session at Eur0.899 as four deals of 25,000 shares were executed.
Malta International Airport plc (MIA) shares also returned to negative territory following a three-day negative performance. A total of 27,400 shares were traded across nine transactions as all deals were executed between a weekly high of Eur1.58 and low of Eur1.55 the price at which the equity closed the week registering a drop of 1.9%.
Two deals in Plaza Centres plc kept the price unchanged at Eur1.65 as 4,063 shares changed hands during two sessions.
This article which was compiled by Atlas JMFS Investment Services Limited, does not intend to give investment advice and the contents therein should not be construed as such. Atlas JMFS is licensed to conduct investment services by the MFSA and is a Member Firm of the Malta Stock Exchange. 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 contact Atlas JMFS at 67, Level 3, South Street, Valletta, or on Tel: 21224410, or email [email protected]