Uneventful week on the MSE
MSE Trading Report for week ending September 17, 2010
Uneventful week on the MSE
The MSE Index barely changed its position following a trading week during which the majority of the active equities struggled to record price changes. In fact, only one equity closed the week in decline, three moved slightly higher while nine equities finished unchanged. As at close of trading yesterday, the index stood at 3,388.479 points, a gain of 0.08 per cent on the week. A positive start to the week pushed the Index higher by 0.528 per cent, however four consecutive negative trading days eroded the previous gains, yet not enough to propel the Index in the red.
Across the week, investors shifted their attention on the Corporate Bonds market as turnover gained some momentum amid expectations of new bond issues in the coming weeks. In fact on Wednesday, Mediterranean Bank plc announced that the Bank will be offering a five year bond to the public carrying an interest rate of 6.25 per cent with an issue price of Eur100 per bond. The issue which is senior and unsecured will have an issue amount of Eur15m and the proceeds of the bond issue will be utilised for the bank’s general corporate and investment purposes. Mediterranean Bank has applied for the Bonds to be listed on the Official List of the Malta Stock Exchange.
Meanwhile, activity in the other traded instruments declined significantly in the Government Stock issues.
Total turnover across all traded securities amounted to Eur5.07m as 267 transactions were registered. In the equity market, 239,183 shares were traded across 80 deals, for a total value of Eur317,296, with the banking sector taking the lion’s share of trading. In the fixed income market Eur2.6m was traded with over 2.5m nominal exchanging hands over 185 deals. Meanwhile, one deal worth nearly Eur2.1m was executed in the Treasury Bills market.
Following last week’s negative performance Malta International Airport plc shares managed to recoup some of the lost ground having gained 0.65 per cent or Eur0.01. The equity was the second most liquid as on the week trading volume increased to 40,630 shares dealt across 11 deals. The equity maintained its share price at Eur1.56 on all transactions executed.
Meanwhile, Lombard Bank plc was the only equity to close in negative territory as the banking equity lost ground on two thin trades of a meagre 511 shares. The equity closed in the red for the third week in a row, with this week’s loss amounting to 0.73 per cent or Eur0.02, having closed Friday’s session at Eur2.73.
On the contrary, Bank of Valletta plc (BOV) was the only financial equity to record a gain edging slightly higher with a 0.31 per cent gain. The equity kicked off the week on a positive note closing at Eur3.23 on Monday, however the upbeat was short lived given the low volume backing this gain. The price movements throughout the week declined thereafter with the equity ending the week at Eur3.21. Meanwhile, turnover declined to nearly Eur41,000 as 12,663 shares were dealt across 15 transactions.
On similar trading volume HSBC Bank Malta plc shares closed the week flat as it traded unchanged at last week’s closing price of Eur2.84. A total of 18 deals of 12,935 shares worth Eur36,735 were executed. Throughout the week, this equity was only active during three trading sessions with the bulk of trading taking place on Tuesday.
For the second week running, the most widely traded equity was FIMBank plc which recorded activity across three trading sessions. A total of 68,128 shares were dealt over six transactions, with the bulk of trading taking place in the closing session of the week. The bank started the week on a positive note, however all gains were lost in the following session to return to USD0.97, the price which it maintained in the remaining session thus ending the week unchanged.
In the financial sector, Middlesea Insurance plc also closed the week flat, with each trading session closing at last week’s closing price of Eur1.00. The equity’s price barely fluctuated during the week with deals ranging from a low of Eur0.99 and a high of Eur1.005. Trading volume for the week amounted to 15,800 shares dealt across eight transactions.
MaltaPost plc was the other equity to move in positive territory as three deals of 20,500 shares were executed during Thursday’s session, with a slight increase in price of 0.11 per cent to Eur0.90.
In the IT sector, Crimsonwing plc failed to register a change in price as one deal of 4,000 shares was executed at Eur0.42. Similarly GO plc shares closed unchanged at Eur1.89 despite having traded at a weekly low of Eur1.85. A total of 16,000 shares were traded over seven transactions.
International Hotel Investments plc shares also closed flat Eur0.83 as 31,250 shares were traded over four transactions, while three deals of 15,000 shares in Grand Harbour Marina plc were executed as the equity closed unchanged at Eur1.96. Meanwhile, Plaza Centres plc closed the week at Eur1.65 as one deal of 600 shares was traded.
In a company announcement issued yesterday prior to commencement of trading Simonds Farsons Cisk plc announced that the Board of Directors is scheduled to meet on September 29, 2010 to consider and approve the Company’s Financial Statements for the six month period ending July 31, 2010 and to consider the distribution of an interim dividend. One transaction of 1,166 shares during yesterday’s session left the equity’s price intact at Eur1.801.
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]