MSE

Trading Report for week ending November 19, 2010

Index

up for the ninth session

The Malta Stock Exchange Index upheld its positive momentum across all five

trading days this week, bringing its positive tally to nine consecutive

sessions. Nearly all active equities closed in positive territory, fuelled by the

recent upbeat enjoyed by the two major banks in reaction to the positive annual

results announced by Bank of Valletta

plc. As a result, the MSE Index gained 1.56 per cent on the week.

Notwithstanding the positive week on

the local exchange, turnover in the equity market declined slightly, with the

two major banks still taking the lion’s share of the total value traded. In

fact, a value of EUR859,095 was traded over 197

transactions dealt across 12 equities seven of which closed higher, four closed

flat while one equity ended the week in the red. Meanwhile, turnover in the Corporate Bond market increased to EUR643,878

as 24 bonds were traded. A negative week was recorded in the Government Stock market, as the

majority of the active issues closed in negative territory. Activity in this

market also declined heavily to just over EUR863,000, down from EUR1.7m traded

last week. In the Treasury Bills market

one deal of EUR2.4m was executed on Friday.

Middlesea

Insurance plc shares were the week’s top performers having

gained five per cent over seven deals of 11,291 shares. Throughout the week the

Insurance firm’s equity was active on three trading days during which the

equity’s price hovered between a low of EUR1 and a high of EUR1.05, this week’s

closing price. Year-to-date the equity is amongst the best performers with a 30

per cent gain.

HSBC

Bank Malta plc shares returned to positive territory

with a solid 3.47 per cent gain or EUR0.10 to end the week at EUR2.98. On the

week trading volume increased to nearly 50,000 shares, the bulk of which

changed hands on Monday. Trading opened at last week’s closing price of EUR2.88,

gaining ground throughout the week, and reaching its weekly high of EUR2.998 on

Thursday.

Similarly, Bank of Valletta plc shares closed the week on a positive note as

the Bank’s equity recorded a gain of just over one per cent, the equivalent of EUR0.04,

to end the week at EUR3.70. The equity was again the most liquid with over 124,500

shares being traded over 86 transactions.

On the negative side, Lombard Bank plc was the only equity to

close the week lower posting a hefty decline of 3.64 per cent or EUR0.10 on a

single deal of 400 shares to end the week at EUR2.65. Meanwhile, FIMBank plc closed flat at $0.94 as the

equity was the second most traded with 111,419 shares being traded across 13

deals.

Malta

International Airport plc shares came close to recovering last

week’s decline entirely with a three per cent gain to end the week at EUR1.648.

The equity started the week flat at last week’s closing price of EUR1.60 and only

managed to move higher during yesterday’s session when over 17,000 shares were

traded.

Likewise, MaltaPost plc shares closed the week on a positive note with a

weekly gain of 1.87 per cent. The equity was active on two trading days with

only two deals of 10,396 shares executed and closing the week at EUR0.927.

GO

plc shares maintained their positive momentum edging

slightly higher to end the week at EUR1.90. The equity recorded gradual gains

during the first four trading days, which totalled 0.8 per cent, while it

closed flat on Friday. Almost 30,000 shares were active over 22 transactions.

The share price of Plaza Centres plc gained 1.18 per cent

on Monday to close at EUR1.72 while Loqus

Holdings plc traded unchanged at EUR0.18. Similarly International Hotel Investments plc shares traded flat at EUR0.77

following last week’s decline of 1.28 per cent. A total of 70,000 shares were

traded across six transactions all of which were executed at this week’s

closing price. Simonds Farsons Cisk plc

was another non-mover ending the week at EUR1.75 on four deals of 1,723 shares.

In the fixed-income markets investors

shifted their attention on Corporate

Bonds as turnover increased to EUR643,878 with 24 bonds being active. The

most liquid issue for the week under review was the 6.25% Mediterranean Bank plc 2015 which traded flat at EUR100.25 as

over 88,100 nominal was executed across six transactions.

Meanwhile the best performers were the

6.2%-6.8% International Hotel Investments 2013 and the 7% MIDI plc 2016-2018

denominated in Euro as both gaining 1.98 per cent.

Conversely there were three bonds on

the negative side with the heaviest faller being the 7% MIDI plc 2016-2018

denominated in Sterling, which lost over two per cent to close the week at

£105.

The Government Bonds market witnessed a negative trend as all of the 16

issues active this week closed lower. Amongst the worst performers were some of

the long-dated issues with the 5.1% MGS 2022 heading the list with a decline of

just over two per cent to close the week at EUR107.47.

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]