Financials dominate activity


Trading Report for week ending March 11, 2011


dominate activity

The Malta Stock Exchange Index (MSE)

closed the week unchanged at 3,573.403 points following five straight weeks

of declines. Out of the 21 listed equities only eight were active this week as

five closed lower, two gained and FIMBank

plc shares closed flat. Activity was dominated by financial equities with turnover

in the equity market totalling Eur747,109. Bank

of Valletta plc (BOV) shares took the lion’s share as almost Eur475,000 was

traded in this equity. RS2 Software plc headed

the list of fallers while Malta

International Airport plc (MIA) closed the week as the best performer.

Meanwhile the sell off experienced

lately in the Corporate Bonds market took

some respite as trading value in this sector declined to just over Eur544,000

down from almost Eur866,000 traded last week. A total of 23 bonds were traded

as 86 deals of 576,608 nominal were recorded. The 7.15% Mediterranean Investments Holdings plc GBP 2015 — 2017 was

the heaviest faller having shed 17 per cent on the week. Meanwhile, in the Governments Stocks market over Eur2m

was dealt across 86 transactions with the majority of the traded issues closing

in the red, hence pushing yields higher.

Following the traffic results

announced early in the week, MIA shares

closed the week in positive territory with a 3.75 per cent or Eur0.065 gain to

end the week at Eur1.80. On Monday, the airport operator announced that

passenger movements for the month of February reached nearly 175,000 passengers

resulting in an increase of just below 18 per cent over the same month last

year. This figure excludes any passengers which passed through MIA in relation to the evacuation

flights from Libya.

Throughout the week 24,400 shares were dealt across 10 transactions for a total

value of Eur43,641.


shares also closed the week on the upside even though the

equity kicked off and finished the week on a negative note. The equity recorded

a gain on the remaining three trading days, which gains were enough to push the

share price higher as the Bank traded at a weekly high of Eur2.97, while it

closed the week at Eur2.969, up by 2.4 per cent or Eur0.07 on the week.  The share price of BOV moved against the trend

in the financial sector as none  of the other

active equities gained in value. BOV shares

were the most liquid as over 164,500 shares, up from 136,000 traded last week,

were dealt over 53 transactions.

Meanwhile HSBC Bank Malta plc closed the week lower as losses were recorded

during three trading sessions while it closed flat mid-week. The Bank closed

yesterday’s session at Eur2.90, hence down by over 2 per cent or Eur0.06 on the

week. Trading volume declined significantly to 24,328 shares dealt across 16

transactions. This decline worsens further the equity’s year-to-date

performance which now stands at 10.9 per cent in negative territory.


Bank edged minimally lower by 0.33 per cent or Eur0.01

as the equity closed the week at Eur3. Turnover in the Banking equity reached

over Eur40,000 as 13,414 shares were dealt across six deals. On Thursday the

Bank’s Board of Directors approved the audited financial statements for the

year ended December 31, 2010 which will be brought forward for approval at the

forthcoming AGM to be held on April 28, 2011. The Group which is composed of

Lombard Bank, Redbox Limited and Lombard Asset Managers Limited recorded a net

profit after tax of Eur9.04m up by 12.1 per cent over the previous year. The

Board of Directors further resolved to recommend that the Annual General

Meeting approves the payment of a final ordinary net dividend of Eur0.07475 per

share payable to shareholders on the Company’s register as at March 29, 2011.


plc shares closed flat at $0.90 after the gains

recorded on Tuesday were retracted in the final two trading days. In fact, the

Bank’s equity gained nearly 3 per cent early in the week as it traded at a

weekly high of $0.925, while it lost 0.11 per cent and 2.6 per cent in the

closing sessions. The equity’s year-to-date performance is down by 5.3 per


Meanwhile, Middlesea Insurance plc shares were again on the negative side with

a modest 0.2 per cent or Eur0.002 loss to finish the week at Eur1. A total of

9,396 shares were traded in the insurance firm over nine deals.

Likewise GO plc closed lower with a 2.26 per cent or Eur0.04 decline as the

equity was the second most traded throughout the week. In fact a value of

almost Eur97,000 was traded over 28 transactions of 55,420 shares. The equity ended

the week at Eur1.73 after closing flat on Monday but ending the following three

trading sessions in the red.


Software plc shares lost 2.75 per cent or Eur0.011 as one

deal of 5,000 shares was executed at Eur0.389 during yesterday’s session.

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]