MSE

Trading Report for week ending March 18, 2011

MSE

Index down by 2.2 per cent

The Malta Stock Exchange Index (MSE)

slipped further in negative territory with a 2.19 percent decline, the

heaviest weekly fall in March. The Index recorded losses during the initial

four trading days while it halted the six-day negative streak with a 0.34 per

cent gain on Friday, to end the week under review at 3,495.175 points. A total

of eight equities were traded this week with two finishing higher and the

remaining six closing in the red. MaltaPost

plc shares were the top performers while for the second week running RS2 Software plc headed the list of

fallers, followed by a hefty loss in International

Hotel Investments plc (IHI).

Turnover in the equity market declined to Eur539,159 as nearly 250,000 shares were

traded over 138 deals. Meanwhile the sell off experienced lately in the Corporate Bonds market regained some

steam throughout the week as turnover increased to over Eur784,000. The

majority of the traded issues closed lower, with the 6.3% IHI 2013 heading the list with a 5.3 per cent decline.

Conversely the 6.25% Mediterranean Bank

2015 posted a 2.3 per cent gain to finish the week as the best performer. On

the whole yields in the safer Government

Bonds declined as higher prices were recorded following the uncertainty

which surrounded global equity and currency markets over the week. Turnover in

this sector declined to nearly Eur800,000.

MaltaPost

plc shares closed the week in positive territory

with a 4.56 per cent or Eur0.048 gain. The postal operator’s equity was active

during three trading days all of which closed on a positive note. A total of

33,313 shares were traded over 16 transactions as the equity closed the week at

Eur1.10, thus making it the best performing equity year-to-date with a 10 per

cent gain.

Meanwhile following three weeks of

absence from the trading platform, IHI shares

finished the week with a hefty 8.5 per cent or Eur0.079 dip to close the week

at Eur0.85. However, this decline was only backed by three transactions of

3,800 shares executed during the mid-week session.

GO

plc shares were again on the downside as losses

recorded in the final two sessions were enough to propel the equity in the red.

The equity lost over 4 per cent or Eur0.07 as almost 20,000 shares were dealt

across 14 deals. As at close of trading yesterday, the equity’s price stood at Eur1.66,

down by over 14 per cent since the end of last year. The Board of Directors of

the Company met on Tuesday, March 15 2011 to consider and approve the Company’s

Audited Financial Statements for the year ending December 31, 2010. The Board

also resolved to recommend that the AGM approves the payment of a final net

dividend of Eur0.05 per share, which will be paid to all shareholders who are

on the shareholder’s register as at Monday, May 9, 2011. The AGM will be held

on Wednesday, June 8, 2011.

Meanwhile in the Banking sector three

equities were active, of which two closed lower and Lombard Bank plc was the only gainer. In fact the Bank’s equity edged

slightly higher by 0.33 per cent or Eur0.01 to finish the week at Eur3.01 after

having traded at a weekly low of Eur2.979. Nearly 18 deals of 40,000 shares

worth Eur119,000 were executed across four trading days.

Conversely, Bank of Valletta plc (BOV) shares closed the week lower with a 1

per cent or Eur0.029 loss. The Bank kicked off the opening two sessions in the

red while it gained ground in the remaining three sessions. Throughout the week

the equity traded at a low of Eur2.88 and a high of Eur2.95 while it closed

yesterday’s session at Eur2.94.

Similarly HSBC Bank Malta plc closed lower by a slight 0.38 per cent or Eur0.011

to end the trading week at Eur2.889. Activity in the Banking equity remained

more or less in last week’s territory as 23,044 shares were dealt across 19

deals.

While no trades were recorded in Middlesea Insurance plc, the financial

results for the financial year ended December 31, 2010 were announced on

Wednesday. The Group registered a profit before tax of Eur6.4m, compared

to a loss before tax of Eur54.4m reported the previous financial year. The

Board of Directors did not recommend the payment of a dividend.

Malta

International Airport plc shares closed the week lower with a

3.9 per cent or Eur0.07 drop to close at Eur1.73. Meanwhile on Thursday the

company announced that the Board of Directors approved the financial statements

of the Company for the financial year ended December 31, 2010. Revenue of the

Group for the year increased by 10.5 per cent to Eur51.34m, while profit before

tax stood at Eur16.97m, an increase of 20.1 per cent over the previous year.

The Board resolved to propose to the AGM the payment a net dividend per share

of Eur0.035 to be paid to shareholders appearing on the register of members as

at April 5, 2011. The company’s AGM is to be held on May 5, 2011.

On Wednesday, Grand Harbour

Marina plc announced that the board of directors approved the

financial statements for the period ended December 31, 2010 and resolved that

these will be submitted for the approval of the shareholders at the forthcoming

Annual General Meeting. The company registered a loss before tax of Eur771,422,

compared to the previous financial year’s loss before tax of Eur415,628.

Revenue for the period amounted to Eur2.3m, which has increased from Eur2.05m in

the previous financial year.    

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]