MSE

Trading Report for week ending April 1, 2011

Negative

sentiment unabated

The outlook on the Malta Stock Exchange (MSE) remained in

negative territory as the local Index closed lower by 0.41 per cent on the week.

Due to a public holiday on Thursday, the MSE was active during four trading

sessions, of which three closed in the red but edged minimally higher

yesterday. Notwithstanding the negative trend the two major banks were up this

week, with Bank of Valletta plc (BOV) topping

the list of gainers. Despite gains being registered also by HSBC Bank Malta plc

and Malta International Airport,

losses recorded in another five equities were enough to push the Index lower

for the ninth week in succession. Middlesea

Insurance plc (MSI) shares were the worst performers with the Index closing

yesterday’s session at 3,464.129 points.

Turnover across all traded securities

reached over EUR4.4m with the Treasury Bills market taking the lion’s share. In

fact nearly EUR2.3m were traded over one transaction. In the Government Stocks market 57 deals worth

EUR1.4m were executed as activity was spread across 18 issues, the majority of

which saw yields going higher on the week. In the Corporate Bonds market a total of EUR305,523 were traded over 55

transactions. The majority of the traded bonds closed higher with the 6.75 per cent Corinthia Finance 2012 ending

the week as the best performer with a gain of almost 9 per cent. Meanwhile in

the Equities market turnover

declined to nearly EUR400,000, down from EUR816,450 traded last weeks. Ten

equities were active as three gained in value, five closed lower and two closed

flat.

BOV

shares were the week’s best performers having posted a

1.2 per cent or EUR0.035 gain. The Bank was the second most liquid, as just

over 44,000 shares were dealt across 43 deals worth EUR128,300. Throughout the

week the equity’s price fluctuated between a low of EUR2.90 and a high of EUR2.95,

the week’s closing price. The equity closed lower during two sessions,

unchanged on Wednesday, and gained nearly 1.6 per cent yesterday. During the

month of March the equity returned a negative 2.52 per cent.

Similarly, HSBC Bank Malta plc (HSBC) shares also closed the week on a

positive note as the banking equity gained a mere 0.34 per cent or EUR0.01 as

it closed yesterday’s session at EUR2.93. Tuesday’s gain was enough to push the

equity higher as it closed lower during two trading sessions while trading flat

on Monday. Turnover in the equity was the highest for the week as over EUR162,000

were dealt over 32 deals.

Conversely, Lombard Bank plc shares failed to move in line with its peers as

the bank shed nearly 2 per cent or EUR0.06 during the week’s opening session.

In fact the Bank closed the week at EUR3.00 as one single deal of a meagre 300

shares was executed. However, since the beginning of the year the equity is

still up by 7 per cent.

Middlesea

Insurance plc also closed the week on the downside as the

equity headed the list of fallers. In fact the insurance firm lost a hefty 6.25

per cent or EUR0.06 to close the week at EUR0.90. Fewer than 3,000 shares were

dealt over five transactions across the opening and closing trading sessions as

the equity’s price fluctuated between a high of EUR0.95 and a low of EUR0.90.

The only financial to close the week

unchanged was Global Capital plc which

traded flat yesterday at EUR1.00 as one deal of 480 shares was executed.

Similarly RS2 Software plc traded flat at EUR0.35 as one deal of 1,600 shares

during the mid-week session left the equity’s price intact.

Malta

International Airport plc added further gains to last week’s

1.73 per cent as the airport operator moved higher by 0.57 per cent or EUR0.01.

The equity was amongst the most liquid as over 27,600 shares changed hands over

17 deals. The equity closed the week at EUR1.77 to bring its year-to-date positive

performance to nearly 7 per cent.

Meanwhile GO plc lost nearly 3 per cent or EUR0.045 as it ended the week at EUR1.505.

Throughout this short trading week the equity was active during all trading

days. Over 35,000 shares were dealt across 26 transactions.

IHI

shares lost 2.4 per cent or EUR0.02 as only two

transactions of 1,001 were executed. The equity recorded this decline on

Tuesday over one deal of 500 shares while it traded unchanged on Wednesday.

Since the end of February up to end of March the equity’s price, which now

stands at EUR0.83, lost almost 11 per cent.

Simonds

Farsons Cisk plc shares lost 1.67 per cent or EUR0.03

as it closed the week at EUR1.77. One deal of 67 shares was executed.

On Wednesday 6PM Holdings plc announced that the company will be offering to

shareholders 10,788,000 new ordinary shares of a nominal value of £0.20. The

rights issue will carry the ratio of 1.4384 new ordinary share for every 1

existing ordinary share at an offer price of £0.25 per share. The issue will open

to eligible shareholders on April 11, 2011 to April, 29 2011. Trading of the

new ordinary shares is expected to commence on May 17, 2011.

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]