MSE

Trading Report for week ending June 24, 2011

Risk

appetite returns as investors buy into equities

The four-week negative streak which

surrounded the Malta Stock Exchange

(MSE) came to an end this week as the local Index inched higher by a

minimal 0.56 per cent. Throughout the week investors opted for the riskier

sides of the market were turnover improved both in the equity market and in the

Corporate Bond Market. On the equities’ side Bank of Valletta (BOV) plc were again in the limelight as further

updates on the La Valette Multi Manager Property Fund were released. However,

this week the Banking equity topped the list of gainers. Conversely, HSBC Bank Malta plc shares closed the

week on the downside while MaltaPost plc

shares headed the losers list. Turnover in the equity market gained further

ground as over Eur0.6m, up from Eur0.4m traded last week, were executed.

Activity in the fixed-income market

declined heavily following a sharp drop in turnover in the Government Stock market. In fact Eur1.4m was dealt across 65

transactions spread over 20 issues. On a general note running yields were

rather mixed as eight active issues recorded lower prices and another 12

gained. The 4.6 per cent MGS 2020 was

the week’s best performer. Meanwhile in the Corporate Bond market turnover improved for the third week in a row

with the 7 per cent GAP Developments

2011 — 2013 and the 7 per cent MIDI

plc EUR 2016 – 2018 being the most liquid issues. Amongst the winners this

week the 7.15 per cent MIH GBP 2015 —

2017 was the top performer with a nine per cent gain while the 4.25 per cent FIMBank USD 2013 was the worst

performer after a one per cent decline in its price.

BOV

shares managed to reverse some of last week’s hefty 5 per

cent decline as the equity closed the week up by almost 4 per cent or Eur0.10.

The equity managed to finish the week at Eur2.70 after having fluctuated

between a weekly low of Eur2.60 and a high of Eur2.80. A total of 94 deals

worth Eur405,761 were executed. The equity surged on Tuesday however these

gains were immediately wiped out mid-week while it recovered some of the lost

ground in the following session. Yesterday the equity traded flat at Eur2.70 to

bring its year-to-date performance to 16 per cent in the red.

Meanwhile HSBC failed to move in line with its peer as the Bank closed all

three trading days during which it was active in negative territory. In fact

similar losses were posted across all sessions as the equity closed down by

just over 1 per cent to end the week at Eur2.90. Turnover was increase over the

week, as nearly Eur51,000 changed hands over 10 transactions.

Middlesea

Insurance plc returned to trading this week following an

absence of one week with a 3 per cent gain as the insurance firm closed at Eur1.03.

The equity was active during the final two trading days as 6,304 shares were

dealt over five transactions.

On the downside MaltaPost plc shares were the heaviest fallers with a 3.3 per cent

or Eur0.035 loss. The equity slumped on Tuesday to Eur1 following activity in

1,109 shares while it retracted some of this loss yesterday as the equity ended

the week at Eur1.015.

Similarly Simonds Farsons Cisk plc closed down by 2.3 per cent or Eur0.04 as

the beverages operator managed to close the week’s final session at Eur1.71

after having traded at a weekly low of Eur1.70 on Wednesday. During the

company’s AGM shareholders approved a net dividend of Eur0.0533 per ordinary

share as recommended by the Directors,

International

Hotel Investments plc shares closed flat again at Eur0.82

after it traded at a low of Eur0.70 on Friday. Almost 32,000 shares were dealt

over six transactions. On the contrary Plaza

Centres plc shares moved further in positive territory as it ended the week

with 0.56 per cent or Eur0.01 at Eur1.80.

In the IT Sector RS2 Software plc traded unchanged at Eur0.53 across one deal of

2,600 shares while another two transactions of 2,000 in Loqus Holdings plc left the equity’s price intact at Eur0.161.

Conversely Crimsonwing plc ended the

week in the green at Eur0.355, hence up by 1.43 per cent.

Malta

International Airport plc shares shed a further 1.16 per cent or

Eur0.02. Throughout the week the equity’s price hovered between a weekly low of

Eur1.70 and a high of Eur1.74 while it closed yesterday’s session at Eur1.71. Activity

in the airport operator increased to Eur48,061 dealt over 11 transactions.

Meanwhile GO plc shares closed in the week on a positive note as the equity

moved higher by 1.1 per cent or Eur0.015 to close at Eur1.38. The equity which

was active across all trading days, kicked off the week, went further lower

mid-week while it managed to recoup all of the lost ground in the final two

trading days. A total of 30,750 shares were dealt across 22 deals.

Grand

Harbour Marina plc edged minimally higher to end the week

under review at Eur1.97.

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]