MSE Trading Report

for week ending April 20, 2012

Index

marginally lower

For the second

consecutive week the Malta Stock Exchange (MSE) Index traded in negative territory

by recording a slight loss of 0.2 per cent to end the week at 2,922.377 points.

In the week the tone on the local market turned uneasy, as the index only

managed to register gains in two sessions while it decline in the remaining

three. The broader market was impacted mainly by Bank of Valletta plc which upheld its negative stance, while Lombard Bank plc shaved a significant

amount from its share value.

Conversely, GO plc managed to move back on track

with a considerable gain, while HSBC

Bank Malta plc shifted towards positivity grounds following last week’s

loss. The week witnessed the trading of 11 equities in which losers and

non-movers tallied to four, while gainers totalled to three. Turnover in the

week increased to EUR665,433 which was traded over a total of 128 transactions

consisting of 497,540 shares.

In the local Government Stocks market, investors’ appetite was in line with

major European Sovereign debt, mainly German bunds. Most running yields fell

for the second consecutive week as investors shifted their assets to safer

heavens following another volatile week across European indices. In fact, from

the 21 active government stocks 11 traded in positive territory, nine closed

lower and one closed unchanged. The 4.6%

MGS 2020 emerged as the most liquid as total trading value amounted to just

over EUR2.4, while total turnover decreased to EUR5.3m. Meanwhile, in the Corporate Bonds market activity was spread over 24 issues, in

which six closed higher, eight drifted lower, while 10 closed unchanged. The 6.25% IHI 2015-2019 headed the list of

gainers with a remarkable gain of 2.5 per cent.

In the equity market, Bank of Valletta plc shares slipped by a further 0.5 per cent following

last week’s loss. The equity commenced the week on a negative note as it

recorded a loss of 0.4 which it than recuperated in the subsequent sessions with

a 1.2 per cent on Wednesday. However, on Friday the equity wiped out all gains

with a loss of 1.4 per cent to end the week at EUR2.10. Activity was spread

over a total of 115,305 shares which were dealt over 70 transactions.

Likewise, Lombard Bank plc was the prime loser among financials, as its

shares declined by 2.6 per cent or EUR0.065 over a single session to end the

week at EUR2.40. A total of three trades worth EUR48,018 were dealt across

20,000 shares.

On the contrary, HSBC Bank Malta plc managed to partially offset last week’s losses

with an appreciation of 0.8 per cent. The equity was active in all five

sessions as it closed flat in the first two sessions, while it exponentially

gained ground in the all following sessions to end the week at the EUR2.52

price levels, despite the relatively low volume. On Friday the company

announced that at its Annual General Meeting, all ordinary resolutions on the

agenda were approved in accordance with the bank’s Memorandum and Articles of

Association. Furthermore, the shareholders appointed the Board of Directors.

From the telecommunications sector, GO plc shares emerged as the main

gainers for the week, with an appreciation of just below four per cent to end

the week at EUR0.80. The equity’s best performing session was Tuesday as it

gained 3.7 per cent, while it topped up by a further 0.1per cent in the

following session, thus reducing its year-to-date loss to 18.4 per cent.

Throughout the week a total of 30,000 shares changed hands across 13

transactions.

Similarly, from the postal industry Maltapost plc recuperated most of the

losses incurred in the previous weeks as it showed impetus with a gain of 3.2

per cent or EUR0.03. The equity was active in one single session as a

significant volume of 110,306 shares changed ownership over four trades to end

the session at EUR0.96.

On a negative note, Plaza Centres plc lurched downwards by 2.8 per cent on Monday, over

a total trading volume of 29,950 shares to end the week at EUR1.75. The other

loser for the week was MIDI plc

which tumbled by 10.3 per cent over a single session, in which 110,000 shares

were traded across two transactions. During the week the company issued a

company announcement in which it confirmed that it is not negotiating nor

discussing with Government or other parties in respect of the MIDI project.

From the hoteliers sector, both equities

traded mirror imaged last week’s position as both International Hotels Investments plc and Island Hotels Group Holdings plc closed the week unchanged. The

former maintained the EUR0.74 price levels over two sessions of 13,073 shares,

while the latter closed flat at EUR0.85 across a mere of 550 shares which were

dealt over one single trade.

Finally, the other non-movers for the week

were Malta International Airport plc

and Simonds Farsons Cisk plc which

closed unchanged at EUR1.70 and EUR1.77 respectively.

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]