MSE Trading Report for week ending May 4, 2012

MSE Index up on lower turnover

The Malta Stock Exchange (MSE) Index extended its positive run during this four-session week, as it registered a rise of 0.6 per cent, closing at 2,978.344 points. The index declined only on Thursday, while rising in the other sessions. Malta International Airport plc was the best performer for the week, while FIMBank plc emerged as the worst performer.

A total turnover of EUR7.04m was registered this week, compared to EUR14.35m traded last week. In the equity market, nine equities were active, as gainers and losers tallied at three, while the remaining three closed unchanged, with turnover amounting to EUR1.3m across 151 deals.

The share price of Malta International Airport plc (MIA) recorded an appreciation of 4.24 per cent, or EUR0.07. The closing share price for the week reached EUR1.72, as 26,000 shares were executed over seven trades. Having traded positively during two sessions, the large part of the gain was registered on Wednesday, when the share price rose from EUR1.65 to EUR1.719, while increasing minimally on Thursday on higher volume. On Friday afternoon, MIA published the traffic results for the month of April. Passenger movements grew by 1.4% during the month of April reaching 304,198, that is, the highest number ever registered in April and the second consecutive time that the figure in this month hit the 300,000 mark. This increase was brought about notwithstanding a decrease of 3.3% in the seat capacity for the month, which reached 397,773.

In contrast, FIMBank plc lost just under eight per cent on Monday, or USD 0.07, on four deals of 259,644 shares, as its share price closed the session at USD 0.81. Similarly, GO plc’s share price registered a damaging loss of 5.1 per cent once again, having closed at EUR0.712. GO shares were the highest traded this week, reaching a total of 524,351 shares across 11 trades, for a value of EUR378,356. Most of the activity was registered on Thursday, when the share price lost four per cent on turnover of 500,000 shares. The following session the share price lost a further 1.1 per cent, on insignificant volume.

On the other hand, HSBC Bank Malta plc registered a rise in value of two per cent this week, as its share price closed at EUR2.55, an increase of EUR0.05. Turnover declined from that traded last week, as it amounted to 26,280 shares on 20 deals. The share price increased in each session, except on Friday, in which the share price closed unchanged.

Following last week’s positive interim results, the share price of Bank of Valletta plc (BOV) gained 0.5 per cent to close the week at EUR2.12, having traded at a high of EUR2.20 and a low of EUR2.10. After a solid rise of 1.9 per cent on Monday and a marginal increase on Wednesday, the share price tumbled by 2.4 per cent on Thursday, erasing the previous gains. However, a gain of 0.95 per cent on Friday shifted the share price in positive territory on the week. A total of 236,633 shares were exchanged across 76 deals, for a value of EUR507,651.

MaltaPost plc, Island Hotels Group Holdings plc and Lombard Bank plc closed the week unchanged at EUR0.96, EUR0.85 and EUR2.40 respectively. The latter however, managed a gain of 0.83 per cent on Wednesday, which was erased on Friday, while the other two equities both traded flat at their closing share price.

Grand Harbour Marina plc returned to trading after three weeks, as its share price registered a fall of 1.06 per cent, or EUR0.02, closing the session at EUR1.87, as 76,700 shares were exchanged across 24 deals.

On Monday, MIDI plc published its audited financial statements for the year ended December 31, 2011. The Group registered a profit before tax of EUR3m, almost double the profit registered in 2010. Revenue also increased during the period under review, from EUR26.51m to EUR37.04m. Earnings per share increased to EUR0.008. The Directors did not recommend the payment of a dividend.

In the local Government Stocks market, yields fell as 17 of the 18 active issues registered a rise in their price, with only one issue closing in negative territory. This swing in yields is a reflection the current uncertainty in the global equity markets but particularly in the Euro zone as investors await the outcome of elections in the region. Meanwhile, in the Corporate Bonds market, 17 issues were traded, with eight lowering in value, five edging higher and the remaining four closing unchanged. The 7% FIMBank plc EUR 2012-2019 was the best performer with a rise of 1.71 per cent.

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]