Financials drag index marginally lower
MSE Trading Report for week ending May 18, 2012
Financials drag index marginally
lower
Following
last week’s marginal rise the Malta
Stock
Exchange
(MSE) Index
retreated from its positive
position by recording a loss of 0.2 per cent to end the week at 2,971.832
points. Despite a relatively encouraging week with the index trading on higher
grounds in three sessions, the considerable losses incurred in the mid-week
session and on Thursday pushed the index towards the red zone. This week the
bears pulled down the majority of the financials equities, namely Bank
of Valletta plc, HSBC
Bank Malta plc,
Lombard Bank plc and Middlesea
Insurance plc. Conversely, GO
plc recorded a significant gain in
its share price following weeks of volatility.
Activity
throughout the week was characterised by eight equities being active, in which
losers outperformed gainers as four depreciated in value, three gained ground
and the other traded unchanged. Total trading value in the week amounted to just
over EUR1.15m which were traded over 114 transactions consisting of just above
1.3m shares.
In
the local
Government stock
market as opposed to last week, participants
showed their lack of conviction, as from the 19 active stocks 10 closed lower,
while six recorded minimal gains. In the week total turnover reached EUR13.7m
with the 6.65% MGS 2016 and the long-dated 4.6%
MGS 2020 emerging as the most liquid as
total trading value between them amounted to just over EUR8.7m. Meanwhile, in
the Corporate
Bonds
market yields were mixed, as from the 19 active issues three gained ground, six
edged lower and 10 closed unchanged. The 6.25%
IHI 2015-2019 issue was the worst performer
for the week with a loss of three per cent.
In
the equity market, Bank
of Valletta plc closed the week lower by 1.9 per
cent or EUR0.04 to move in the EUR2.08 price level. The banking equity lacked
confidence throughout the week as it only managed to gain ground on Tuesday
while it faltered gradually in all other sessions. Total trading volume
amounted to 106,391 shares which were executed over 49 trades.
Likewise,
HSBC
Bank Malta plc shares fell out of favour with a
loss of just below two per cent on Thursday. The equity was active in three
sessions were it registered a minimal gain in one session, incurred the said loss
in the other, while trading flat on Friday to end the week at EUR2.50. A total
of 21,110 shares changed hands over 12 transactions.
In
line with its peers, Lombard
Bank plc re-affirmed its negative
momentum by recording a further loss of 0.9 per cent. The equity succumbed to
selling pressure as it drifted lower in three sessions, while it than managed
to snap back most of the losses by recording a gain of two per cent on Friday
to close the week at the EUR2.349 price levels. Similarly, the other active financial,
Middlesea
Insurance plc, emerged as the primary laggard
for the week with a sharp loss of 5.8 per cent. A total of 5,566 shares were
dealt over a single session to end the week at EUR0.65.
On
a positive note, from the telecommunications sector GO
plc
protracted last week’s upbeat tone by recording a staggering gain of 14.8 per
cent to re-touch the EUR0.85 price levels. The equity showed impetus throughout
the week as from the five active sessions it recorded significant gains in
three sessions with Friday’s session being the most noted as the equity
advanced by 8.9 per cent. This week the equity captured the lion’s share as
activity was spread on high volumes of 892,178 shares which were traded over 34
deals.
From
the hotelier’s sector, International
Hotels Investments plc shares were snuffed out with
buying interest as the equity posted a 2.4 per cent gain on Monday to close the
week at EUR0.84. Total trading value amounted to EUR227,763 traded over two
sessions of 275,063 shares.
The other positive performer for
the week was Malta International Airport plc, which managed to close the week
in green ground in the last minutes of trading on Friday by recording a gain of
1.2 per cent over a mere 500 shares to
end the week at EUR1.75. On Friday, the company announced that in line with its
forecasts, in the first quarter of the year passenger movements were down by
4.7 per cent when compared to those of the previous year. However, passenger movements
showed an increase in April 2012 of 1.4% bringing the total passenger movements
for the first four months of the year to 2.6% less than the amount for the same period last year.
Finally, the non-mover for the
week was Island Hotels Group Holdings plc which closed the week flat at EUR0.85
over a single session of 500 shares. On Wednesday the company announced that Buttigieg
Holdings Limited, in which the company has a 50 per cent shareholding, signed a
Franchise Agreement with Costa International Limited granting it the exclusive
development and operating rights for Costa Coffee Shops in Malta.
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interest in securities mentioned in this article. For further information
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