Index lower as Banking shares halt their recent upward trend
MSE Trading Report
for week ending August 10, 2012
Index lower as Banking shares halt their recent upward
trend
The
Malta Stock Exchange (MSE) Index mirror
imaged last week’s performance by recording a further decline of 1.5 per cent
to end the week at 3,041.216 points. In the week the mood swayed from negative
to positive as the index traded higher in two sessions, while it drifted lower
in the other three. Banks emerged as the main draggers for the week, with both Bank of Valletta plc and HSBC Bank Malta plc edging lower, while
GO plc extended its declines.
Conversely, the recorded surge among International
Hotels Investments plc shares was a key determinant in halting further
potential losses.
The
week was characterised by eight equities being active, in which losers
outperformed gainers as five lurched lower, two closed higher, while the
remaining stock traded flat. As opposed to the previous week turnover was
considerably on a low value of €261,473 traded over a total of 66 transactions
which consisted of 139,641 shares.
In
the Government Stock market, investors
upheld their conviction in local sovereign debt, as from the 23 active stocks
18 appreciated in value, while five closed lower. Turnover in the week
decreased marginally to €3.64m, with the long-dated 5.25% MGS 2030 emerging as the most liquid issue. Meanwhile, in the Corporate Bonds market yields were mixed, as six advanced in value,
three headed southwards, while nine closed unchanged. The 7.15% MIH 2015 headed the list of gainers with a 1.1 per cent
appreciation.
In the equity
market, sellers got the better off over Banking equities which emerged as the
draggers towards the broader market. In fact, Bank of Valletta plc shares halted their recent upward trend by
posting a loss of 1.4 per cent, thus re-touching the €2.08 price level. The
equity was active throughout the whole week, were it closed unchanged in three
sessions, appreciated in one, while it slipped by 3.3 per cent on Friday. The
bank had the lion’s share as total trading volume amounted to 57,716 shares which
were traded over 33 deals.
In line with its
peer, HSBC Bank Malta plc plummeted
by 6.3 per cent over three sessions, thus cutting back most of the gains
registered in the previous weeks. However, one must point out that part of declines
which were registered throughout the week were a result of the equity turning
ex-dividend on Monday. This implies that all shareholders appearing on the
bank’s registrar as at August 8, 2012, were entitled to a 6.5 cents net interim
dividend which will be paid out on August 28, 2012. Meanwhile, a total of
31,325 shares exchanged hands over 14 trades to end the week at €2.699.
Likewise, for the
third consecutive week Middlesea
Insurance plc slid lower by a further decrease of 2.4 per cent. The
financial equity was active on Tuesday in which a mere of 530 shares were
traded across one single transaction to close the week at €0.605.
From the
telecommunications industry GO plc
was once again pushed into selling pressure with a further 1.9 per cent
depreciation. The equity was active in three sessions in which it drifted lower
by 3.9 per cent in the first two sessions, while it than managed to snap back more
than half of the losses incurred with a two per cent appreciation on Thursday.
A total of 42,624 shares changed ownership across 10 deals to close the week at
€1.02.
Similarly, from
the postal industry Maltapost plc
shares plunged by 7.9 per cent over a single session of 546 shares to end the
week at €0.82, thus pushing the equity towards a year-to-date loss of 18 per
cent.
On the contrary, International Hotels Investments plc
was the prime gainer with a markable gain of 6.3 per cent or €0.05. The
hotelier’s equity was active on Wednesday, in which a total of 1,000 shares
were traded over a single transaction to close the week at €0.85.
The other gainer
for the week was Malta International
Airport plc which closed higher by a scant 0.06 per cent to close at the €1.74
price level. Meanwhile, on Monday the company announced its traffic results for
the month of July. It stated that in the said month passenger movement increased
by 7.1 per cent, thus reaching an all time record for any month ever of 445.232
passengers.
Finally, the other
active equity was Plaza Centres plc
which closed the week unchanged at €0.55 over a single session in which 1,500
shares were dealt over a single deal.
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]