Index recovers following weeks of decline

MSE Trading Report for week ending April 4, 2014

The Malta Stock Exchange (MSE) managed a 1.06 per cent gain after six consecutive weekly declines, to close the four-day trading week at 3,460.161 points. Activity was spread across 13 equities, of which six advanced, four fell in value and three closed unchanged as traded value fell by more than half. Contrary to last week, Middlesea Insurance plc shares headed the list of gainers, while MaltaPost plc shares registered the worst loss.

Malta International Airport plc shares rallied by 2.2 per cent over 9 trades of 10,426 shares, closing at a record high of €2.30. The local airport operator registered a record of 655,942 passengers for the first quarter of the year, resulting in an 8.4 per cent increase compared to 2013. This was mainly due to an increased seat capacity of 7.6 per cent. Meanwhile, passengers passing through the airport in March increased by 5.7 per cent from March 2013 – due to an added capacity of 5.3 per cent and a consistent seat load factor of 78.1 per cent.

The share price of Bank of Valletta plc recovered by a significant €0.061 or 2.8 per cent across the highest volume for the week of 210,862 shares, to close at its weekly high of €2.26. On the other hand, HSBC Bank Malta plc shares closed the week unchanged at €2.38 as 34 trades of 50,260 shares were negotiated. In line with the index, this week’s performance halted the recent negative performances of six-consecutive weekly declines in the share price of both leading banks.

FIMBank plc shares slipped by a minimal 0.2 per cent over three trades of 8,639 shares, to close at $0.84. The bank reported that FIMFactors B.V. (FIMFactors) – a wholly owned subsidiary of the bank which serves as a corporate vehicle for the bank’s holdings of factoring joint ventures and associated companies in various countries – has confirmed that the share acquisition between FIMFactors and Punjab National Bank has been completed with effect from last Monday. FIMFactors has acquired 60 million equity shares, equivalent to 30 per cent of the current issued, subscribed and paid up shares in the capital of India Factoring (IF) and Finance Solutions Private Limited (FSPL). Therefore, FIMFactors now holds 79 per cent of the equity shares of IF and FSPL. The remaining 21 per cent is held by Banca IFIS, Blend Financial Services Limited and India Factoring Employees Welfare Trust. 

On a positive note, the share price of Lombard Bank Malta plc recouped by 2.4 per cent as two transactions of 1,500 shares were struck, closing €0.04 higher at €1.70. Meanwhile, Middlesea Insurance plc sharesapproached a five per cent gain on Friday, as a single trade of 2,100 shares was executed, to close at €0.95.

Medserv plc shares rose by 2.3 per cent over a single deal of a mere 760 shares, closing €0.03 higher at €1.33. The Company announced that the proposed net dividend per ordinary share of €0.024c is to be paid to all shareholders on the register of members after settlement as at close of business on the April 15, 2014 and is payable by not later than June 15, 2014.

In the hoteliers industry, International Hotel Investments plc shares closed 1.68 per cent higher as two trades of 2,718 shares were struck – the equity closed at its weekly low of €0.785.

GO plc shares stumbled by 2.5 per cent as six transactions of 4,580 shares were dealt, to close the week at €1.95 despite having reached a weekly high of €2.04. Similarly, MaltaPost plc shares drifted 2.6 per cent lower as 52,486 shares changed hands across two trades, closing at €1.12. Malita Investments plc shares slipped by 0.9 per cent over four transactions of 8,000 shares, to close at €0.535.

Meanwhile, the non-movers for the week were RS2 Software plc and MIDI plc shares as they closed unchanged at €2.43 and €0.26 respectively. The former was negotiated across four trades of 12,000 shares, whilst the latter witnessed two transactions of 13,950 shares.

In the corporate bond market 17 issues were active, of which six decreased in value, ten closed unchanged and the 4.8% Bank of Valletta plc Sub € 2020 edged marginally higher. Total turnover amounted to €654,498. Meanwhile, in the sovereign debt market turnover totalled €5.6 million spread across 22 issues, of which 17 dipped lower, four gained ground and one closed unchanged. The 4.65% MGS 2032 (I) was the most liquid issue for the week, as it witnessed a traded volume of just under€2.3 million.