The Malta Stock Exchange index slipped further in negative territory with a 2.19 per cent decline, the heaviest weekly fall in March. The index recorded losses during the initial four trading days while it halted the six-day negative streak with a 0.34 per cent gain yesterday, to end the week under review at 3,495.175 points. A total of eight equities were traded this week with two finishing higher and the remaining six closing in the red. Maltapost plc shares were the top performers while for the second week running RS2 Software plc headed the list of fallers, followed by a hefty loss in International Hotel Investments plc.
Turnover in the equity market declined to €539,159 as nearly 250,000 shares were traded over 138 deals. Meanwhile, the sell off experienced lately in the Corporate Bonds market regained some steam throughout the week as turnover increased to over €784,000. The majority of the traded issues closed lower, with the 6.3% IHI 2013 heading the list with a 5.3 per cent decline. Conversely the 6.25% Mediterranean Bank 2015 posted a 2.3 per cent gain to finish the week as the best performer. On the whole, yields in the safer Government Bonds declined as higher prices were recorded following the uncertainty which surrounded global equity and currency markets over the week. Turnover in this sector declined to nearly €800,000.
Maltapost plc shares closed the week in positive territory with a 4.56 per cent or €0.048 gain. The postal operator’s equity was active during three trading days all of which closed on a positive note. A total of 33,313 shares were traded over 16 transactions as the equity closed the week at €1.10, thus making it the best performing equity year-to-date with a 10 per cent gain.
Meanwhile, following three weeks of absence from the trading platform, International Hotel Investments plc shares finished the week with a hefty 8.5 per cent or €0.079 dip to close the week at €0.85. However, this decline was only backed by three transactions of 3,800 shares executed during the mid-week session.
Go plc shares were again on the downside as losses recorded in the final two sessions were enough to propel the equity in the red. The equity lost over four per cent or €0.07 as almost 20,000 shares were dealt across 14 deals. As at close of trading yesterday, the equity’s price stood at €1.66, down by over 14 per cent since the end of last year. The board of directors of the company met on Tuesday to consider and approve the company’s audited financial statements for the year ending December 31, 2010. The board also resolved to recommend that the AGM approves the payment of a final net dividend of €0.05 per share, which will be paid to all shareholders who are on the shareholder’s register as at Monday, May 9, 2011. The AGM will be held on Wednesday, June 8.
Meanwhile in the banking sector three equities were active, of which two closed lower and Lombard Bank plc was the only gainer. In fact the bank’s equity edged slightly higher by 0.33 per cent or €0.01 to finish the week at €3.01 after having traded at a weekly low of €2.979. Nearly 18 deals of 40,000 shares worth €119,000 were executed across four trading days.
Conversely, Bank of Valletta plc shares closed the week lower with a one per cent or €0.029 loss. The bank kicked off the opening two sessions in the red while it gained ground in the remaining three sessions. Throughout the week the equity traded at a low of €2.88 and a high of €2.95 while it closed yesterday’s session at €2.94.
Similarly HSBC Bank Malta plc closed lower by a slight 0.38 per cent or €0.011 to end the trading week at €2.889. Activity in the banking equity remained more or less in last week’s territory as 23,044 shares were dealt across 19 deals.
While no trades were recorded in Middlesea Insurance plc, the financial results for the financial year ended December 31, 2010 were announced on Wednesday. The group registered a profit before tax of €6.4 million, compared to a loss before tax of €54.4 million reported the previous financial year. The board of directors did not recommend the payment of a dividend.
Malta International Airport plc shares closed the week lower with a 3.9 per cent or €0.07 drop to close at €1.73. Meanwhile, on Thursday the company announced that the board of directors approved the financial statements of the company for the financial year ended December 31, 2010. The board resolved to propose to the AGM the payment a net dividend per share of €0.035 to be paid to shareholders appearing on the register of members as at April 5, 2011. The company’s AGM is to be held on May 5.
On Wednesday, Grand Harbour Marina plc announced that the board of directors approved the financial statements for the period ended December 31, 2010 and resolved that these will be submitted for the approval of the shareholders at the forthcoming annual general meeting. The company registered a loss before tax of €771,422, compared to the previous financial year’s loss before tax of €415,628.
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.
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