Local bourse moves one per cent up

The Malta Stock Exchange Index gained 0.91 per cent to close at 4,860.50 points during a week in which thirteen equities were active. FIMBank, followed by International Hotel Investments were the best weekly performers, while Middlesea Insurance and Datatrak Holdings suffered the largest share price declines.

A total of 305 deals were registered on the stock exchange for a turnover above €4.11 million. In the equity market 234 deals were executed for a traded value of €1.37 million, while 66 transactions were performed in local corporate bonds and government stocks for a turnover just below the €2 million mark. In addition, five deals were executed in Treasury bills for €768,066.

For the second consecutive week, FIMBank was the top equity performer, rising by a further 5.2 per cent to close at the US$2.02 level and putting it nearly 16 per cent up year-to-date. Trading in the equity was strong during the week as 82,117 shares changed hands across twenty deals.

Within the same sector, HSBC Bank Malta advanced 1.4 per cent on rather low activity as just 16,154 shares were transacted over 20 deals. The equity touched a weekly low price of €4.66 before closing at €4.725. Meanwhile on Wednesday, the board of directors of HSBC announced that it is scheduled to meet on February 18 to consider and approve the bank's and group's final audited accounts for the financial year ended December 31, 2007, and to also consider the declaration of a final dividend.

On the other hand, Bank of Valletta dropped one per cent to close at €6.249 on a volume of 67,850 shares which were negotiated across 46 deals, and which placed the equity nearly eight per cent down year-to-date. Lombard Bank also performed negatively over the week declining by 3.7 per cent on thin volume to close at the €13 level.

The second best equity performer of the week was International Hotel Investments which saw nearly 122,000 shares transacted over 12 deals to gain five per cent and close at €1.05. During the week, the company announced that, together with Libyan Foreign Investment Company (LFICO) and Istithmar Hotel FZE of Dubai, acting as a joint-venture, it entered into an Exclusivity and Development Agreement with Crown Estate of the UK to develop a 283-bedroom deluxe five-star hotel and luxury apartments in a prestigious location in central London. Back to trading on the stock exchange, Maltapost kept registering increases in its share price, advancing by a further 1.5 per cent and closing at €0.665, having also touched a weekly high of €0.671. This was the most active equity, having traded over 350,000 shares across 73 deals. Crimsonwing had 71,289 shares traded across 19 deals to add 3.5 per cent and end the week at the €0.60 level. Go was the only active equity to close unchanged, having 22,195 shares swap hands across 12 deals to close 3c below its weekly high at €3.03.

Middlesea Insurance was the worst equity performer, declining by five per cent to €3.66 on low activity. Datatrak Holdings also lost five per cent to end at €0.29. Plaza Centres lost 1.5 per cent and closed at €1.537 on two minor transactions, while Malta International Airport shares dropped nearly one per cent to €3.17 on a volume over 80,000 shares. In addition, Simonds Farsons Cisk shed 1.67 per cent and closed at €2.36 on a volume of 2,000 shares.

With regard to trading in the local bond market, the traded value in Malta Government Stocks amounted to over €1.55 million, the majority of which was recorded in the five per cent MGS 2021 which closed at €102.70, and the 5.4 per cent MGS 2010 which closed at €102.98. In local corporate bonds the total turnover amounted to €420,884 with 15 bonds being active during the week.

This article, which was compiled by Jesmond Mizzi Financial Services Limited (JMFS), does not intend to give investment advice and the contents therein should not be construed as such. JMFS is licensed to conduct investment services by the MFSA. 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 please contact JFMS at 67/3 South Street Valletta or on tel: 2122 4410..