Large caps drag Index marginally lower

Following two positive consecutive weeks, volatility took its toll on the Malta Stock Exchange (MSE) Index, which closed the week at 3,178.465 points, equivalent to a 0.59 per cent decrease from the previous week as the larger quoted companies fell in value. Throughout the week the index was mostly in negative territory as it succumbed to a loss of 1.137 per cent in three sessions compared to Tuesday and Friday’s sessions which only contributed a positive 0.546 per cent. However, the worst day for the index was Thursday’s session, whereby it plunged by 0.580 per cent, mainly due to the 4.6 per cent hit in the share price of International Hotel Investments plc, across 151,968 shares.

During the week, 14 equities were active, in which gainers amounted to eight, losers to three, while non-movers totalled to two. Total turnover for the week increased to Eur611,336 traded over a total of 106 deals which consisted of 627,143 shares.

Meanwhile, in the Government Stock Market, local investors were focused on other investments particularly the new local bond issues as turnover took a downturn direction from last week’s high, totalling just Eur10.8m. During the week from the 15 active stocks ten appreciated in value while five took a dip in value.

In the Corporate Bonds market, yields were similarly mixed, as out of 20 issues, five bonds gained ground, six declined in value, while the rest closed flat. The 7% MIDI plc GBP 2016-2018 issue emerged as the prime gainer, as the price increased by 1.471 per cent.

As opposed to the previous week International Hotels Investments plc was the main loser of the week as its share price fell by 5.7%, closing at Eur0.83, as 152,552 shares changed hands in 11 deals. Another negative performer was Bank of Valletta plc which closed the week at Eur2.405, equivalent to a 0.41 per cent decline as turnover surpassed 70,000 shares.

On the other hand, MaltaPost plc was the main gainer, registering a 15.38 per cent appreciation from last week’s priceafter investors reacted positively to the decision taken by the company’s directors to recommend to the shareholders a final net dividend at Eur0.04 per share, despite a fall of 31.1 per cent in profits after tax which from Eur1.93m to Eur1.33m for the year ending September 30, 2012.

GO plccontinued its bullish trends, to close the week at Eur1.11, reflecting a 4.23 per cent rise from last week’s price on modest volume, while FIMBank plc reversed its losses, closing at $0.83, a 6.41 per cent increase from the last trading price. On the contrary, HSBC Bank Malta plc returned to negative grounds, closing 1.09 per cent lower on low volume. Conversely, Middlesea Insurance plc and Simonds Farsons Cisk plc gained ground, boosting their share price by 5.71 per cent and 4.17 per cent respectively.

Meanwhile, following the announcement of the half-year results and its edifying improvement in profits, the share price of Crimsonwing plc rallied by 9.52 per cent, closing at Eur0.46. As a result the equity was the second best performer this week on a turnover of 110,000 shares.

On a similar note, RS2 Software plc continued to rise, registering a 1.45 per cent increase over two sessions to close at Eur0.70. Medserv plc also closed the week positively by 2.6 per cent as 3,000 shares were executed over just one transaction.

Finally, Malta International Airport plc announced their passenger movement results for the month of November, whereby they registered record figures for eight consecutive months. When compared to the same month last year, the increase is equivalent to 3.4 per cent. Seat capacity in the same month increased by 2.5 per cent from the same month last year. Aircraft movement increased by 1.6 per cent within the same period. But despite these positive results the share price fell very marginally.