Index maintains its upward position

The Malta Stock Exchange (MSE) Index sustained last week’s gain as it gathered a further appreciation of 0.5 per cent to end the week at 3,230.435 points. Despite capturing a gain of just below one per cent in three sessions, the said appreciation proved unsustainable, as sellers’ re-affirmed control on Tuesday and in the mid-week session in which the index locked a loss of 0.47 per cent. In the week, GO plc extended its stream of gains for the eleventh consecutive week, followed by Maltapost plc which maintained its bullish position.

The week witnessed the trading of 17 equities, in which gainers and non-movers tallied to eight, while Middlesea Insurance plc emerged as the sole loser for the week. Trading value for the week was slightly lower reaching just over one million which were dealt across 1.1m shares.

Meanwhile, in the Government Stock Market turnover totalled EUR27.3m traded over 25 issues. Once again the medium dated 7.8% MGS 2018 issue was the most liquid as total trading value amounted to EUR14m. In the Corporate Bonds market activity was dealt over 19 issues with a total nominal value amounting to 722,400. The 5.9% HSBC Bank Malta 2018 was the prime gainer for the week with a 5.9 per cent appreciation.

From the banking sector, Bank of Valletta plc advanced by 0.4 per cent to close the week at EUR2.259. The equity was active throughout the entire week were it oscillated between positive and negative in four sessions, while it closed flat on Wednesday. A total of 108,662 shares exchanged hands over 65 transactions. On Wednesday the Bank announced that it had been informed by the regulator that in regard the La Valette Multi-Manager Property fund, following a review exercise by an independent firm, a final list of investors was drawn up to compensate clients. Accordingly, the Bank will be making a payment of EUR1 per share to those investors included in the said list.

Meanwhile, from the same sector, HSBC Bank Malta plc closed the week unchanged at EUR2.70, after trading at an intra-week low of EUR2.68. A total value of EUR134,261 was traded across 25 deals. Likewise, both Lombard Bank plc and FIMBank plc maintained their previous closing prices at EUR1.86 and $1.02 respectively.

Meanwhile,Middlesea Insurance plc was the sole loser for the week. The equity was active on Monday in which it slid by 0.6 per cent over a mere of 450 shares to close the week at the EUR0.795 price level.

From the telecommunications sector, GO plc was snuffed out with renewed buying interest as it advanced by just below two per cent, thus marking an 8.8 per cent on a year-to-date basis. Total volume for the week amounted to 32,650 which were executed over 16 trades to close the week at the EUR1.295 price level.

Similarly, Maltapost plc shares extended their push towards a further gain of 3.2 per cent over two sessions to close the week at highs of EUR0.98.

Likewise, both Midi plc and Simonds Farsons Cisk plc posted remarkable gains. The former soared by 5.6 per cent over two sessions to reach the EUR0.285 price level, while the latter rose by two per cent on Thursday to reach all time highs of EUR2.55. Furthermore, Plaza Centres plc was up by a healthy 1.8 per cent over high volumes of 291,000 to close at EUR0.56.

Meanwhile, positive forecasts for 2013 might have triggered the two per cent gain registered by Malta International Airport plc. In fact, the airport operator announced its estimates for this year in which passenger movement is expected to increase by 1.5 per cent or EUR3.7m. Activity was dealt over 11 deals worth EUR57,003, while the equity closed at a price position of EUR1.795. In addition, yesterday the company announced that the Board of Directors is scheduled to meet on Wednesday, March 23, 2013, to approve its financial statements for 2012 and consider whether to declare a dividend.

From the I.T. industry, RS2 Software plc rose by 1.2 per cent over a single session to close at EUR0.86, while both Crimsonwing plc and 6pm Holdings plc closed flat at EUR0.54 and £0.31 respectively.

Meanwhile, the other non-movers for the week were International Hotels Investment plc, Santumas Shareholdings plc and Island Hotels Group Holdings plc.