GO shares up by 11.4 per cent
In line with the previous week, the Malta Stock Exchange (MSE) Index shaved a minimal 0.1 per cent from its year-to-date gains to close at 3,313.253 points. Following a shortened week due to Tuesday’s Public Holiday, the index failed to re-position itself in winning grounds despite closing Thursday’s session which registered with a remarkable gain of 1.4 per cent. In fact, the said gain proved insufficient in prevailing over the incurred loss of 1.5 per cent which was gathered across the other three sessions. GO plc shares tested yearly highs by posting a significant gain following the positive financial results for 2012, while Lombard Bank plc displayed strength by registering a notable gain. Conversely, Middlesea Insurance plc shares closed the week markedly lower in the last minutes of Friday’s trading session.
Activity in the week witnessed the trading of 14 equities, in which losers and non-movers tallied to five, while gainers totalled to four. Total turnover for the week turned minimally lower to Eur0.9m, of which 25 per cent were traded across GO plc shares. While total volume for the week amounted to 838,780 shares which were executed over 150 transactions.
Meanwhile, in the Government Stock Market most of the active stocks experienced lower yields. Local investors were carried away by Euro zone yields which moved towards the 1.35 per cent level over the uncertainty surrounding Cyprus with regard to the much needed bailout. Total turnover for the week amounted to Eur3.9m which was traded across 22 issues. Meanwhile, running yields within the Corporate Bonds market opted for opposing directions as four gained ground, three edged lower, while eight closed flat. The 5.6% Global Capital bond headed the list of gainers with an appreciation of 2.6 per cent.
From the equity segment, GO plc emerged as the prime gainer as its share price soared by 11.4 per cent or Eur0.16 to close the week at Eur1.57. A total of 155,550 shares changed hands across 34 deals. The telecommunications equity broke up to the upside as unsystematic risk acted as the main driver behind the buying interest. In fact, on Thursday following the positive results for its financial year ending 2012, the equity surged by just below seven per cent, while it advanced by a further 1.9 per cent yesterday. On Wednesday afternoon the company announced that the Group profit before tax for 2012 amounted to Eur26.5m as opposed to the loss of Eur45.2m incurred in the previous year due to its significant impairment of the company’s investment in Forthnet SA and by a number of one-time only charges. The company stated that the said profit for 2012 was impacted positively by a gain of Eur11.4m following the sale of a piece of land in Qawra. The board of directors are proposing a final net dividend of 0.10 which will be paid to all shareholders appearing on the company’s register as at Friday, April 5, 2013.
From the financial sector, Lombard Bank plc closed remarkably higher by 4.3 per cent on Wednesday to end the week at the Eur1.998 price level, while it closed unchanged on Monday. Total number of executed shares amounted to 9,806. Likewise, FIMBank plc managed to partially snap back last week’s two per cent loss as it advanced by just over one per cent in the mid-week session to re-touch the $0.99 level.
Conversely, HSBC Bank Malta plc extended its negative momentum as its share value slid by 1.1 per cent to close the week at Eur2.72. The equity was active in three sessions in which it drifted lower in all three sessions over a total of 12 trades worth Eur35,996. On a similar note, Middlesea Insurance plc plummeted by 11.1 per cent over low volumes of 1,072 shares to close at Eur0.80.
Meanwhile, from the same sector Bank of Valletta plc shares closed the week flat at Eur2.25 after trading at an intra-week high of Eur2.30. A total 49 transactions were executed across 93,572 shares.
On a sour note, Malta International Airport plc headed southwards by posting a loss of 3.2 per cent to close the week at Eur1.84. The said loss was conditioned by Monday’s session in which the equity plunged by 4.2 per cent, while it than recouped 1.1 per cent on Friday following the positive results announced on Wednesday. The company reported that Group profit before tax for the year ending December 31, 2012, increased by 2.8 per cent to Eur19.46 million. Furthermore, the board of directors is proposing a final net dividend of Eur0.04 to all shareholders listed on the company’s register as at the close of business on April 19, 2013.
Likewise, both Plaza Centres plc and Santumas Shareholdings plc closed the week in lower grounds. The former declined by 0.9 per cent on Monday to close at Eur0.575, while the latter contracted sharply by five per cent over 7,500 shares to close at the Eur1.70 level.
Meanwhile, from the I.T. sector, RS2 Software plc gained 0.6 per cent on Friday over three transactions of 10,900 shares to touch the Eur0.91 level, while Crimsonwing plc closed flat at Eur0.54.
Finally, the other non-movers for the week were, International Hotels Investments plc, Maltapost plc and Midi plc which closed at Eur0.79, Eur1.02 and Eur0.314 respectively.