Six equities lift MSE index higher

Following last week’s gain the Malta Stock Exchange (MSE) Index upheld its climb as it gathered a further gain of 0.3 per cent, thus posting an appreciation of just below four per cent on a year-to-date basis. As investors expressed confidence, the local index displayed impetus by registering gains in all sessions, as gainers prevailed over losers. In fact, from the 14 active stocks, six clicked another notch higher, three edged lower, while five closed unchanged. From the financial sector, Middlesea Insurance plc emerged as the prime gainer for the week, while Plaza Centres plc headed the equity segment with a remarkable gain. Conversely, Maltapost plc shaved-off a notable percentage from its recent rally.

Total turnover for the week increased further to just over Eur1.1m with 53 per cent of the said amount being traded in Bank of Valletta plc shares which had the lion’s share for the second consecutive week. Within the week total equities traded amounted to 619,920 shares executed over 157 transactions.

Meanwhile, in the local sovereign debt market, investors opted for opposing directions, as the negative woes from Cyprus in regard to the much needed bailout cooled down initially but it seems that the figures were being re-examined. In fact, investors opted for a twofold approach as from the 24 active stocks 13 edged higher, while 11 slid lower. Total turnover in the week decreased to Eur4.3m. Meanwhile, in the corporate debt market, yields were mixed, with the sole 5.6% Global Capital plc issue heading the list of gainers as it rallied by 15.4 per cent.

From the equity segment, Bank of Valletta plc managed to re-position itself in winning grounds with a scant gain of 0.04 per cent following four subsequent weeks of flat trading. The banking equity was active throughout the week in which its share price swayed from highs of Eur2.27 to lows of Eur2.241. A total of 269,411 shares changed ownership to close the week at Eur2.251.

Meanwhile, following several media reports on Monday the Bank officially announced that Mr. John Cassar White is the Bank’s new Chairman. Furthermore, on Thursday the company announced that the board of directors is scheduled to meet on the  April 25, 2013 to approve the Group’s and Bank’s financial statement for the first six months ending 31, March 2013, and consider the payment of an interim dividend if deemed appropriate.

In line with its peer, Middlesea Insurance plc turned bullish as it broke to the upside with a 4.7 per gain, following its recent heavy decline of just over 11.1 per cent recorded in the third week of March. The insurance operator was active in three sessions in which 25,424 shares were traded over eight deals to close the week at Eur0.90.

Meanwhile, HSBC Bank Malta plc closed the week unchanged at Eur2.74 after trading at an intra-week low of Eur2.708. The equity turned active in two sessions in which 12 trades worth Eur47,908 were executed. Likewise, from the same sector both Lombard Bank plc and FIMBank plc ended the week on a flat note at the Eur2.00 and $0.99 respective price levels.

Meanwhile, on Thursday Lombard announced that the Annual General Meeting will be held on April 25, 2013. The approval of the company’s financial statements for the year ending December 31, 2012 and the declaration of a final gross dividend of Eur0.12 per nominal Eur0.25 share are on the main agenda of resolutions for shareholders approval.

From the telecommunications industry, GO plc partially recovered last week’s loss as it gained just over 0.6 per cent to end the week at Eur1.58. Sellers displayed interest in the first three sessions of the week as the equity gained 0.9 per cent, while lost 0.3 per cent in yesterday’s sessions on high turnover. Total trading volume for the week was on relatively high volumes of 119,125 shares.

Similarly, Malta International Airport plc shares upheld their upbeat trend by recording a gain of just over two per cent, thus moving towards a 7.7 per cent appreciation on a year-to-date basis. The airport operator was active in all five sessions in which it registered the said gains over the last two sessions of the week to close at the Eur1.939 price level. Activity was based over 19 trades worth Eur105,625.

On the same grounds, Plaza Centres plc soared by 7.3 per cent in yesterday’s session over volumes of 4,000 shares to close at Eur0.59, while Santumas Shareholdings plc edged minimally higher by 0.06 per cent across two trades of 9,125 shares.

Conversely, heading southwards were Maltapost plc and Island Hotels Group Holdings plc. The postal operator retreated by 1.9 per cent on Thursday to close at Eur1.02, while the hotels operator was faced with renewed selling pressure as it declined by a further 0.8 per cent following last week’s loss to close at Eur0.625.

On the same grounds, Malita Investments plc captured a minimal loss of 0.2 per cent in the mid-week session to close at Eur0.509. Meanwhile, on Thursday the company announced that at the first annual general meeting which was held on the previous day, shareholders approved the financial statements for the year ending December 31, 2012 and a net dividend of Eur0.0158.

Finally, the other non-movers for the week were Simonds Farsons Cisk plc and RS2 Software plc which closed unchanged at Eur2.55 and Eur1.00 respectively, despite a turnover of 70,000 shares traded in the latter.