6PM shares rally as index falls

Following three consecutive weeks of gains the Malta Stock Exchange (MSE) Index surrendered its recent upward trend with a 0.3 per cent loss to close the week at 3,325.472 points. In the week, investors were unconvinced at which direction the index was heading as selling pressure dragged the index lower in three sessions despite a pick-up on Friday.

Large caps emerged among the prime draggers in hampering the broader market with the exception of Bank of Valletta plc (BOV) which managed to close the week on a higher note. Conversely, HSBC Bank Malta plc shares slid lower, followed by GO plc and Midi plc which edged lower by posting notable losses.

Activity during the week was based over 16 equities which were traded over values of Eur815,959, while total volume amounted to 638,602 shares which were executed over 134 transactions. Once again BOV shares emerged as the main player among investors as 50 per cent of the value traded was dealt across this banking equity.

Meanwhile, from the local sovereign debt market, investors were more inclined towards a safety position, as the less than expected economic figures from the euro zone area, in addition to woes in regards to the political instability in Italy pushed investors into a risk-averse mode. In fact, from the 27 active stocks, 18 traded higher, while 9 recorded minimal losses as investors opted in realising their profits. Total turnover for the week increased to Eur14m of which Eur5.1m were traded into the near maturity 3.6% MGS 2013 issue.

Meanwhile, in the corporate debt market, yields tended for opposing directions, with the 7.15% Melita plc 2014-2016 bond heading the list of losers with a loss of 0.9 per cent.

From the financial sector, Bank of Valletta plc sustained last week’s minimal gain with a further appreciation of 0.8 per cent to close at Eur2.27. The equity was active throughout the week as it gathered investors’ confidence in two sessions, slid minimally lower in one, while it closed unchanged in the last two sessions of the week on lower turnover. A total of 180,217 shares changed ownership over 51 deals.

On the same lines, FIMBank plc garnered support with just over one per cent to return towards its recent $1.00 price level. The Dollar denominated equity was active in Friday’s session in which 11,216 shares changed hands over a single transaction.

From the same segment, HSBC Bank Malta plc pointed into lower grounds with a loss of 1.1 per cent to close the week at Eur2.71. In the week, investors turned their backs to the banking equity as it registered losses in all three sessions over low volumes of 2,825. Meanwhile, on Thursday the company announced that all resolutions on the agenda were approved at the Annual General Meeting which was held on the same day.

Likewise, Lombard Bank plc closed remarkably lower by 2.5 per cent on Tuesday to move back towards the Eur1.95, while Middlesea Insurance plc trimmed-off 0.6 per cent from last week’s rally to close the week at Eur0.895.

From the telecommunications sector, GO plc shares reversed last week’s gain with a loss of 2.2 per cent to close the week at Eur1.58. The equity experienced a torrid week as it drifted lower in all three sessions over 10 transactions worth Eur63,277.

Similarly, from the aviation industry, Malta International Airport plc failed to sustain its all time highs of Eur1.939, as it contracted by just below one per cent to close the week at Eur1.92. On a similar note, Midi plc shares upheld their recent negative saga with a loss of 0.3 per cent to re-touch the Eur0.31 price level.

The other losers for the week were Plaza Centres plc which plummeted by 3.4 per cent after touching intra-week lows of Eur0.55, while Island Hotels Group Holdings plc registered its third week of losses with a further decline of four per cent to edge lower towards the Eur0.60.

On the contrary, Maltapost plc managed to rebound last week’s negativity with an appreciable gain of just below three per cent to re-tap the Eur1.05 price level. Likewise, from the I.T. sector 6PM Holdings plc displayed impetus with a staggering gain of 8.9 per cent to close at £0.49. During the week the company announced that Group profit for 2012 amounted to £526,536 compared to a loss in 2011 of £354,888. The company stated that the directors are recommending to the for approval at the Annual General Meeting a net final dividend of £0.016 per share and a bonus share issue of one share for every 25 shares held.

Also on the up wasMalita Investments plc which edged higher by 0.2 per cent after touching weekly lows of Eur0.50 to close at Eur0.51.

On the other hand, the non-movers for the week were International Hotels Investments plc, Santumas Shareholdings plc and RS2 Software plc which all maintained their respective price levels of Eur0.775, Eur1.701 and Eur1.00.