Positive week for banks

Local investors showed reliance in the local equity market as the Malta Stock Exchange (MSE) Index managed to record gains throughout the entire shortened week, due to Friday’s national holiday. The MSE Index managed to close the week 0.76 per cent higher at 3,390.775 points and thus reaching a two-year high. Tuesday proved to be the most bullish session for the week as the highly capitalised banking equities and Simonds Farsons Cisk plc pushed the index up by 0.334 per cent. Meanwhile, Grand Harbour Marina plc spiked significantly higher, while Middlesea Insurance plc headed southwards.

During the week, the upbeat tone persisted as out of 17 active equities eight advanced, five declined and four maintained last week’s momentum. Total trading volume for the week amounted to Eur472,518 spread across 99 deals as 289,880 shares changed hands. Meanwhile, from the local sovereign debt market, activity was spread over 22 issues as total turnover amounted to over Eur1.9m with little price movements across the board. The 4.5% MGS 2028 (II) proved to be the most liquid issue as trading volume reached 408,300 nominal. In the corporate bonds market total trading value amounted to Eur563,236 which is considerable higher than last week. In total 20 bonds were active with no major price movements being registered. During the week the 273 Day Treasury Bill 02.11.12 – 02.08.13 and the 182 Day Treasury Bill 15.02.13 – 16.08.13 were also active across two trades totaling Eur449,360.

From the banking sector, HSBC Bank Malta plc managed to recover last week’s losses as it appreciated by 2.3 per cent, after registering three days of consecutive gains and trading flat on Thursday. The equity closed the week at the Eur2.63 price level and thus recovered all losses registered in May. Turnover was nearly at last week’s level despite the shorter week as 31,700 shares traded across eleven trades.

Similarly on the up side, Bank of Valletta plc managed to extend last week’s gains as it appreciated by a further 0.7 per cent to Eur2.265, over the highest turnover for the week as 77,571 shares changed hands across 30 deals.

Meanwhile, Lombard Bank Malta plc returned to the trading desk on Monday after distributing a bonus issue of one share for every ten held. The equity strengthened by one per cent (after adjusting for the bonus issue) across 21 trades as 66,200 shares exchanged hands, and closed the week at Eur1.70.

The best performer for the week was Grand Harbour Marina plc as it soared by a whopping 5.4 per cent over a single trade of 2,000 shares, to close at Eur1.95. Likewise, Simonds Farsons Cisk plc rallied by 3.1 per cent across two deals of 2,000 shares, closing Eur0.08 higher at Eur2.65 and reaching a new all-time high. Conversely, Middlesea Insurance plc stumbled by 3.6 per cent as a single trade of a mere 400 shares cursed the financial equity to close at Eur0.81. On a similar note, Plaza Centres plc fell by 1.8 per cent as 3,675 shares exchanged hands across two transactions, closing at Eur0.56.

From the hoteliers sector, both International Hotel Investments plc and Island Hotels Group Holdings plc triumphed over last week’s losses as the former edged 0.1 per cent higher over eight trades of 50,000 shares, to close at Eur0.90, while the latter witnessed a single deal of 1,000 shares, closing 2.9 per cent higher at Eur0.535. Meanwhile, from the IT industry, RS2 Software plc failed to remain faithful to last week’s trading price as it fell by 4.3 per cent as one transaction of 2,667 shares was struck, to close Eur 0.05 lower at Eur1.11. On the contrary, Crimsonwing plc shifted back towards higher levels as it advanced by 1.8 per cent as 17,500 shares exchanged hands, to close at Eur0.58. In the meantime, both Loqus Holdings plc and 6PM Holdings plc traded unchanged at the Eur0.14 and £0.60 respective price levels.

Furthermore, the other non-movers for the week were GO plc and MaltaPost plc, both of which closed unchanged at Eur1.55 and Eur1.05 respectively. The telecommunications provider GO plc witnessed five transactions of 11,000 shares, while MaltaPost plc was dealt across a sole trade of 1,000 shares. On a sour note, Malita Investments plc fully erased last week’s positive results as it plunged by 2.7 per cent as six trades of 18,600 shares took place, to close at Eur0.511. Likewise, MIDI plc surrendered 0.4 per cent of its share price as it closed the week at its weekly low of Eur 0.249.

Meanwhile, Malta International Airport plc recorded yet another record high for the month of May as passenger movements grew by 9.8 per cent to reach 377,948 passengers. This increase was primarily driven by an increase of 9.7 per cent in seat capacity. Aircraft movements increased by 8.3 per cent, while the average seat load factor remained flat.