Banks re-position index in positive territory

Following last week’s minimal loss the Malta Stock Exchange (MSE) Index managed to snap back the 0.1 per cent decline, as it registered a gain of 0.2 per cent to close the week at 3,248.32 points. The index experienced a relatively negative week as selling pressure was applied in three sessions, which however were overlapped by the gain of 0.8 per cent which was registered across Monday and yesterday’s sessions. In fact, the said gain proved determinant in closing the week on a positive tone. Banks emerged a key source of support with both Bank of Valletta plc and HSBC Bank Malta plc registering modest gains, while International Hotels Investments plc turned minimally positive following weeks of declines. Conversely, 6PMHoldings plcheaded the list of losers with a remarkable loss.

The week was characterised by 18 active equities, in which gainers prevailed over losers, as five garnered support, four lurched lower, while nine closed flat. Total turnover for the week totalled EUR989,893 traded over a total of 655,426 shares which were executed over 165 transactions.

Meanwhile, in the Government Stock Market investors took divergent positions, as from the 24 active stocks 16 experienced a rise in yields, while eight experienced an appreciation in value. Total turnover for the week amounted to EUR9.6m. Meanwhile, yesterday the Treasury announced a new debt issuance with an aggregate amount of EUR120m. The issues are the 3% MGS2019 and the 4.5% MGS2028. Applications are open from Monday, February 25, 2012up to Wednesday February 27, 2012. In the Corporate Bonds market activity was dealt across 24 issues with the 5.6% Global Capital plc issue being the prime loser as it faltered by five per cent.

From the banking sector, contrary to the previous week Bank of Valletta plc shares, managed to cancel the 0.7 per cent loss by returning to the level of EUR2.28 with a 0.8 per cent gain. The equity was active throughout the entire week in which it had the lion’s share as total trading volume amounted to 143,351 shares which were traded over 50 deals.

Likewise, in line with its peer HSBC Bank Malta plc marked a further gain of 0.2 per cent, thus posting 1.5 per cent over the past three sessions. The banking equity was active throughout the whole week were it swayed from positive to negative over a total of 52,797 shares to close the week at EUR2.74.

On the contrary, from the same sector, FIMBank plc shaved-off just below two per cent from its recent rally to close the week at the USD1.00 price position. The dollar denominated equity was active over five deals which consisted of 23,272 shares. The other active financial equities were Lombard Bank plc and Middlesea Insurance plc which closed flat at EUR1.89 and EUR0.79.

From the hoteliers sector, International Hotels Investments plc returned to winning grounds following its recent bearish trend. The equity posted a scant of 0.1 per cent yesterday to close the week at EUR0.741. A total of 4,095 shares changed hands over three transactions.

Meanwhile, the other gainers for the week were Grand Harbour Marina plc and Plaza Centres plc. The former emerged as the prime gainer with a notable gain of 3.3 per cent to close the week at the EUR1.88 price level, while the latter captured a 0.9 per cent appreciation over 7,000 shares to re-position itself towards the EUR0.585 level.

Conversely, Malta International Airport plc upheld its negative position by posting a further loss of 0.7 per cent. The airport operator reported the said loss over two sessions, while it closed flat on Monday. A total of 13 trades worth EUR63,580 were traded to end the week at EUR1.776. Similarly, Malita Investments plc marked a loss of just below one per cent on Tuesday to re-touch the EUR0.52 price level.

From the I.T. sector, 6PM Holdings plc emerged as the primary laggard for the week as its share value plummeted by 6.5 per cent. The Sterlingdenominated equity was active yesterday in which 40,260 shares changed ownership to close the week at GBP0.29. From the same sector, both Crimsonwing plc and RS2 Software plc ended the week in a flat position. The former closed at EUR0.55 after trading at an intra-week low of EUR0.549, while the latter stood at the EUR0.86 level over a single deal of 10,667 shares.

Meanwhile, both GO plc and Simonds Farsons Cisk plc ended the week unchanged, The telecommunications equity halted its recent 19-month high as it closed unchanged at EUR1.38, after trading at a intra-week low of EUR1.33, while the beverage operator maintained the EUR2.58 level over a single session.

Finally, the other non-movers for the week were Santumas Shareholdings plc, Island Hotels Group Holdings plc and Midi plc which all closed flat at EUR1.79, EUR0.65 and EUR0.26 respectively.