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MSE | Wednesday, 04 March 2009

GlobalCapital Financial Management Ltd - Malta Stock Exchange Review

Session dominated by weak volumes

Yesterday, during the second session of the week, the Malta Stock Exchange index dropped 2.22 points to close at 2801.57 points. Local stocks put in a lacklustre performance, as investors seem to be waiting to see if leading stocks could latch on to a direction.
On the banking front, Bank of Valletta p.l.c. shares took the podium in terms of volume as 19,710 shares were negotiated. The share price declined €4c0 to settle at the €2.21 level. These shares were swapped in fifteen transactions and carried a market value of €43,965.51. The price shifted in a very tight range of €2.20 to €2.25.
Remaining on the banking front, HSBC Bank Malta p.l.c. moved in the opposite direction. The share price gained €2c0 to finish at €2.22. Volume was low as 3,450 shares changed hands in six trades. At the end of trading, bids for 2,500 shares stood at €2.201, whereas the best offer for 2,500 shares stood at €2.24. Week on week HSBC Bank Malta p.l.c. slipped 0.89 per cent or €2c0 from its closing price of €2.24 on Tuesday 24 February.
Elsewhere, the shares of Malta International Airport p.l.c. were nearly non-existent with a mere 1,000 shares changing hands, bringing the price down €3c0 to €2.37. At market close, best unsatisfied bids stood at €2.25 for 1,300 shares against best offers of 1,000 shares at €2.37.
GO p.l.c. shares were the non-movers of the day leaving their previous market price at €1.50 across 400 shares across a single deal. Week on week GO p.l.c. lost a notable 10.93 per cent from its closing price of €1.684 on Tuesday 24 February.
On Monday 2 March it was announced that the Government is to issue the following Stocks:
Issue of €70,000,000 in: (i) 3.6 per cent MGS 2013 (IV) or; (ii) 5 per cent MGS 2021 Fungibility Issue or of; (iii) Any combination of the above two Stocks shall in the aggregate be €70,000,000; Subject to an over-allotment option of €25,000,000.
The price will be determined three days prior to the opening of applications. Applications will open on Monday 9 March 2009.
On Friday 27 February, the Directors of MaltaPost p.l.c. announced that for the period 1 October 2008 to-date, the Company continued to achieve the operational performance targets which were set at the beginning of the Financial Year. MaltaPost p.l.c.’s performance to-date continues to reflect the changing characteristics of the market place as had been appropriately foreseen by the Company. More specifically, whereas the Company continues to witness a volume reduction in postal mail, the volume of business relating to parcel/packet post continues to grow. To-date the Directors do not envisage any occurrences which could prevent the Company from achieving the performance targets set for the Financial Year ending 30 September 2009.
In the fixed interest market, a total of €170,650 (Ten deals) were transacted in Government Bonds. Meanwhile, a total of €121,798 (Twenty deals) were transacted in Corporate Bonds.

Issued by GlobalCapital Financial Management Ltd, 120 The Strand, Gzira, GZR1027 for information purposes only and is not intended to constitute any financial, legal or tax advice. This write up is not to be taken as investment advice to buy or sell any investment. Investors should seek professional advice prior to taking investment decisions and should note that the value of investments may fall as well as rise. Readers who would like more information are invited to send an E-mail to info@globalcapital.com.mt or Tel: 21 342342. GlobalCapital Financial Management Ltd is a member of the Malta Stock Exchange and is licensed by the Malta Financial Services Authority (MFSA).

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04 March 2009
ISSUE NO. 572

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