MSE | Wednesday, 29 April 2009

GlobalCapital Financial Management Ltd - Malta Stock Exchange Review

Poor performance on the local Stock Exchange

Yesterday, the local stock exchange closed lower at 2807 points, down 0.75% due to just two stocks trading. A total of 8,341 shares were exchanged through eight trades for a total value of €19,926.
Bank of Valletta p.l.c. dropped in the trading session by €0.05 to close at €2.50 per share. This bank stock was the largest decrease in share price in this session. Just three trades were swopped in which a volume of 2,000 shares were exchanged. Best bid stood at 913 shares at €2.40 against best offer of 2,082 shares at €2.49.
Remaining in the banking sector, the only other stock to trade was HSBC Bank Malta p.l.c. This also decreased in price by €0.031 ending the trading day at €2.349 per share. A total of 6,341 shares were exchanged over five deals. Best bid is at €2.32 for 215 shares against the best offer at €2.349 for 1,000 shares.
On Tuesday 28th April, the Board of Directors of Middlesea Insurance p.l.c. announced during the Board meeting held on the 27th April 2009 approved the preliminary statement of annual results for the financial year ended 31 December 2008. The Board of Directors do not recommend a dividend payment. In addition Middlesea Insurance p.l.c. registered a loss after tax of €20.59 million compared to profit after tax of €6.91 million in 2007. The Italian subsidiary of the Group, Progress Assicurazioni S.p.A (Progress), registered a loss after tax of €19.1 million. Middlesea Insurance p.l.c.’s technical general business result before allocation of investment income was a profit of €1.48 million compared to the profit of €2.4 million generated during 2007. Total investment income for the Group decreased from a positive return of €8.47 million during 2007 to a negative return of €4.33 million during 2008. Net capital losses of €12.2 million registered during 2008 compared to €1.1 million registered during 2007. During 2008 the Group registered an overall increase in turnover, with gross written premiums increasing by 15% from €104.2 million in 2007 to €120 million in 2008.
On Tuesday 28th April, International Hotel Investments p.l.c. announces that bank funding for the Corinthia Hotel & Residences London has been secured by way of a £135 million loan raised from a syndication of banks led and arranged by Barclays. The bank loan matches the £135 million invested as equity by the developers, setting a 50:50 loan to equity gearing on the project. The total funding of £270 million is being used to acquire and develop the Metropole Building on Northumberland avenue and the adjoining 10 Whitehall Place in London into a 300 bedroom deluxe five-star Corinthia Hotel and a suite of luxury apartments.
The Board of Directors of Simonds Farsons Cisk p.l.c. has on Tuesday 28th April, 2009 met and approved for publication the financial statements of the Company for the year ended 31st January 2009 and resolved to lay the same for the approval of the shareholders at the forthcoming Annual General Meeting of the Company to be held on 25th June, 2009. The Board of Directors of Simonds Farsons Cisk plc has resolved to recommend for the approved a final net dividend of €800,000 that is €0.031111 per each ordinary share of €0.291, to be paid by not later than 26th June, 2009. An interim net dividend of €200,000 that is €0.007778 per ordinary share has already been approved at the Board Meeting held on 30th September, 2008 and distributed. This will result in a total net dividend to the ordinary shareholders of €1,000,000 that is €0.038889 per ordinary share. The Board of Directors has established 29th May 2009 as the Effective Date on which all shareholders then on the register of members shall be entitled to receive notice of and attend the Annual General Meeting, be paid dividends declared by the General Meeting and appoint directors or vote at the election of Directors.
In the fixed interest market, a total of €1,109,694 (Sixteen deals) was transacted in Government Bonds. Meanwhile, a total of €15,473.68 (Five deals) was 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 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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29 April 2009

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