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MSE | Wednesday, 03 June 2009

GlobalCapital Financial Management Ltd - Malta Stock Exchange Review

The MSE Index closed marginally lower

Yesterday, the local bourse had a non-hectic day as only five stocks were negotiated in the equity market. The Malta Stock Exchange index raised the red flag as it closed 0.20% lower at 3046.34 points. Bank of Valletta p.l.c. was the gainer of the day whereas the shares of International Hotel Investments p.l.c. moved into the opposite direction.
On the banking sector, Bank of Valletta p.l.c. edged forward €0c1 to close the second session of the week at €2.401. This stock was also the most liquid one as 15,438 shares were swapped in thirteen trades. At market close, best unsatisfied bids stood at €2.39 for 5,615 shares against best offers of 1,500 shares at €2.41. Week on week the shares of Bank of Valletta p.l.c. gained 0.46% from its closing price of €2.39 on Tuesday 26th May.
The shares of HSBC Bank Malta p.l.c. finished unchanged from their previous session close at €2.58 across 14,722 shares. These shares carried a market value of €37,900.54. The lowest traded price during the session was €2.57, whereas the highest traded price of the day was €2.58. The total turnover of the week amounted to 48,719 shares and swapped in thirty-five trades.
Large-cap International Hotel Investments p.l.c. witnessed a decline. The share price slipped €1c0 to settle at the €0.99 level. The turnover was extremely low as 131 shares changed hands in one deal. On Thursday 28th May, International Hotel Investments p.l.c. held its ninth Annual General Meeting on, when the shareholders approved all the resolutions on the Agenda.
Elsewhere, on the board, GO p.l.c. and Medserv p.l.c. preferred to stay on the sidelines leaving their previous market prices at €1.74 and €3.55 respectively.
On 27th May Malta International Airport p.l.c. announced that during the financial period starting on the 1st January 2009 and the date of this Announcement, no material events and / or transactions have taken place that would have an impact on the financial position of the Company, such that they would require specific mention, disclosure and / or announcement pursuant to the applicable Listing Rules. During the period under review, the financial position of the Company has remained sound. For the period January to April 2009 passenger traffic was down by 9.4%, but this was more or less anticipated. The Company has embarked on an investment programme to diversify its source of revenues by opening up retail and food and beverage outlets for the non-travelling public. The income from such investment will decrease the Company’s dependency on passenger numbers in the coming years and will compensate to some extent the shortfall in this year’s traffic figures.
On Wednesday 27th March, MaltaPost p.l.c. announced that the condensed Interim Financial Statements for the six month period ended 31st March 2009 was approved. The Company registered profit before taxation of €1.92m as compared to €2.6m for the same period last year. This represents a decrease of 26%. The main factors influencing the performance were due to:
a) Turnover decreasing by 4% over the same period from €10.96m to €10.5m.
b) The increase in Operating Costs is mainly attributed to an increase in foreign letter mail volumes together in indirect costs such as water and electricity charges.
c) A one-off credit was registered in 2008 resulting from the release of a provision that was no longer required following the reversion of a number of employees to Government employment.
d) The Shareholders’ funds increased 11.3% to €10.01m during the six month period.
e) In March 2009, the company paid a net dividend of €0.04 per share. A number of shareholders opted for the scrip dividend, as a result of which the share capital was increased by €282,000 to €7.28m.
In the fixed interest market, a total of €22,132 (ten deals) were transacted in Government Bonds. Meanwhile, a total of €244,506 (nine deals) were transacted in Corporate Bonds.
The turnover value in the Treasury Bill market amounted to €157,728 across four deals.

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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03 June 2009
ISSUE NO. 585

Malta Today

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