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MSE | Wednesday, 26 August 2009

GlobalCapital Financial Management Ltd - Malta Stock Exchange Review

HSBC Bank Malta p.l.c. shares up on low volume

Yesterday, during the second session of the week, the Malta Stock Exchange index gained 47.56 points or 1.54% to reach 3131.12 points. On a negative point, the local equity market was somewhat sedated with not many trades being put through and subdued volumes.
Market heavy weighted HSBC Bank Malta p.l.c. witnessed a very positive day. The share price climbed €13c0 to settle at the €2.80 level. The turnover was poor as only 1,000 shares were swapped across one transaction. At the end of trading, bids for 1,857 shares stood at €2.75, whereas the best offer for 4,000 shares stood at €2.80. The total turnover of the week amounted to 37,563 shares and carried a market value of €100,473.
Remaining on the banking front, the shares of Bank of Valletta p.l.c. traded sideways without affecting their previous session close at €3.00. The volume was higher when compared to that of HSBC as 4,192 shares changed hands in six trades that carried a market value of €12,576. Week on week the share price increased 3.45% from its closing price of €2.90 on Tuesday 18th August.
On the telecommunications front, GO p.l.c. followed suit. The share price maintained its previous session price at €1.80 after 4,880 shares worth €8,784 were swapped in three deals. At market close, best unsatisfied bids stood at €1.79 for 560 shares against best offers of 3,000 shares at €1.815.
On the retail front the shares of Plaza Centres p.l.c. finished static leaving their previous market price at €1.649 across 3,000 shares.
On Friday 21st August GlobalCapital p.l.c. announced that on Thursday 27th August 2009 the Board of Directors shall consider and approve the interim results of the Company as at 30th June 2009.
On Friday 21st August the Board of Directors of Corinthia Finance p.l.c. announced that it has submitted an application to the Listing Authority of the MFSA to offer €20,000,000 in new Bonds redeemable in 2019, but which may be redeemed earlier between 2016 and 2019. This offer is subject to an over-allotment option not exceeding €5,000,000. The Bonds will be guaranteed by Corinthia Palace Hotel Company Limited; the Issuer’s parent company. Subject to the Listing Authority granting its approval to the admissibility to listing on a regulated market, the funds which will be raised in this Bond are principally earmarked for the redemption of the 6.7% Corinthia Finance p.l.c. Bond 2009, which matures on 30th October 2009, while the remaining funds will be advanced by the Issuer to the Guarantor and used for its general corporate funding purposes.
On 18th August 2009 the Board of Directors of RS2 Software p.l.c. approved the Half-Yearly Financial Statements for the period ended 30th June, 2009. During the first six months, the Group generated revenues of €2,685,283. This represents a reduction of 50% when compared to the same period last year. This reduction is a direct result of the timing and nature of the contracts achieved during the two periods, involving different accounting treatment. In addition, as previously anticipated in light of the international economic conditions, the Group is experiencing a slowdown in requests for services from its current customers. Profit for the period amounted to €200,829, a reduction of 91% when compared to last year. Since the revenue mix has a significant impact on profit margins, the reduction of licence and service fees recognised during the period is a direct contributor to the decline in profit for the period. Nevertheless the reduction in licence fees is in line with the Group’s strategy of engaging new clients on a comprehensive package basis, which instead of providing substantial licence fees and corresponding revenue recognition in the first year, smoothens the revenue stream over a longer term.
In the fixed interest market, a total of €84,183 (twelve deals) were transacted in Corporate Bonds. Meanwhile, a total of €215,459 (thirteen deals) were transacted in Government Bonds.
The turnover value in the Treasury Bill market amounted to €17,993.

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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26 August 2009
ISSUE NO. 596

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