GlobalCapital Financial Management Ltd - Malta Stock Exchange Review
Large-caps down on low volume
Yesterday, the local equity market was somewhat sedated with not many trades being put through and subdued volumes. The Malta Stock Exchange index lost 0.18% to finish at 2999.98 points. The sole gainer of the day was Simonds Farsons Cisk p.l.c. Meanwhile, the shares of Bank of Valletta p.l.c. and HSBC Bank Malta p.l.c. finished on the back foot. Elsewhere, MaltaPost p.l.c. traded sideways.
On a negative note, the shares of Bank of Valletta p.l.c. pegged down to lower levels at Eur3.01, down €1c0. The turnover was low as 1,290 shares were swapped across three transactions. These shares carried a market value of €3,882.90. At the end of trading, bids for 3,310 shares stood at €3.01, whereas the best offer for 577 shares stood at €3.05. On Friday 18th September, Bank of Valletta p.l.c. announced that Mr. Victor J Cardona, Company Secretary, informed the Board of his retirement from the employ of the Bank with effect from the 30th September 2009, after 37 years of service to the Bank of Valletta group. The Board of Directors of Bank of Valletta p.l.c., subject to regulatory approval, has resolved to appoint, with effect from 1st October 2009, Dr. Catherine Formosa, Company Secretary of Bank of Valletta p.l.c. and its subsidiaries, Valletta Fund Management Ltd, Valletta Fund Services Ltd and BOV Investments Ltd. There are no matters concerning Dr. Formosa requiring disclosure under Listing Rules 8.16.3 to 8.16.8.
Remaining on the banking front, the shares of HSBC Bank Malta p.l.c. moved in the same direction as Bank of Valletta p.l.c. The share price slipped €1c0 to settle at the €2.61 level across 5,500 shares. The lowest traded price during the session was €2.61, whereas the highest traded price of the day was €2.65. At market close, best unsatisfied bids stood at €2.61 for 6,099 shares against best offers of 2,330 shares at €2.64. Week on week the shares of HSBC Bank Malta p.l.c. surrendered 2.25% from its closing price of €2.67 on Tuesday 15th September.
On the other side of the spectrum, Simonds Farsons Cisk p.l.c. was the only stock that managed to stay above water. The share price increased €0c5 to close the first session of the week at €1.60 across 3,129 shares.
Elsewhere on the board, MaltaPost p.l.c. maintained its previous session price at €0.69 after 2,056 shares worth €1,418 were swapped across two trades.
On Friday 18th September, Midi p.l.c. announced that Mr. Angelo Buhagiar, has been appointed as a non-executive director to the Board of Midi p.l.c. with effect from 11th September 2009. Mr. Buhagiar is a Certified Public Accountant. He does not hold office as director in any other Listed Company nor has he held any such office at any time in the previous five years. There are no matters concerning Mr. Buhagiar that require disclosure under Listing Rules 8.16.3 to 8.16.8.
In the fixed interest market, a total of €427,455 (twenty-four deals) was transacted in Corporate Bonds. Meanwhile, a total of €39,246 (four deals) was transacted in Government Bonds.
The turnover value in the Treasury bill secondary market amounted to €109,661.56.