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MSE | Wednesday, 07 October 2009

GlobalCapital Financial Management Ltd - Malta Stock Exchange Review

Yesterday, the local bourse witnessed another negative session as large-caps Bank of Valletta p.l.c. and HSBC Bank Malta p.l.c. failed to advance. The Malta Stock Exchange index dropped almost one per cent to close at 3131.34 points.
On the loser’s front, the shares of HSBC Bank Malta p.l.c. were under pressure after the share price slipped €5c0 at €2.70. This equity topped the volume chart as 30,775 shares were swapped across thirteen transactions that carried a market value of €84,250.49. Week on week, the share price of HSBC Bank Malta p.l.c. lost 3.57% from its closing price of €2.80 on Tuesday 29th September.
Large-cap Bank of Valletta p.l.c. shares followed suit as they traded €2c0 lower to settle at the €3.33 level across 750 shares across a single deal. At market close, best unsatisfied bids stood at €3.301 for 138 shares against best offers of 818 shares at €3.34. The total turnover during the week amounted to 64,831 shares and swapped across fifty deals.
Remaining on the banking front, the shares of FIMBank p.l.c. traded sideways without affecting their previous session close at US$1.20 across 8,152 shares.
On the telecommunications front, the shares of GO p.l.c. suffered another blow. The share price succumbed €7c7 to finish the second session of the week at €1.50. The turnover totalled to 10,281 shares which were negotiated across seven trades.
On a positive note RS2 Software p.l.c. was the only stock which made some headway. The share price increased €2c1 to read €0.62 across 973 shares.
On Friday 2nd October, Crimsonwing p.l.c. announced that at the Annual General Meeting of the Company held on 1st October 2009, the shareholders considered and approved the Profit and Loss Account and Balance Sheet of Crimsonwing p.l.c. for the financial year ended 31st March 2009 and the Directors’ and Auditors’ report. Secondly, they approved the reappointment of Deloitte and Touche as auditors of the Company and that the Board of Directors be authorised to establish the remuneration. Furthermore, the ongoing board of Directors was reappointed in full.
On Wednesday 30th September the Board of Directors of Simonds Farsons Cisk p.l.c. approved the group’s financial statements and half yearly report for the six month period ending on 31st July 2009. Group profit after tax for the period increased from €982,000 to €1,807,000. This increase in profits of 84% was achieved despite the absence in the period of any profits from the disposal of property, and also in spite of a decline in group turnover of 4.3% or €1.5 million over the comparative period. Despite the decrease in group turnover, the reduction in the costs of certain raw materials and the attainment of the targeted production efficiencies, together with the various cost containment measures implemented over the past years, were key factors that resulted in the achievement of an improved gross profit margin of 24% when compared to 21.4% in 2008, and an improved operating profit of €2.8 million when compared to €2 million in 2008. The Board of Directors of Simonds Farsons Cisk p.l.c. also resolved to distribute, out of tax exempt profits, an interim dividend of €0.01 per share on all ordinary shares. This dividend will be paid on Friday 23rd October 2009 to the ordinary shareholders on the Register as at the close of business on Friday 9th October 2009. This will amount to a total interim net dividend of €300,000.
In the fixed interest market, a total of €302,414.76 (thirty-one deals) was transacted in Corporate Bonds. Meanwhile, a total of €2,130,510.30 (twelve deals) was transacted in Government Bonds.
The turnover value in the Treasury bill secondary market amounted to €1,075,566.37.

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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07 October 2009
ISSUE NO. 602

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