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This week activity on the Malta Stock Exchange was marked by significant profit taking activity in a number of mid-cap equities. Elsewhere, the larger listed equities moved marginally, and as a consequence that the MSE Index climbed by a mere 0.6 per cent to 6,224 points.
Among the mid-caps, Global Financial Services Group which is due to report its full year performance on the 24th March, 2006, was among the few to buck the down trend. Its shares jumped by an impressive 18.8 per cent compared to last week to close on Friday at Lm1.78c, its highest level since June 2001. The share price even touched an intra-day high of Lm1.94c on Friday when a substantial amount of shares changed hands.
After the significant rally of the past few weeks, FIMBank and Middlesea Insurance lead the retreat, as investors thought it was time to realise some gains. The former was down by 8.5 per cent to $2.00c after touching an all-time high of $2.49c only last week. The equity has started to trade ex-div as from the beginning of the month.
In the rest of the banking sector, shares ended slightly in the black, with Lombard Bank closing the week at a record high of Lm11.99c. The Bank which has reported a 44.2 per cent increase in pre-tax profit for 2005 at the end of February, will also be proposing to the Annual General Meeting a sub-division of the par value of the Bank’s shares on a two-for-one basis, besides a gross dividend of 20c to all registered shareholders as at Monday, 13th March, 2006.
Meanwhile shares of Bank of Valletta and HSBC Bank Malta continued to trade on significant volumes with the equities closing at Lm4.58c and Lm10.90c on Friday.
In the rest of the week’s activity, International Hotel Investments, Malta International Airport, Simonds Farsons Cisk and Plaza Centres all finished in the red. These losses were pared by the performance in Maltacom shares, which gained 2.8 per cent to Lm2.19c after fresh media reports that indicated that the privatisation process may concluded by the end of the month.
This article was compiled by BOV Stockbrokers Ltd, a member of the BOV Group. BOVSL is licensed to conduct investment services business by the MFSA. BOVSL’s offices are situated at BOV Centre, Cannon Road, Santa Venera HMR 07. You can also contact BOVSL by email at bovsl@bov.com, by phoning on 2275 1732 or else visit he website at www.bovsl.com.
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