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Local equities continued to muscle their way higher last week pushing the MSE Index to yet another record high of 6,587 points during the week. This inevitably brought with it some profit taking activity, with the Index finally closing on Friday at 6,553, or 3.1 per cent higher than the previous week.
Shares of Global Financial Services Group registered a double digit growth, ahead of the publication of the full year results for the year ended 31st December, 2006 which were published after the close of Friday’s session. The Group generated a pre-tax profit of Lm2.6 million during 2005, up by 87.1 per cent over 2004. The Board of Directors also resolved to recommend a final net dividend of 0.975c and a net special dividend of 1c95 to all registered shareholders as at 24th April, 2006.
Plaza Centres which also reported earnings last week, rallied by 10.6 per cent to close the week at Lm0.71c9. Performance came in relative flat with a final profit of Lm270,545 on turnover of Lm637,554, up by 2.1 per cent and 3.1 per cent, respectively compared to a year before. The Board of Directors is recommending the payment of a final net dividend of 2c71 per share for all registered shareholders as at 27th March, 2006.
Leading a strong banking sector was HSBC Bank Malta, up by 5 per cent to Lm11.60c. The share price drifted even higher throughout the week peaking at a new record closing of Lm11.72c in the mid-week session. However once at this level, supply started to appear as a number of investors started to take profits out of the latest rally which has seen the share price advancing from Lm11.14c9 at the beginning of the week. Trading activity was significantly healthy with an aggregate 133,919 shares traded across 518 deals.
A similar trading pattern was evidenced in the other larger bank, namely Bank of Valletta where volumes reached 161,502 shares. The share price ended Friday’s session at the Lm4.90c after retreating slightly from its record close of Lm5.00 registered earlier on during the week.
Maltacom shares ended the week on a high note breaking what appeared to be a resistance level at Lm2.20. The share price reacted to the latest media reports on the privatisation process which stated that Telecom Italia had a keen interest in the Maltacom’s privatisation, having signed a partnership agreement with one of the companies seeking to buy the government’s 60 per cent stake in the Company.
In the remaining trades for the week, gains were registered in Middlesea Insurance, San Tumas Shareholding, FIMBank and Simonds Farsons Cisk. Lombard Bank was the only equity bucking the trend, closing the week a mere 0.01 per cent weaker, at Lm11.75c.
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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