MSE | Wednesday, 20 February 2008

HSBC Bank Malta p.l.c. at trade range level

GlobalCapital Financial Management Ltd - Malta Stock Exchange Review

Yesterday, the Malta Stock Exchange index nudged lower for the seventh straight session, to fall 2.16% to 4587.41 points. Large-cap Bank of Valletta p.l.c. bucked the trend as it closed in positive terrain. However, HSBC bank Malta p.l.c. tumbled by 6.98%, which was the lowest permissible level of the day.
On the banking front, the shares of Bank of Valletta p.l.c. showed some strength as the share price registered a satisfactory Eur10c0 (MTL4.29) or 1.79% to finish at the Eur5.70 (MTL2.45) level across 8,190 shares. These shares were swapped across nine transactions. The total turnover of the week amounted to 122,902 shares and exchanged across 150 deals.
On the telecommunications front, the shares of GO p.l.c. closed the second session of the week on a positive note. The volume was low as 3,802 were swapped across two deals as the share price edged forward Eur1c0 at Eur3.07 (MTL1.32). On 14th February GO p.l.c. announced that further to the Company Announcement issued on the 29th January 2008, the Company announced that the relevant regulatory authorities in Greece have approved the concentration occurring as a result of the share purchase agreements between Forgendo Limited and each of NOVATOR EQUITIES LTD, CYCLADIC CATALYST MASTER FUND and the Foundation of Research and Technology Hellas (“FORTH”) (together the “Sellers”) for the acquisition by Forgendo Limited of a total of 8,158,912 shares, with the respective number of voting rights, representing approximately 21% of the total issued share capital of the Greek company called Hellenic Company for Telecommunications and Telematic Applications S.A. (“Forthnet”). Furthermore, on Friday 15th February, GO p.l.c. announced that the Board of Directors is scheduled to meet on Wednesday 27th February 2008 to consider and approve the Company’s Audited Financial Statements for the financial year ended 31st December 2007 and to consider the declaration of a final dividend to be recommended to the Company’s Annual General Meeting.
Simonds Farsons Cisk p.l.c. and Plaza Centres p.l.c. followed suit as the share price gained Eur1c0 and Eur1c1 to settle at the level of Eur2.37 (MTL1.02) and Eur1.70 (MTL0.73) respectively. The total number of shares amounted to 9,500 and swapped across four trades.
The shares of Malta International Airport p.l.c. were also in the limelight. This equity traded Eur2c0 (MTL0.01) higher across 10,600 shares. At the end of trading, bids for 1,615 shares stood at Eur3.151 (MTL1.35), whereas the best offer for 2,560 shares stood at Eur3.21 (MTL1.38). Week on week, Malta International Airport p.l.c. gained 0.95% from its closing price of Eur3.17 (MTL1.36) on Tuesday, 12th February.
Meanwhile, the shares of HSBC Bank Malta p.l.c. witnessed a decline. This equity was the main player that contributed to the downward move of the Malta Stock Exchange index. The share price tumbled by a notable Eur32c1 (MTL0.14) at Eur4.278 (MTL1.84). HSBC Bank Malta p.l.c. topped the volume charts as 49,121 shares changed hands across forty-two transactions and carried a market value of Eur215,613.65 (MTL92,562.94).
On Monday 18th February, the Board of Directors of HSBC Bank Malta p.l.c. approved the Preliminary Statement of annual results for the financial year ended 31st December 2007 as agreed to with the auditors KPMG. The Board of Directors resolved to recommend that the Annual General Meeting to be held on 4th April 2008 approves the payment of a final ordinary dividend of €0.148 (Lm0.064) gross per share i.e. €0.096 (Lm0.041) net per share. This will be paid on 29th April 2008 to shareholders who are on the company’s register of shareholders as at 29th February 2008. This, together with the gross interim ordinary dividend of €0.154 (Lm0.066) and gross interim special dividend of €0.093 (Lm0.040), paid on 22 August 2007, produces a total gross dividend for the year of €0.395 (Lm0.170).
During the year ended 31st December 2007, HSBC Bank Malta p.l.c. and its subsidiaries generated a profit on ordinary activities before tax of Lm49.2 million (€114.7 million), an increase of Lm7.8 million (€18.3 million) or 19%, compared to 2006. Profit attributable to shareholders was Lm32.8 million (€76.4 million), an increase of Lm6 million (€13.9 million) or 22.2% over prior year figures. Earnings per share increased to 11c2 (€0.262) from a 2006 figure of 9c2 (€0.214). Net interest income grew by Lm7.2 million (€16.8 million) or 15.4% over prior year to Lm54.2 million (€126.2 million).
Also on the back foot, Middlesea Insurance p.l.c. and Maltapost p.l.c. retreated Eur5c0 (MTL0.02) and Eur0c1 to Eur3.65 (MTL1.57) and Eur0.665 (MTL0.29) respectively. The turnover of Middlesea Insurance p.l.c was poor as only 684 shares were swapped, whereas Maltapost p.l.c. had a stronger turnover of 12,364 shares.
On Tuesday 19th February, Middlesea Insurance p.l.c. announced that Mr. Domingo Sugranyes Bickel, who was appointed as a director of Middlesea Insurance p.l.c., through the shareholding of Corporacion Mapfre, S.A., has ceased to be a director with effect from 11th February, 2008.
Elsewhere on the board, Crimsonwing p.l.c. maintained its previous session price at Eur0.59 (MTL0.25) after 11,689 shares were swapped in three transactions.
In the fixed interest market, a total of Eur2,023,323.27 (MTL868,612.68) (12 Deals) were transacted in Government Bonds, whereas a total of Eur1,098,818.63 (MTL471,722.84) (25 Deals) were transacted in Corporate Bonds.
The turnover value in the Treasury Bill market amounted to Eur11,151.10 (MTL4,787.17).