MSE | Wednesday, 11 March 2009

GlobalCapital Financial Management Ltd - Malta Stock Exchange Review

Local bourse gains minimally

Yesterday, after six days of downward movements the local stock exchange moved into positive terrain to close at 2725.95 points, up 0.29 points or 0.01% over a total of thirty trades. The shares of HSBC were the sole gainers of the day, whereas the shares of Malta International Airport p.l.c. dipped by 5.06%.
Large-cap Bank of Valletta p.l.c. shares remained unchanged and closed at €2.20 but had the highest number of trades with fifteen trades over a volume of 17,355 shares. These shares carried a market value of €38,210.70. At the end of trading, bids for 500 shares stood at €2.17, whereas the best offer for 4,000 shares stood at €2.21. From Tuesday 3rd March, the total number of shares executed amounted to 68,225 shares.
Remaining on the banking front HSBC Bank Malta p.l.c. was the winner of the day with the share price increasing by €0.02 to settle at the €2.15 level. A volume of 18,300 shares were exchanged over ten trades. The price shifted in a very tight range of €2.14 to €2.15. Week on week, the share price of HSBC lost 3.15% from its closing price of €2.22 on Tuesday 3rd March.
Lombard Bank Malta p.l.c. was the least performing in the banking sector losing €0.021 of its share value to finish the second session of the week at €2.50. Only 2,500 shares were executed across two trades.
The shares of International Hotel Investments p.l.c. preferred to stay on the sidelines to remain at €0.80. A total of 3,515 shares swapped hands over two transactions. Week on week, the share price of IHI decreased 5.88% from its closing price of €0.85 on Tuesday 3rd March.
Elsewhere on the board, Malta International Airport p.l.c. shares surrendered a notable €0.12c of its value to finish at €2.25. The turnover was low as 1,300 shares changed hands in one trade.
On Tuesday 3rd March the Board of Directors of Middlesea Insurance p.l.c. announced that the negative sentiment and volatility in the capital markets has continued through the financial year end of 31st December 2008 and beyond. Preliminary results have indicated a material deterioration in the technical performance of a certain class of business during the last quarter of 2008. The Board of Directors expects that, due to the above factors, the consolidated results for the year will be below expectations.
On Thursday 5th March, the board of directors of Plaza Centres p.l.c. announced that they shall meet on 10th March 2009 to consider the approval of the financial statements for the financial year ended 31st December 2008. The board shall also consider whether to declare and make a recommendation to the shareholders for the payment of a dividend.
On Friday 6th March the Board of Directors of RS2 Software p.l.c. announced that they shall meet on Tuesday 17th March 2009 to consider and approve RS2 Software p.l.c. Audited Accounts for the financial year ended 31st December 2008. Furthermore, the Board of Directors shall consider the declaration or otherwise of final dividend to be recommended to RS2 Software p.l.c. Annual General Meeting.
On Tuesday 10th March FIMBank p.l.c. approved the Audited Financial Statements for the financial year ended 31st December 2008. The Board of Directors resolved that the Audited Financial Statements be submitted for approval of the shareholders at the forthcoming Annual General Meeting to be held in Malta on 23rd April 2009. At that Meeting, the Board of Directors will be recommending the payment of a scrip dividend of US$ 3,035,907 i.e. US$ cents 2.251215 per ordinary share. Shareholders on the Register at the Central Securities Depository of the Malta Stock Exchange as at the close of trading on 24th March 2009 will be entitled to receive: a) the notice of the Annual General Meeting; b) the scrip dividend, to be paid either in cash or by the issue of new shares, at each shareholder’s option as from Thursday 30th April 2009. The Board of Directors also considered and approved a Bond Issue to take place in the second quarter of the year 2009. The FIMBank Group posted an after-tax profit of USD24.8 million in 2008 when compared to USD10.5 million in 2007. The Bank increased its Net Interest Income from USD6.01 million to USD8.51 million, an increase of 41%. Net Fee and Commission Income increased by 29% over 2007, from USD11.47 million to USD14.84 million. At the Group level, Net Interest Income increased by 35% from USD10.48 million to USD14.19 million, while Net Fee & Commission Income increased by 33%.
In the fixed interest market, a total of €1,130,597 (Six deals) were transacted in Government Bonds. Meanwhile, a total of €83,315 (Eighteen deals) were transacted in Corporate Bonds.


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11 March 2009

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