MSE | Wednesday, 16 July 2008

MaltaPost p.l.c. gain on robust volume

GlobalCapital Financial
Management Ltd - Malta Stock
Exchange Review

Yesterday, local stocks put in a lacklustre performance, as investors seem to be waiting to see if leading stocks could latch on to a direction. The Malta Stock Exchange closed marginally lower by 0.004 per cent at 4163.60 points. The shares of MaltaPost p.l.c. and Bank of Valletta p.l.c. moved into positive terrain. Meanwhile, Malta International Airport p.l.c., International Hotel Investments and GO p.l.c. finished weaker.
The shares of MaltaPost p.l.c. were in the limelight today as a strong turnover of 500,000 shares changed hands across six transactions. The share price edged forward €1c0 to settle at the €0.81 level. At market close, best unsatisfied bids stood at €0.80 for 5,000 shares against best offers of 20,000 shares at €0.815. Week on week, MaltaPost p.l.c. gained 1.25 per cent from its closing price of €0.81 on Tuesday 8 July.
On the banking front, Bank of Valletta p.l.c. was another stock to show any strength. The share price traded €2c0 higher to close the second session of the week at €4.67 across 5,796 shares. These shares were swapped across six deals and carried a market value of €26,952.32. The total turnover of the week amounted to 43,734 shares and swapped across forty-five trades.
Shares in Malta International Airport p.l.c. suffered a blow. On a single trade the share price tumbled €5c8 to close the session at €3.062 across 2,200 shares.
Also on the back foot, the shares of International Hotel Investments p.l.c. and GO p.l.c. slipped by €0c1 and €0c2 at €1.049 and €2.598 respectively. On Friday 11 July, GO p.l.c. announced that Forgendo Limited, the joint venture company between GO p.l.c. and Emirates International Telecommunications (Malta) Limited has acquired a further 676,277 shares in Forthnet S.A. issued share capital, for a total consideration of €2,870,175.78. Furthermore, on Monday 14 July, GO p.l.c. announced that Forthnet S.A., in which GO and Emirates International Telecommunications Malta Ltd have a strategic shareholding through their joint venture Company Forgendo Limited, announced that all shareholders of Forthnet as at the 11 July 2008 will be eligible to participate in a Rights Issue. The shareholders will be able to subscribe to 3 shares for every existing share at a price of €2.57 per share. As at the date of this announcement Forgendo holds 9,964,147 shares in Forthnet. Forgendo will take up all Rights to which it is entitled and also apply for the Oversubscription Rights up to a total maximum investment of €300,000,000 of which GO will commit a maximum of €100,000,000. After participating in the Rights Issue, the average cost per share held in Forthnet will be €4.50 or lower depending on the amount acquired through the Oversubscription Rights.
Frontline player HSBC Bank Malta p.l.c. was the non-mover of the day and remained unchanged at €3.80 across 7,000 shares. At market close, best unsatisfied bids stood at €3.75 for 2,900 shares against best offers of 2,640 shares at €3.82. On Tuesday 15 July, HSBC Bank Malta p.l.c. announced that the Board of Directors is scheduled to meet on Friday 25 July 2008 to approve the Group’s and the Bank’s Interim Accounts for the half-year ending 30 June 2008. The Board of Directors shall consider the declaration of an interim dividend.
Furthermore, the shares of GlobalCapital p.l.c. are trading at €2.50.
On Thursday 10 July, Santumas Shareholdings p.l.c. announced that Mr Ivan J. Burridge has resigned from the office of Director with effect from 3 July 2008.
In the fixed interest market, a total of €3,302,561 (22 Deals) were transacted in Government Bonds, whereas a total of €8,598 (4 Deals) were transacted in Corporate Bonds.