MSE | Wednesday, 23 July 2008

The MSE index moves into positive terrain

Yesterday, the local market turned into positive territory snapping a two-session losing streak to close at 4167.69 points, up 0.26 per cent. The shares of HSBC Bank Malta p.l.c. and International Hotel Investments p.l.c. managed to stay above water. Meanwhile, the shares of Bank of Valletta p.l.c. were hit.
The shares of HSBC Bank Malta p.l.c. traded €2c0 higher at €3.83 ahead of the interim results that shall be announced next Friday 25 July. A total of 12,860 shares were swapped across eleven trades. At the end of trading, bids for 2,000 shares stood at €3.81, whereas the best offer for 1,160 shares stood at €3.83. Week on week, HSBC Bank Malta p.l.c. shares increased 0.79 per cent from its closing price of €3.80 on Tuesday 15 July.
International Hotel Investments p.l.c. was another stock that showed strength. The share price gained €1c0 to settle at the €1.05 level across 14,298 shares.
On the other side of the spectrum, Bank of Valletta p.l.c. was the main decliner of the day, easing by €2c0 at €4.66. A turnover of 24,033 shares changed hands across fifteen deals. The lowest traded price during the session was €4.65, whereas the highest traded price of the day was €4.68. The total turnover of the week amounted to 39,196 shares and swapped across thirty-five transactions.
FIMBank p.l.c. and Lombard Bank p.l.c. were the non-movers of the day leaving their previous market prices at $1.87 and €2.90 respectively.
On Wednesday 16 July, Crimsonwing p.l.c. announced that the Directors meeting held on the 15 July and which was due to consider, amongst other matters, the approval of the financial statements for the financial year ended 31 March 2008 and the declaration of a dividend to shareholders, was adjourned to the 29 July 2008.
Following a company announcement issued by Datatrak Holdings p.l.c. on Wednesday 16 July, the Company announced that the Annual General Meeting has been postponed to Thursday 7 August 2008. It is going to be held at the Michel’ Angelo Grima Hall, Mediterranean Conference Centre, Valletta at 10am.
The shares of GlobalCapital p.l.c. are currently trading at €2.50. On Friday 18 July, GlobalCapital p.l.c. announced that Mr Adrian Galea has been appointed Chief Operating Officer of the Company with immediate effect. Formerly Mr. Galea held office as Chief Officer – Human Resources. Mr Galea sits as a member on the Company’s Executive Committee and is also a director of Global Funds SICAV p.l.c. Mr Galea has not held office as director of any other listed company at any time in the previous five years. There is no matter concerning Mr Galea requiring disclosure under Listing Rules 8.16.3 to 8.16.8. On Monday 21 July GlobalCapital p.l.c. announced that it will be holding its Annual General Meeting on Thursday, 24 July 2008 at 10.00 a.m. at the Portomaso Suite, The Hilton Hotel, Portomaso, St Julians. In addition to the Ordinary Business, the following resolutions will be presented for the consideration of shareholders at the said Annual General Meeting.
• Resolution 4 - To appoint Deloitte & Touche as Auditors of the Company and to authorise the Directors to agree their remuneration.
• Resolution 5 - To approve the employee share scheme set out in Appendix B to the notice of meeting dated 4 July 2008 and to authorise any director of the Company and any of its subsidiaries, to be eligible to participate in any issue of ordinary shares to employees of the Company and of any of its subsidiaries under the said Scheme.
• Resolution 6 - That in accordance with Article 4 of the Articles of Association of the Company, the general and unconditional authority of the Directors to exercise all powers of the Company to issue and allot up to a maximum of four million four hundred thousand ordinary shares in the Company be renewed for the five year period commencing on the date of this Annual General Meeting and expiring on 23 July 2013.
• Resolution 7 - That subject to the passing of Resolution 6 above the Directors be are hereby empowered pursuant to Article 88 of the Companies Act, 1995 to issue and allot ordinary shares pursuant to the authority conferred by Resolution 6 above as if sub-section (1) of Article 88 of the Act did not apply to any such issue and allotment provided that this power shall expire: (i) in the case of issues of ordinary shares for consideration in cash on 23 October 2009; and (ii) in the case of issues of ordinary shares for consideration other than in cash on 23 July 2013.
Following a company announcement issued by Malta International Airport p.l.c. on Friday 18 July, the Company announced that at a meeting of the directors the interim financial statements for the financial period ended 30 June 2008 were approved. The Group’s turnover for the period is €20,127,325 when compared to €18,408,805 between January and June in 2007. Passenger throughput during the same period increased by 14.5 per cent, aircraft movements by 4.3 per cent, cargo traffic by 7.1 per cent and mail by 3.5 per cent. Staff costs have increased by 5.4 per cent from €4,197,673 to €4,422,710 whilst other operating costs amount to €7,446,264. There was an increase of 3.2 per cent over the operating costs for the same period last year that amounted to €7,215,174. Depreciation has also increased from €2,050,557 to €2,310,116 reflecting the increase in investment of the Group in the last six months in the extension of the air terminal and the resurfacing of the main runway. The profit after tax for the period is €3,322,745 which is 26 per cent higher than the profit after tax for the same period last year. This significant improvement in the results of the Group is largely due to the increase in traffic during the period. With effect from 1 March 2008, the new wholly owned subsidiary Sky Parks Ltd took over the running of the main car park at the airport. For the period 1 March to 30 June 2008, the subsidiary generated revenues of €184,881 and a profit before tax for the period of €16,247. The Group is proposing a net interim dividend of €0.06 per share on all shares settled as at close of business on Thursday 31 July 2008.
Yesterday Middlesea Insurance p.l.c. announced that the Board of Directors is scheduled to meet on Thursday 7 August 2008 to consider and approve the financial statements for the half-year ended 30 June 2008.
In the fixed interest market, a total of €823,674 (16 Deals) were transacted in Government Bonds, whereas a total of €7,924 (2 Deals) were transacted in Corporate Bonds.
The turnover value in the Treasury Bill secondary market amounted to €898,554.