GlobalCapital Financial Management Ltd - Malta Stock Exchange Review
Yesterday, the Maltese equity market saw sluggish trading predominantly in the red. The Malta Stock Exchange index nudged lower to fall 0.29 per cent at 3326.26 points. The shares of Middlesea Insurance p.l.c. plummeted on low turnover. Furthermore, the shares of Bank of Valletta p.l.c. and MaltaPost p.l.c. followed the same path.
On the insurance front, Middlesea Insurance p.l.c. shares raised the red flag. The share price tumbled by €14c7 to settle at the €2.55 level across 2,000 shares. These shares were swapped in two transactions. Week on week this equity surrendered 5.45 per cent from its closing price of €2.697 on Tuesday 18 November.
On the banking front, the shares of Bank of Valletta p.l.c. were trapped in a very narrow range, closing the session €2c0 lower at €3.62 across 7,160 shares. At market close, best unsatisfied bids stood at €3.601 for 1,000 shares against best offers of 5,000 shares at €3.635. The total turnover of the week amounted to 40,800 shares.
Remaining on the banking front, HSBC Bank Malta p.l.c. had another slow session with just 2,600 shares changing hands in three deals. The share price remained static at €2.92. The total turnover of the week amounted to 33,602 shares.
The shares of MaltaPost p.l.c. also contributed to the downward move. The share price slipped €5c0 across one deal to finish the second session of the week at €0.70. The turnover amounted to 2,000 shares and carried a market value of €1,400. At the end of trading, bids for 2,000 shares stood at €0.65, whereas the best offer for 4,715 shares stood at €0.74. Week on week MaltaPost p.l.c. lost 6.67 per cent from its closing price of €0.75 on Tuesday 18 November.
FIMBank p.l.c. maintained its previous session price at US$1.399 after 2,050 shares were swapped in a single deal.
The shares of International Hotel Investments p.l.c. followed suit. The share price preferred to stay on the sidelines and closed unchanged from its previous session close at €0.90 across 1,080 shares.
Meanwhile, the shares of GlobalCapital p.l.c. are currently trading at €1.991.
In the alternative companies list, Datatrak Holdings p.l.c. surrendered €10c9 or 35.2 per cent to finish at €20c1 across 1,000 shares. On 19th November, Datatrak Holdings p.l.c. declared that as per Company’s announcement during the last AGM, the Group is now structured having distinct business units, each addressing a particular market offering and clearly delineating the core business activities of the Group. During the second half of the year, the Group introduced three new business units, each of which being complementary to the existing business units of the Group and in synch with the Group focus of being an end-to-end solutions provider. The three business units that came into being as from August 2008 cover the following areas: (i) International ICT Projects (ii) ICT Solutions and (iii) Business and IT Consultancy. Overall, the operational performance of the Group (January to October 2008) compared to the same period in 2007 saw an improvement in turnover, notwithstanding the incurred GBP-Euro exchange rate loss. Costs registered a slight increase due to an increase in the Group’s human resource complement. All other items are in line with the January to October 2007 costs. The Board of Directors approved that the Financial Year End of the Group shall change from 31 December to 30 June with immediate effect. Such a change in the financial year was necessary so as to red circle the ‘6 month, one time’ effect of the Group restructuring process mentioned above, and thus depict post-restructuring results in a full year. In this context, the post restructuring year will run from January 2008 to June 2009, and will subsequently run from July to June every year thereafter.
Yesterday, in the fixed interest market, a total of €169,979 (9 Deals) were transacted in Government Bonds, whereas a total of €11,176 (7 Deals) were transacted in Corporate Bonds.
The turnover value in the Treasury Bill secondary market amounted to €119,301 (2 Deals).
Issued by GlobalCapital Financial Management Ltd, 120 The Strand, Gzira, GZR1027 for information purposes only and is not intended to constitute any financial, legal or tax advice. This write up is not to be taken as investment advice to buy or sell any investment. Investors should seek professional advice prior to taking investment decisions and should note that the value of investments may fall as well as rise. Readers who would like more information are invited to send an E-mail to [email protected] or Tel: 21 342342. GlobalCapital Financial Management Ltd is a member of the Malta Stock Exchange and is licensed by the Malta Financial Services Authority (MFSA).
