Yesterday, the Malta Stock Exchange Index closed at 3349.26 points, 0.09 per cent down for the day, with 219,960 shares traded and swapped across forty transactions. The gainers of the day were Bank of Valletta p.l.c. and HSBC Bank Malta p.l.c. Meanwhile, the shares of FIMBank p.l.c. and MaltaPost p.l.c. suffered another setback.
On the banking front, Bank of Valletta p.l.c. edged forward €0c9 to settle at the €3.599 level across 4,800 shares. The lowest traded price during the session was €3.59, whereas the highest traded price of the day was €3.599.
The share price of HSBC Bank Malta p.l.c. acted as the most influential leader on the upside, after benefiting from sufficient buying interest to push the share price up €1c3 to the €2.923 level on a volume amounting to 27,420 shares.
Meanwhile, the shares of FIMBank p.l.c. continued zooming down. The share price traded US$6c5 lower at US$1.385. The turnover was strong as 165,240 shares were exchanged across twelve deals. At the end of trading, bids for 1,000 shares stood at US$1.00, whereas the best offer for 1,125 shares stood at US$1.40.
Also on the back foot, MaltaPost p.l.c. retreated €2c5 to €0.71 across 22,500 shares.
The Board of Directors of Middlesea Insurance p.l.c. announced on Thursday 6 November that during the financial period commencing on 1 July 2008 up to the date of this Announcement, no material events and/or transactions have taken place that would have an impact on the financial position of the Company or the Group, such that they would require specific mention, disclosure or announcements pursuant to the applicable Listing Rule. The Board of Directors stated that the unprecedented volatility of the international and local capital markets will continue to present challenges to the Group and, in the absence of a material change in market sentiment, it is expected that the Group’s positive technical performance will be outweighed by the negative investments result for the current financial year.
GlobalCapital p.l.c. announced on Thursday 6 November that Mr Reuben Zammit has been appointed Group Financial Controller with immediate effect. Mr Zammit will be responsible for managing the Company’s finance department and ensuring a sound finance operation across all levels of the Company. He brings considerable experience and expertise in finance and management to the Company. Mr Zammit is a member of both the Association of Chartered Certified Accountants and the Malta Institute of Accountants. He was trained in Hedge Fund Accounting in the United States and held a stockbroking licence on the New York Stock Exchange. For the past years he has been employed in finance and accounting occupying various key posts with reputable audit and accountancy firms, and more recently as Chief Financial Controller within a private company. Mr Zammit has not held office as a director in any other listed company at any time in the previous five years. There is no matter concerning Mr Zammit requiring disclosure under Listing Rules 8.16.3 to 8.16.8. On Monday 10 November GlobalCapital p.l.c. announced that during the period between 30 June 2008 and the date of this announcement GlobalCapital p.l.c. has continued to focus on its strategy to improve operational efficiencies and to reinforce robust risk management practices and effective cost management, as announced in its interim directors’ report issued on 28 August 2008. As announced on 28 August 2008 the Company has not proceeded with the acquisition of Mediterranean Bank p.l.c. Nevertheless the Company remains committed to adding banking to its existing business lines at the opportune time and under the right market conditions subject to the necessary regulatory approvals. The disruption of the global financial markets which began in the second half of 2007 has persisted into 2008 with market conditions becoming increasingly difficult and volatile in the period since 30 June 2008. This disruption has continued to have an adverse effect on the fair valuations of the group’s portfolio of financial investments, and on demand for its products, leading to a decline in the earnings of the Company’s main divisions when compared to the same period in 2007. Despite the global economic downturn the property, agency and brokerage segments of the group continue to perform well. Notwithstanding the prevailing economic uncertainty the capital position of the group remains sound and the Board of Directors believe that the Company remains well positioned to handle the challenging environment, and to enhance stakeholder value in the long term. GlobalCapital p.l.c. also announced that following a reorganisation of its group operations fund administration services are now being provided by the Company’s fully-owned subsidiary, GlobalCapital Financial Management Ltd. GCFM has been issued with a fund administration recognition certificate by the Malta Financial Services Authority on 16 October 2008. Meanwhile GlobalCapital Fund Advisors Limited, another fully-owned subsidiary of the Company, has voluntarily surrendered its recognition certificate to provide fund administration services. On 16 October 2008, GCFM replaced Valletta Fund Management Limited and Valletta Fund Services Ltd as the manager and administrator respectively of Global Funds Sicav p.l.c. The shares of GlobalCapital p.l.c. are currently trading at €1.991.
On Friday 7 November GO p.l.c. announced that results for the period represent operational performance characterized by stable revenues, improved EBITDA and healthy cash generation. However, this performance is dampened by the provision for pensions necessitated by the judgment by the Court of Appeal on 7 July 2008. Accordingly a provision of €11.8 million was reported by the Company in its half yearly results. Whilst the group’s revenues were adversely impacted by regulation, both at the local as well as at EU level, growth in its retail business and new business initiatives have mitigated this impact resulting in stable revenue and cash inflows when compared to last year. Cost reduction initiatives continued throughout the period and started to pay off leading to improvements in EBITDA. During the period the Company and its parent Emirates International Telecommunications (Malta) Limited entered into a joint venture, Forgendo Limited, through which they acquired a total shareholding of 34.04 per cent in Forthnet SA. Forthnet SA is a Greek telecommunications company providing fixed voice and data services and which as of August has acquired NetMed NV and Intervision (Services) BV, together Greece’s only satellite TV provider. The combined entity represents an interesting triple play proposition within the Greek market making Forthnet well positioned for growth within this fast developing sector. The group continues to enjoy a growing overall client base with solid growth in its mobile, broadband and TV sectors. Disconnections of traditional fixed line services continue, however, the rate of churn is below that originally projected as a result of action taken by the Company earlier in the year aimed at increasing customer satisfaction. Furthermore, GO p.l.c. announced that Forgendo Limited (the joint venture company between GO PLC and Emirates International Telecommunications (Malta) Limited) has acquired a further 872,210 shares in Forthnet S.A. issued share capital, for a total consideration of €910,325.58.
On Monday 10 November, Medserv p.l.c. announced that the growth in turnover and profits as reported in the half yearly results announced on 25 August 2008 has been sustained for the period ended 30 September 2008, and drilling operations supported by both the Malta base and that situated in Misurata, Libya in which the Company has a 60 per cent interest have commenced.
Yesterday, in the fixed interest market, a total of €281,323 (7 Deals) were transacted in Government Bonds, whereas a total of €67,360 (7 Deals) were transacted in Corporate Bonds.
The turnover value in the Treasury Bill secondary market amounted to €693,929 (6 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@example.com 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).