GlobalCapital Financial Management Ltd - Malta Stock Exchange Review
Local bourse ends on a positive note
Yesterday, the local stock exchange closed higher at 2653.33 points, up 0.64%. From 8th April to 14th April the local index climbed a total of 9.95 points or 0.38%. A total of 15,291 shares were exchanged for the total value of €30,014. Eighteen trades were exchanged during the session.
One of the largest banking stocks, Bank of Valletta p.l.c. gained a respectable €0.03. The share price increased over nine trades in which 7,645 shares were exchanged. Of all equities traded, Bank of Valletta p.l.c. performed the highest number of shares, value and amount of trades being swapped. Over the last seven days the share price decreased by €0.01 or 0.48% from €2.07. The best bid stood at €2.06 across 4,700 shares against the best offer €2.08 across 1,611 shares.
Remaining on the banking sector, heavyweight HSBC Bank Malta p.l.c. also moved upward €0.03 which now stands at €2.155 per share. A total gain of €0.035 or 1.65% has been added to the share price since the 7th April when the price stood at €2.12. The increase in price was achieved by 35,932 shares being swapped over thirty-two transactions.
Competitor to the big two banks, FIMBank p.l.c. stood neutral as the share price remained unchanged at $1.30 since 9th April. A relatively low volume of 1,946 shares were dealt through two trades. The last time FIMBank p.l.c. share price moved was on 3rd April where it was $1.39 per share.
On Thursday 9th April, Gasan Finance Company p.l.c. announced the issue of 6% Bonds to mature in 2014-2016, for an aggregate principal amount of €15 million with an option to increase up to €20 million in case of over-subscription. The Issuer will be giving preference to applications for the Bonds made by existing holders of Bonds 2008/11, who were on the register as at the close of business on 1st April 2009, up to their full amount rounded up to (a) €1000, if the Bonds 2008/11 held are less than €1000 or b) to the nearest integral multiple of €100, if the bonds 2008/11 held are more than €1000.
On Monday 13th April International Hotel Investments p.l.c. approved the Preliminary Statement of Annual Results for 2008. The Group’s turnover for 2008 amounted to €127.97 million, reflecting an increase of 23% on the turnover registered in 2007. Moreover, while the hotels in Tripoli and Lisbon registered significant increases in their turnover levels over the previous year, the Russian and Czech hotel properties registered a decrease, with the properties in Malta and Hungary retaining a stable position. This net improvement on turnover levels underpins the Group’s gross profit of €49.18 million, an increase of €10.71 million or 28% on the equivalent profit registered in 2007. Following the annual revaluation of the Group’s hotel properties at the end of 2008, the Group reversed an impairment that had been recognised on this property in previous years amounting to €12.84 million. On the other hand, the Group recognised impairment losses of €1.23 million on the Corinthia Hotel St George’s Bay in Malta and of €8.07 million on the Corinthia Hotel Prague. The Board of Directors do not recommend the payment of a Dividend.
On Tuesday 14th April Simonds Farsons Cisk p.l.c. announced that the Board of Directors shall meet on Tuesday 28th April to consider and approve the Financial Results for the Year ended 31st January 2009. During this meeting Simonds Farsons Cisk p.l.c. shall also consider the declaration of a final dividend to recommend the Annual General Meeting.
In the fixed interest market, a total of €250,297 (Thirteen deals) was transacted in Government Bonds. Meanwhile, a total of €27,377 (Five deals) was transacted in Corporate Bonds.
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).
