The MSE Share Index closed this week in the red with a further 0.2% weekly decline to 2,989.29 points – the sixth consecutive weekly decline. Ten equities closed in negative territory this week with Crimsonwing plc ranking as the worst performer of the week with an 11.1% drop to a new all-time low of €0.16 across significant volumes of 500,264 shares. Yesterday, the IT Company issued its Interim Directors’ Statement claiming that although the Group will incur a loss for the financial year ending 31 March 2012, Crimsonwing is now well positioned to take advantage of the opportunities that lie ahead.
MaltaPost plc also ended the week 4% lower following the Interim Statement published earlier this week which revealed the expectation by the Directors of a reduction in profitability for the first half of the year to 31 March 2012 from the previous financial year’s first half profits of €1.1 million.
Amongst the larger caps, GO plc registered the fourth weekly decline with another 3.3% slump to a new all-time low of €0.832 as investors still await an update from the Greek company Forthnet with respect to its debt obligations.
Meanwhile, there were mixed performances from the two large banks as Bank of Valletta plc recovered from a 3-month low of €2.14 reached during this morning’s session to close at the €2.17 representing a 2% decline during the past five sessions. On the other hand, HSBC Bank Malta plc partly recovered from last week’s 0.8% decline as the Bank’s share price edged 0.4% higher this week to regain the €2.56 level ahead of the Bank’s 2011 full-year results publication next Friday 24 February.
On the bond market, the positive run of the Rizzo Farrugia MGS Index was halted today as the local MGS benchmark dipped marginally lower to 988.758 points. This reflects this morning’s recovery in yields back to the 1.90% level as an agreement of Greece’s next bailout seems to be in reach.
Trading activity across the local market remained focused mainly on bonds with over €7.8 million worth of corporate bonds and MGS exchanged this week. It is also noteworthy to highlight that all the euro-denominated bonds of Mediterranean Investments Holding plc edged higher this week with the 7.5% bonds maturing in 2014 and 2015 respectively climbing 25 basis points to 100.25% and the 7.15% bond maturing in 2017 edging 20 basis points higher to regain the par level.