Bank of Valletta share price recovering

This week the Malta Stock Exchange Index (MSE) closed at 4,128.503 points, at a loss of 1.07 per cent over the previous week. Since the beginning of the year the index lost over 16 per cent and this is the 10th consecutive negative week for the MSE. During the week, 12 equities were negotiated, with three equities closing in positive territory, six in negative territory and three remaining stable. During the week Bank of Valletta plc was the best performer while HSBC Bank Malta plc lost most ground.

A total of 273 deals were registered on the stock exchange for a turnover of over €4.8 million. In the equity market 204 deals were executed for a total value of €612,611 while in the corporate bond market 11 deals for a total value of €117,537 were carried out. In the government bond market, 49 deals were executed for a total value of over €2.8 million. During the week, most Malta Government Stocks experienced falls in the prices negotiated. In the Treasury bills market nine deals were executed for a total value of over €1.2 million.

In the banking sector, the share price of Bank of Valletta plc appreciated by 2.58 per cent to €4.739 as 43,437 shares changed hands across 73 deals. On the other hand, the share price of HSBC Bank Malta plc fell sharply by four per cent as 44,799 shares changed hands across 52 deals. The share price of FIMBank plc dropped by 0.05 per cent to $1.889 as 93,340 shares changed hands across 16 deals.

Simonds Farsons Cisk plc saw its share price decrease by 0.73 per cent to €2.71 on three deals for a total volume of 1,076 shares. The share price of Grand Harbour Marina plc dropped by 0.05 per cent to €2.049 on one deal of 1,425 shares. International Hotel Investments plc lost 1.12 per cent in its share price which closed at €1.06 after 780 shares changed hands across four deals. The share price of GlobalCapital plc continued to lose ground as it fell by 1.82 per cent to €2.70 as 2,720 shares changed hands across three deals.

The share price of Go plc remained stable at €2.65 as six deals were executed during which 6,649 shares changed hands. Yesterday Go plc announced that Forgendo Limited - the joint venture company between Go plc and Emirates International Telecommunications (Malta) Limited - has acquired a further 353,958 shares in Forthnet SA issued share capital, for a total consideration of €1,875,977.40. Malta International Airport plc also retained the share price of last week as it closed at €3.12, although 11,240 shares changed hands across seven transactions. This follows the 18.2 per cent increase in passenger departures during the month of May.

Crimsonwing plc continues to hold its IPO price of €0.50 as 6,500 shares changed hands across three deals. On Wednesday Crimsonwing plc announced that it has entered into a share purchase agreement for the acquisition of the total issued share capital of VDA Informatiebeheersing BV, a company based in Hilversum, The Netherlands, for the sum of €1.9 million. The transaction is expected to close on or around the first week of July.

The share price of Plaza Centres plc increased by 1.47 per cent to €1.725 as 3,818 shares changed hands across three deals. Following the strong increase in half-year profits, Maltapost plc saw its share price increase by 2.56 per cent to €0.80 as 68,629 shares changed hands across 33 deals.

On Wednesday it was announced that the initial public offering of RS2 Software plc, which opened to the public on Monday, was closed as it was oversubscribed.

This article, which was compiled by Jesmond Mizzi Financial Services Limited (JMFS), does not intend to give investment advice and the contents therein should not be construed as such. JMFS is licensed to conduct investment services by the MFSA. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information please contact JMFS at 67/3, South Street, Valletta, or on Tel: 2122 4410 or e-mail jmizzi@jmfs.net.