Following a nine-day positive streak at the end of last week, the Malta Stock Exchange Index failed to keep up the upbeat, having closed four sessions in negative territory while closing flat mid-week. Financial equities were among the worst performers, the majority of which posted significant losses while Maltapost plc was the only equity to move higher this week. On the week, trading volume declined to 315,176 shares with FIMBank plc taking the lion’s share. The index as at yesterday marked 3,489.745 points, down by almost one per cent on the week.
Across the week, the Corporate Bonds market was relatively liquid as turnover reached €1.36 million, nearly half of which took place in the 6.25% Mediterranean Bank plc 2015. Turnover in the Government Stocks market also regained some ground despite the downward price momentum experienced by the majority of the traded issues. In the Treasury Bills market one deal worth €0.6million was executed.
Following an absence of nearly three months Global Capital plc shares returned to the trading platform on Tuesday with little bliss as the equity lost a hefty 22.11 per cent or €0.283. Thereafter no further trading was executed as the equity ended the week at €0.997 on a total of 10,427 shares traded across six transactions.
In the IT sector, RS2 Software plc shares also witnessed a negative performance having slid by nearly 11 per cent to end the week at €0.50 on a single thin trade of 2,000 shares.
Lombard Bank plc share price slumped further following last week’s hefty decline. The bank’s equity closed the week’s final session at €2.57, a fall of over three per cent week-on-week.
HSBC Bank Malta plc shares failed to consolidate last week’s positive performance. The bank’s equity posted a 1.34 per cent or €0.04 decline to end the week at €2.94 with its share price declining gradually throughout the week and fluctuating from a high of €2.98 down to a low of €2.93. On the week, trading volume declined by nearly 20,000 shares to 29,739 shares traded across 19 transactions.
Meanwhile, trading activity in FIMBank plc remained on the high side despite a slight decline over last week, with a total of 108,182 shares changing hands across nine deals. On Thursday, the equity regained ground following a slight decline early in the week only to return in the red yesterday ending the trading session at $0.93, a decline of just over one per cent.
In line with other financial shares, the share price of Bank of Valletta plc, fell slightly with a 0.54 per cent decline or €0.02. The equity’s price barely changed as it traded between a high of €3.70 and a weekly low of €3.68, this week’s closing price. Trading volume declined by more than half when compared to last week as 58,900 shares were traded. Yesterday the bank announced the resolutions that will be considered in the next annual general meeting which is to be held on December 16.
Middlesea Insurance plc was the only financial equity not to close lower as the Insurance firm closed flat at €1.05. Four transactions of 5,675 shares were executed. Go plc shares also closed flat at €1.90 as trading volume declined to 24,116 shares over 18 transactions.
The only positive note this week was the increase in the share price of Maltapost plc which moved 2.48 per cent higher with a €0.023 gain. Two deals of 3,034 shares were executed, pushing the equity’s price to the €0.95 level.
Conversely, Malta International Airport plc shares returned in negative territory with a 1.4 per cent decline registered on Thursday over one deal of 2,600 shares. The equity closed flat during the remaining three trading sessions during which it was active.
Trading activity during the opening and closing sessions of the week in International Hotel Investments plc shares left the equity’s price flat at €0.77 as 53,300 shares were dealt across five transactions. Grand Harbour Marina plc also traded unchanged at €1.98 over two deals of 1,000 shares.
In the fixed-income markets turnover increased significantly to over €2.3 million. In the Corporate Bonds market 25 bonds were traded, of which only four managed a gain, while another 10 closed lower. The 5.35% Bank of Valletta plc 2019 bond was the heaviest faller with a 1.04 per cent decline while the 6.5% Island Hotels Group Holdings plc 2017 – 2019 bond was the best performer having gained almost 1.5 per cent.
The negative trend experienced lately in Government Stocks continued to prevail as 16 out of the 19 active issues closed lower while only two issues managed to move slightly higher. Yesterday, it was announced that the latest Government Stock issues will be listed on the Malta Stock Exchange with effect from Monday and that trading in these bonds will commence trading on Tuesday.
This article, which was compiled by Atlas JMFS Investment Services Limited, does not intend to give investment advice and the contents therein should not be construed as such. Atlas JMFS is licensed to conduct investment services by the MFSA and is a member firm of the Malta Stock Exchange.
The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article.
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