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Index edges minimally lower for second week

For the second consecutive week the Malta Stock Exchange closed on a negative note by edging minimally lower with a 0.31 per cent loss to end the week at 3,323.537 points. This week’s trading session was characterised by 11 equities being active, of which only Simonds Farsons Cisk (SFC) plc and FIMBank plc registered gains. Throughout the week trading in bonds issued by the local Government decreased to €1 million, while in the Corporate Bond Market almost €0.75 million were traded across 105 deals down by €40,000 from last week.

Over the week the fixed income market experienced a mixed performance, as from the 26 active issues seven posted a gain while five edged lower. Once again bonds issued by Mediterranean Investments Holdings plc (MIH) were the best performers as the 7.5 per cent MIH 2015-2017 gained 6.25 per cent on the week. On the contrary, the 5.6% GlobalCapital Plc 2014-16 was the worst performer for the week, as it slipped by 2.35 per cent over a total trading volume of 12,000 nominal to end the week at €83.

In the Government Stock Market 17 issues were active as only three stocks moved higher while 14 recorded a fall in price. A total of 58 transactions were registered with the 5.25% MGS 2030 being the most liquid issue which traded at a total trading value of €467,433.

This week turnover in the equity market increased by €64,339 to €377,554, as 188,739 shares changed ownership over a total of 113 transactions. A negative trend prevailed throughout the week, as from five trading sessions four settled in the red and one secured a gain. The mid-week session was the most negative session, as the MSE index was hampered by a 0.337 per cent drop.

Bank of Valletta plc shares were once again the most liquid, as 85,877 shares changed hands over a trading value of € 230,621. The bank closed unchanged in the first two sessions of the week, while experiencing losses in the following two sessions, Thursday being the worst trading day as the banking equity slipped by 1.49 per cent. The last trading session for the week saw the financial re-gaining ground by 1.89 per cent or €0.05 to end the week flat at €2.70.

Meanwhile, HSBC also closed the week unchanged at €2.92 following trading in three sessions. Activity was spread across 17 transactions of 21,939 shares, as Tuesday was the most active session as 12,579 shares changed ownership over seven trades. The bank recorded a 1.03 per cent gain on Thursday, while in Friday’s session it plunged by 1.02 per cent

Low turnover in FIMBank plc shares pushed the equity’s price up by a minimal 0.26 per cent, as the bank closed the week at $0.772 over a mere total trading value of €651.95. The financial was active in two trading sessions this week, in which it registered a gain of 1.30 per cent and a loss of 1.03 per cent following an article published on The Times on Wednesday that the bank is battling a €20.4 million claim.

The best performer for the week was SFC, as the beverage operator appreciated by 1.19 per cent over a single deal of 500 shares yesterday to close the session at €1.70. Similarly, from the hoteliers sector, Islands Hotel Group Holdings plc traded on a low turnover of 450 shares to end the week flat at €0.85.

On the other hand, the worst performer for the week was Malta International Airport plc, as the airport operator contracted sharply by 5.88 per cent over a total trading value of € 14,881 on Friday as speculation on relationship between MIA and AirMalta hit the headlines. MIA’s closing share price for the week was €1.60, a drop of €0.10. Likewise, Midi plc depreciated in value by 1.14 per cent following a mid-week trading session in which 30,000 shares were executed over two deals.

Furthermore, the share price of Maltapost plc, the postal operator, sank by 1.58 per cent over a total of nine transactions totalling 16,891 shares. The worst performance was recorded in the first session of the week, as 1.48 per cent was shaved off Maltapost’s value, while yesterday the equity posted a 0.10 per cent loss to end the session at €0.999. From the I.T sector, Loqus Holdings plc edged by a minimal 0.62 per cent on the week, as 1,000 shares were traded over a single deal on Thursday to end the week at €0.16.

Plaza Centres plc ended the week unchanged, as in this week’s trading session the equity was active in two occasions, in which it closed both sessions flat to end the week at €1.80. Trading volume reached 15,000 shares which were dealt over four transactions. Similarly, from the telecommunications sector, Go plc traded unchanged at €1.38 following three sessions of activity. The worst session was the mid-week session, as the equity snapped a heavy 4.29 per cent loss thus cancelling the previous gains registered on Tuesday. On the contrary, yesterday’s session was characterised by the equity posting some solid gains, as it appreciated by 2.99 per cent. Earlier in the week the company announced that it had entered into a share purchase agreement for the acquisition of the remaining forty per cent of the issued share capital of BM IT Limited, BM Support Services Limited and Bellnet Limited for a total cost of €8 million.

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.

For further information contact Atlas JMFS at 67, Level 3, South Street, Valletta, or on Tel: 2122 4410, or e-mail [email protected].

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