Following two weeks of positivity, the Malta Stock Exchange index halted its upward trend by snapping a 1.4 per cent loss to end the week at 3,090.282 points. Two of the largest capitalised equities were the main contributors for the broader market negative close with HSBC Bank Malta plc and International Hotels Investments plc registering heavy losses in the first two sessions of the week.
Monday was the worst session of the week with the index closing sharply out of favour by 1.02 per cent while it incurred a further loss of 0.7 per cent on Tuesday. Following the mid-week National Holiday the MSE recorded modest gains on Thursday and yesterday as banks appreciated in value. Turnover decreased to €406,233 traded across nine equities as losers and gainers tallied to four, while the others closed unchanged. Total trading volume reached 215,318 shares which were executed over 111 transactions.
Meanwhile, in the Government Stock Market, gainers outperformed losers, as out of 16 active issues eight traded in positive territory, seven edged lower and one closed unchanged. Long-dated issues were seen as “priority stocks” with the 5% MGS 2021 and the 5.1% MGS 2022 heading the list of gainers.
In the Corporate Bond Market, running yields were rather balanced as, from the 26 active issues, six gained ground, 14 closed sideways and the other six registered losses. The best performer for the week was the 5.6% Global Capital 2014-2016 which put together some solid gains of 8.4 per cent.
In the Equity Market, following last week’s strong gain International Hotels Investments plc shares depreciated in value by five per cent or €0.04. A total of 10,740 shares were traded over a single session on Monday to end the week at €0.76. Meanwhile, from the telecommunications sector, Go plc emerged to be the worst performer for the week as its share price tumbled by 6.7 per cent or €0.08 to reach a record low of €1.12. During the week the company experienced changes in its senior management positions as it announced that Alan Zammit resigned from the post of chief information officer and was replaced by Ramana Palepu. Furthermore it also announced that Duncan Howard will be resigning from the post of chief commercial officer, while Yiannos Michaelides will be appointed as an interim chief commercial officer.
From the banking sector, 2.6 per cent were shaved off HSBC Bank Malta plc share value, as a total of 49,008 shares changed ownership across 24 transactions. In Tuesday’s session the bank came under strong selling pressure as it plunged by 3.3 per cent or €0.089 to end the session at €2.60, but managed to recover part of these losses during yesterday’s session as it ended the week at €2.63. Likewise
Lombard Bank plc recorded a 0.78 per cent loss yesterday, as a single trade of 1,500 shares pushed its share price down to €2.679.
On the contrary, Bank of Valletta plc shares partially recovered last week’s loss by snapping a 1.2 per cent gain. The equity closed flat the first two sessions of the week, while it appreciated in value in the last two days of activity to end the week at €2.53 after having traded at a weekly low of €2.48. On the week the equity was the most liquid, as a total of 73,008 shares were traded across 48 deals.
Following weeks of inactivity Global Capital plc was the best performer of the week as its share value surged by 100 per cent over a total of 4,787 shares to end the week at €1.00.
Also on a positive note from the Information Technology sector, the positive sentiment experienced by RS2 Software plc investors continued, as the equity soared by 3.5 per cent over a single session yesterday to close the week at €0.60. The equity has by far outperformed the market as its year-to-date performance stands at a whopping 25 per cent.
The other gainer this week was Maltapost plc, as the postal operator saw its share value appreciate by 0.93 per cent to notch the price up at €0.979 on Thursday, while it traded flat yesterday.
Meanwhile, the non-mover for the week was Malta International Airport plc which closed unchanged at €1.53 after trading at an intra week low of €1.51. A total of five transactions of 6,440 shares worth €9,819 were executed.
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 info@atlasjmfs.com.