The Malta Stock Exchange index failed to sustain last week’s gain by posting a minimal loss of 0.6 per cent to end the week at 3,103.426 points. The index experienced a balanced week as it equally shifted from positive to negative in four sessions, while it closed unchanged yesterday. The registered losses by International Hotels Investments plc, FIMBank plc and Go plc put pressure on the broader market and thus on the index negative close. As opposed to last week, volatility decreased with total trading volume amounting to 320,975 shares which were dealt across a total of 119 transactions, while turnover amounted to €563,408. The week witnessed the trading of 10 equities, of which three gained ground, four incurred losses, while three closed flat.
Local government bond prices declined further this week. Nearly all active issues were on the downside, however the week on week changes were on a general note reasonable. Nearly half of the trading took place in the 5% MGS 2021 the price of which gained a mere 0.47 per cent. Meanwhile, the long-dated issue maturing in 2030 closed the week flat at €102.30.
Once again the corporate bond market has been quite active. Turnover nearly reached €1.05 million slightly lower than that traded in the safer government bonds. A total of 31 issues were active with the 6.25% Mediterranean Bank plc 2015 bond heading the list of gainers with a one per cent gain, hence closing at €100 while 0.8 per cent was shaved off the price of the 4.8% Bank of Valletta 2018 bond issue.
In the equity market, FIMBank plc experienced a negative week, as the banking equity closed markedly lower by 10.4 per cent or $0.078 to end the week at $0.67. A total of 14,000 shares were traded over one session. Conversely, Lombard Bank plc continued its recent upward trend with the equity appreciating by a further 1.1 per cent or €0.03 to close the week at €2.75. The financial was active in one single session on Tuesday where 22,000 shares changed hands across four transactions.
Likewise, HSBC Bank Malta plc managed to reverse the losses incurred in the previous week by snapping a gain of 0.8 per cent to close at €2.66. The bank was active in the first four session of the week where it closed unchanged in three, while it moved higher on Tuesday. Total trading value amounted to €58,933 which was traded over 22,185 shares.
Meanwhile, the other two active financials, Bank of Valletta plc and Middlesea Insurance plc closed the week unchanged. The former maintained its €2.45 level. BOV took the lion’s share of this week’s turnover, as €264,264 was traded over 67 deals of 107,718 shares. On Tuesday, the company announced that the board of directors is scheduled to meet on Friday to consider and approve the group’s and the bank’s audited financial statements for the financial year ended September 30 and consider the declaration of a final dividend.
Similarly, MSI closed flat at €0.92 over a mere 166 shares which were dealt across a single session on Thursday.
International Hotels Investments plc shares reverted most of last week’s gains, as the equity tumbled by 2.4 per cent or €0.02. The equity commenced trading on Monday where it recorded a loss of 0.6 per cent, while it traded flat in the following session. During Wednesday’s session the equity incurred a heavy loss of 3.1 per cent which it partially recovered in the following session to end the week at €0.80. A total of 96,321 shares changed ownership over six deals.
Additionally, Go plc shares came under selling pressure, as the telecommunications equity contracted sharply by 4.6 per cent over four deals of just over 4,000 shares. The equity ended the week at €1.05. Furthermore, from the IT sector, RS2 Software plc halted its recent positive trend as it plummeted by 3.2 per cent to end the week at €0.58.
On a positive note, Malta International Airport plc, strengthened its share value with a further increase of 2.4 per cent. The equity moved higher on Monday, while it closed unchanged the following three sessions, to end the week at €1.70 and thus up by 2.4 per cent year to date. On Wednesday the company announced that it reviewed its latest passenger forecast for 2011 from an anticipated increase of 3.2 per cent announced in July to at least an anticipated increase 4.5 per cent.
Meanwhile, the other non-mover for the week was 6pm Holdings plc which closed the week at €0.32.
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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