For the second consecutive week the Malta Stock Exchange index traded in negative territory by recording a slight loss of 0.2 per cent to end the week at 2,922.377 points.
In the week, the tone on the local market turned uneasy, as the index only managed to register gains in two sessions while it declined in the remaining three. The broader market was impacted mainly by Bank of Valletta plc which upheld its negative stance, while Lombard Bank plc shaved a significant amount from its share value.
Conversely, Go plc managed to move back on track with a considerable gain, while HSBC Bank Malta plc shifted towards positivity grounds following last week’s loss.
The week witnessed the trading of 11 equities in which losers and non-movers tallied to four while gainers totalled to three. Turnover in the week increased to €665,433 which was traded over a total of 128 transactions consisting of 497,540 shares.
In the local government stocks market, investors’ appetite was in line with major European Sovereign debt, mainly German bonds. Most running yields fell for the second consecutive week as investors shifted their assets to safer havens following another volatile week across European indices. In fact, from the 21 active government stocks, 11 traded in positive territory, nine closed lower and one closed unchanged.
The 4.6% MGS 2020 emerged as the most liquid as total trading value amounted to just over €2.4, while total turnover decreased to €5.3 million. Meanwhile, in the Corporate Bonds market, activity was spread over 24 issues, in which six closed higher, eight drifted lower while 10 closed unchanged. The 6.25% IHI 2015-2019 headed the list of gainers with a remarkable gain of 2.5 per cent.
In the equity market, Bank ofValletta plc shares slipped by a further 0.5 per cent following last week’s loss. The equity commenced the week on a negative note as it recorded a loss of 0.4 which it then recuperated in the subsequent sessions with a 1.2 per cent on Wednesday. However, on Friday the equity wiped out all gains with a loss of 1.4 per cent to end the week at €2.10. Activity was spread over a total of 115,305 shares which were dealt over 70 transactions.
Likewise, Lombard Bank plc was the prime loser among financials, as its shares declined by 2.6 per cent or €0.065 over a single session to end the week at €2.40. A total of three trades worth €48,018 were dealt across 20,000 shares.
On the contrary, HSBC Bank Malta plc managed to partially offset last week’s losses with an appreciation of 0.8 per cent. The equity was active in all five sessions as it closed flat in the first two sessions while it exponentially gained ground in all the following sessions to end the week at the €2.52 price levels, despite the relatively low volume. On Friday the company announced that, at its annual general meeting, all ordinary resolutions on the agenda were approved in accordance with the bank’s memorandum and articles of association. Furthermore, the shareholders appointed the board of directors.
From the telecommunications sector, Go plc shares emerged as the main gainers for the week, with an appreciation of just below four per cent to end the week at €0.80. The equity’s best performing session was Tuesday as it gained 3.7 per cent, while it topped up by a further 0.1 per cent in the following session, thus reducing its year-to-date loss to 18.4 per cent. Throughout the week a total of 30,000 shares changed hands across 13 transactions.
Similarly, from the postal industry Maltapost plc recuperated most of the losses incurred in the previous weeks as it showed impetus with a gain of 3.2 per cent or €0.03. The equity was active in one single session as a significant volume of 110,306 shares changed ownership over four trades to end the session at €0.96.
On a negative note, Plaza Centres plc lurched downwards by 2.8 per cent on Monday, over a total trading volume of 29,950 shares to end the week at €1.75. The other loser for the week was MIDI plc which tumbled by 10.3 per cent over a single session, in which 110,000 shares were traded across two transactions. During the week the company issued a company announcement in which it confirmed that it is not negotiating nor discussing with the government or other parties in respect of the MIDI project.
From the hoteliers’ sector, both equities traded mirror imaged last week’s position as both International Hotels Investments plc and Island Hotels Group Holdings plc closed the week unchanged. The former maintained the €0.74 price levels over two sessions of 13,073 shares while the latter closed flat at €0.85 across a mere 550 shares which were dealt over one single trade.
Finally, the other non-movers for the week were Malta International Airport plc and Simonds Farsons Cisk plc which closed unchanged at €1.70 and €1.77 respectively.
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.
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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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