Following last week’s notable loss, the Malta Stock Exchange index returned to winning grounds with a gain of 0.6 per cent, thus managing to turn flat on a year-to-date basis.
Despite drifting lower by 1.2 per cent in yesterday’s session, the index managed to off-set the said loss following the solid gains of 1.9 per cent gathered in three consecutive sessions.
The banking sector proved to be a key source of support with FIMBank plc turning bullish with a remarkable gain, followed by Bank of Valletta plc which turned positive, while Go plc upheld its upbeat tone for the 10th consecutive week.
Conversely, International Hotels Investments plc got hammered for the second week in a row by posting a significant loss.
Throughout the week, despite gainers prevailing over losers, investors were rather unsettled, as from the 16 active, seven edged higher, six drifted lower, while three closed flat. Looking at the numbers per se, total turnover increased to €1.5 million traded over 232 transactions which consisted of just over 1.4 million shares.
Meanwhile, in the Government Stocks market, turnover was on a high note of just over €40.3 million with 53 per cent of the amount being traded within the medium dated 7.8% MGS 2018 issue. In the week, activity was dealt over 20 issues.
In the Corporate Bonds market, total traded value amounted to just over €0.3 million traded over 21 issues. The euro denominated 7.5% Mediterranean Bank issue was the most liquid as 90,000 nominal changed hands.
In line with the previous week, International Hotels Investments plc extended its gradual fall as its share price lurched by 6.1 per cent, thus notching the price down to €0.751. The hoteliers’ equity was only active on Friday in which a mere of 130 shares were traded over a single transaction.
From the banking industry, Bank of Valletta plc turned positive following last week’s minimal loss. The banking equity was up strongly by 3.7 per cent after adjusting at the €2.169 price level following the additional allotment of one share for every nine already held by shareholders as per the previously announced bonus issue. The equity had the lion’s share as total trading value amounting to €537,955 traded over 238,901 to close the week at €2.25.
Similarly, FIMBank plc outperformed its peers with a staggering gain of 27.5 per cent. The equity was active in four sessions in which it soared in the first three by 28.6 per cent, while it then shaved off 2.9 per cent to close the week at $1.02. A total of 327,274 shares changed ownership across 21 transactions. The equity’s rise seems to be conditioned by the news that the bank will be the first to bring Islamic banking to Malta.
On the contrary, HSBC Bank Malta plc slipped by a further 1.5 per cent, thus posting a loss of 3.3 per cent over the past two weeks. The equity was active throughout the entire week in which 94,028 shares were traded to close the week at the €2.70 price level.
Meanwhile, from the same sector Middlesea Insurance plc surged by 6.7 per cent on Tuesday across low volumes of 500 shares, thus re-touching the €0.80 level.
The other active financial was Lombard Bank plc which closed unchanged after trading at a weekly high of €2.
From the telecommunications sector, Go plc was boosted by a further gain of 4.1 per cent which was registered over three sessions. The equity extended its streak of gains to close the week at €1.27, thus 81.4 per cent up from last year’s €0.70 lows. Activity was dealt over 13 trades which consisted of 17,560 shares.
On a similar note, from the IT sector, RS2 Software plc totted its year to date gains by a further 3.7 per cent which was recorded on Monday to touch new highs of €0.85. Conversely, Crimsonwing plc halted its recent upward trend as the equity plunged by 5.3 per cent over three sessions, thus retreating back towards the €0.54 price level. Meanwhile, 6pm Holdings plc traded flat at £0.31 over a single transaction.
The other gainers for the week were Maltapost plc and Malita Investments plc. The former advanced by 3.3 per cent, thus gathering an 11.5 per cent over two weeks to close at €0.95. Likewise, the latter rose by just below three per cent in which 54,000 shares changed ownership to move towards the €0.525 level.
On a negative note, from the aviation industry Malta International Airport plc depreciated by 2.2 per cent over two sessions to end the week at €1.76. On the same line, Island Hotels Group Holdings plc slid by 2.3 per cent over three sessions to close at €0.684, while Midi plc posted a loss of 1.8 per cent to move into the €0.27 price level.
Meanwhile, the other non-mover for the week was Simonds Farsons Cisk plc which closed unchanged at €2.50 after trading at an intra-week low of €2.48 on low volume.
This article, which was compiled by Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice and the contents therein should not be construed as such.
The company is licensed to conduct investment services by the MFSA and is a member of the Malta Stock Exchange and a member of the Atlas Group. 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 Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or on Tel: 2122 4410, or e-mail info@jesmondmizzi.com.