For the third consecutive week the Malta Stock Exchange index managed to maintain its upward position by capturing a 0.5 per cent gain, thus locking a 1.7 per cent appreciation over three weeks.
Throughout the week the index displayed strength as it traded in winning grounds in four sessions, while it turned minimally lower by 0.02 per cent on Thursday.
This week financials proved to be a key source of support, with the highly capitalised banks – Bank of Valletta plc and HSBC Bank Malta plc – making modest gains, in addition to the notable appreciation by Lombard Bank plc.
Similarly, Go plc extended its exponential climb for the 12th week in a row, while International Hotels Investments plc upheld its gradual fall.
Trading activity in the week was dealt across 15 equities, in which gainers prevailed over losers as eight clicked towards a higher notch, three posted losses, while four closed unchanged. Total volume traded amounted to 742,027 which were executed over 154 transactions.
In the Government Stocks market turnover declined to just over €18.3 million traded over 21 issues. Yields were higher as investors trimmed their profits over existing stocks which were recording steep gains in the past weeks.
In the Corporate Bonds market total nominal volume totalled to just over €1 million traded over 23 issues. The 6.25% Mediterranean Bank 2015 issue was the most liquid issue as total trading value amounted to €310,121.
From the banking sector, Bank of Valletta plc advanced by a further 0.8 per cent over the last two sessions of the week despite closing minimally lower on Tuesday. Activity was dealt over 66,206 shares which were dealt across 44 trades to end the week at €2.278.
Similarly, HSBC Bank Malta plc recouped 0.7 per cent or €0.02 from its recent weekly loss to close the week at the €2.72 price level. The equity was traded across 17 transactions which consisted of 19,634 shares.
In addition, Lombard Bank plc returned to winning grounds with a remarkable 2.2 per cent gain on Tuesday to close the week at €1.90.
The other active financials for the week were Middlesea Insurance plc which closed lower by 0.6 per cent over 1,050 shares, while FIMBank plc closed the week flat at $1.02 after trading at an intra-week low of $1.01. Meanwhile, FIMBank yesterday announced that, in an extraordinary general meeting held on Thursday, members voted and approved the special resolutions put forward by the board, in addition to the amendment in the Memorandum of Articles.
From the telecommunications sector, Go plc hit a new 18-month high as it touched the €1.35 price level. The equity was active throughout the entire week in which it traded positively in all sessions. A total of 57,731 shares were dealt over 23 deals. Meanwhile, on Thursday the company announced that, with regards to its foreign investment, talks for a possible merger between Forthnet and Wind Hellas proved inconclusive.
In line with its peers, Simonds Farsons Cisk plc touched an all-time high with a further rise of 1.2 per cent. The beverage equity was active on Thursday in which it locked the gain to end the week at €2.58.
Likewise, Plaza Centres plc surged by 7.1 per cent in the mid-week session over a mere of 140 shares to end the week at €0.60.
Meanwhile, both Crimsonwing plc and Maltapost plc were among the winners for the week. The IT operator rose by 1.9 per cent over 3,000 shares on Monday, while it closed unchanged in the following session to close the week at €0.55. Similarly, the postal equity share price rose by a further 4.1 per cent to close the week at the €1.02 price level and thus year-to-date the equity surged by 20 per cent.
On a negative note, International Hotels Investments plc upheld its negative tone by registering a further loss of 1.5 per cent to close at €0.74. The hotels operator commenced the week on a positive note by registering a gain of 1.2 per cent, but it then broke to the downside by posting a loss of 2.6 per cent on Thursday as sellers re-affirmed control.
The other negative performer for the week was Midi plc which declined by 1.8 per cent over three transactions to close at €0.28.
Finally, the other non-movers for the week were, Malta International Airport plc, 6PM Holdings plc and Malita Investments plc which maintained their respective closing prices at €1.795, £0.31 and €0.525.
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.