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Go shares continue to rally

Following three winning weeks, the Malta Stock Exchange index succumbed to selling pressure as it trimmed a minimal 0.1 per cent from its recent 1.7 per cent appreciation. Despite trading in favourable grounds in four sessions, such gains proved insufficient, as Monday’s 0.6 per cent loss prevailed over the subsequent trading days.

As opposed to the previous week, both Bank of Valletta plc and Lombard Bank plc formed part of the list of losers, while HSBC Bank Malta plc sustained last week’s notable gain.

Furthermore, Go plc upheld its upside momentum for the 13th consecutive week.

In line with the previous week, activity was based over 15 equities, in which losers reigned over gainers, with six heading southwards, three marking notable gains, while the remaining six closed unchanged.

Total volume traded increased to 1.1 million shares, with just over 45 per cent of the total amount being traded within Plaza Centres plc and Malta International Airport plc.

Meanwhile, in the Government Stocks market, investors opted for a two-fold position, as few might have trimmed further profits from the recent steepness recorded in the local sovereign debt, while others tended to shift their assets towards riskier grounds. In fact, in line with German bunds, yields rose for the second week in a row. Total turnover for the week reached just over €17 million.

In the Corporate Bonds market, 27 issues were active over €0.77 million with limited price movements.

From the banking sector, Bank of Valletta plc brought to an end its recent three-week winning streak in which it had gathered a gain of just below five per cent. In fact, the banking equity slipped by a minimal 0.7 per cent to close the week at €2.262. A total of 155,877 shares changed hands across 68 transactions.

Similarly, Lombard Bank plc trimmed off 0.5 per cent from last week’s 2.1 per cent gain. The equity commenced the week on a sour note as it plunged by 2.1 per cent which, however, it managed partially to recover by gathering 1.6 per cent in the mid-week session to close at €1.89.

From the same sector, on a positive note, HSBC Bank Malta plc managed to capture a further advancement of 0.6 per cent, thus closing the week at the €2.735 price level. The highly capitalised equity was active throughout the entire week, in which it posted the said gains in the last two sessions of the week. A total of 120,430 shares changed ownership across 29 deals.

Meanwhile, the other active financial was FIMBank plc which closed the week flat at $1.02, on low turnover, after trading at an intra-week low of $1.015.

From the telecommunications sector, Go plc shares fetched a new 19-month high as it topped its share value by a further 2.2 per cent. The equity was active in four sessions in which 18 transactions worth €59,684 were struck to close the week at €1.38. Accounting for this week’s appreciation, the equity marked a gain of just below 16 per cent on a year-to-date basis.

The other gainer for the week was Maltapost plc, as investors continued to express confidence in the postal operator, thus maintaining its recent exponential climb. The equity gained two per cent to close the week at €1.04, hence marking a remarkable gain of 65 per cent from the lows of €0.63 recorded in the first week of September in 2012.

On a negative note, despite positive arrival figures for the past months, Malta International Airport plc shares lurched by 0.3 per cent to close the week at €1.789. On Monday, the company announced that passenger movements for the first nine months of its financial year increased by eight per cent or 179,243 when compared to the same period last year. The airport operator was active in four sessions in which a notable volume of 233,050 shares were traded over 22 deals.

Likewise, both Plaza Centres plc and Midi plc formed part of the losers for the week. The former declined by 3.3 per cent yesterday over 266,000 shares to close at €0.58, while the latter plunged by 7.1 per cent on Wednesday to close at €0.26.

The other negative performer for the week was Island Hotel Group Holdings plc which depreciated by a remarkable five per cent to close at €0.65 on a mere 150 shares.

On the other hand, from the IT sector, both RS2 Software plc and Crimsonwing plc closed flat. The former witnessed the trading of 33,832 shares to close at €0.86, while the latter was active over six transactions worth €40,735.

The other non-movers for the day were International Hotels Investments plc, Grand Harbour Marina plc and Malita Investments plc which closed at €0.74, €1.82 and €0.525 respectively, all 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 [email protected].

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