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RS2 Software continues to rally

Local investors displayed confidence towards local equities with the Malta Stock Exchange index managing to snap back a 1.1 per cent from last week’s loss to end the week at 3,366.317 points.

Positivity prevailed as the index registered gains in four sessions with highly capitalised banking equities returning to winning grounds, while RS2 Software plc extended its bullish position with new all-time highs, followed by Malta International Airport plc which also managed to touch record highs.

As opposed to the previous week, buyers re-affirmed control as, from the 16 active stocks, nine opted for a knock-on momentum, while three traded in negative grounds.

Total trading value reached €0.8 million which were traded over a total of 625,320 shares.

Meanwhile, from the local sovereign debt market, activity was dealt over 19 issues with yields opting for differing positions. Total trading value declined to €4.9 million in view of the new issues which were offer to investors by the Treasury of Malta. During the week, 7.8% MGS 2018 issue emerged as the most liquid as just over 3.3 million were executed.

Following their recent negative trend, both HSBC Bank Malta plc and Bank of Valletta plc re-triggered buying interest. The former gained 0.6 per cent after dipping to an intra-week low of €2.62, thus closing the week at €2.645 over 40,071 which were executed across 46 transactions. While the latter cancelled last week’s loss with a 1.6 per cent appreciation to close the week at the €2.235 price level.

From the same sector, FIMBank plc traded on the downside with a further loss of just below one per cent to close at $1.00, while Middlesea Insurance plc closed the week flat at €0.85 over a mere 600 shares.

On a more convincing mode, International Hotels Investments plc shifted back towards higher levels with an advancement of 2.9 per cent to touch a new year-to-date high of €0.90. The hoteliers’ equity was active over eight trades worth €17,324. On Thursday the company announced that in its 13th annual general meeting all resolutions on the agenda were approved by shareholders.

On a similar note, Malta International Airport plc managed to record its fourth week of consecutive gains to close at €2.00 after trading at weekly all-time highs of €2.05. Accounting for the said period the equity registered a notable rally of 6.3 per cent. Total volumes for the week amounted to 36,410 shares which were executed across 11 deals.

Similarly, the IT sector re-emerged as the main focal point for investors, as all three listed equities upheld their upbeat tone. Primarily, RS2 Software plc extended its bullish trend following last week’s news that an outsider is interested in investing up to 10 per cent in the software developing company. In fact, this week the equity rallied exponentially by a remarkable 8.4 per cent over four sessions to touch new all time highs of €1.16. Interestingly, over the past four weeks the equity was traded over unusual remarkable volumes of 338,156 shares.

From the same industry, Crimsonwing plc gained 1.8 per cent in a single session to close the week at €0.57, while 6pm Holdings plc appreciated by 3.4 per cent on Tuesday in which 7,000 shares changed ownership to end the week at £0.60. On Thursday Crimsonwing, in line with the regulatory listing rules, released a trading update in which it stated that provisional figures for the financial year ending March 31, 2013, showed a healthy increase in revenues to just under €18 million, thus a 15 per cent increase over the same comparable period in 2012.

Likewise, Malita Investments plc recouped last week’s loss as it gather a 3.6 per cent gain, while Tigne Mall plc commenced its journey on the trading desk as one deal of 10,000 shares were traded for the first time with a one per cent gain to close the week at €0.505.

On a sour note, Grand Harbour Marina plc declined by 0.5 per cent to close at €1.85, while Island Hotels Group Holdings plc plunged by 8.3 per cent over three sessions to end at the €0.55 price levels.

Finally, the non-movers for the week were Go plc, Maltapost plc and Midi plc which closed at €1.579, €1.05 and €0.25 respectively on reasonable turnover.

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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