The Malta Stock Exchange (MSE) Index managed to return to positive territory as it appreciated by 0.4 per cent despite the lower volume. Throughout the week investors displayed confidence towards the local index with the exception of Wednesday’s session, in which the index declined by 0.4 per cent. In line with the previous week, RS2 Software plc garnered further support to hit a new, all-time high closing price, while on the same encouraging note, Malta International Airport plc touched new record levels. Conversely, Bank of Valletta plc halted its recent run with a minimal decline, while selling pressure was sustained over GO plc shares.
In the week, non-movers emerged as the most active, as from the 15 active stocks, seven closed unchanged, six registered higher positions, while two posted scant declines. Looking at this week’s figures, volumes were noted lower, as is normal in summer, to a total of 274,113 shares, which were valued at €409,776.
Meanwhile, from the local sovereign debt market investors displayed confidence as the shaky economic situation in Portugal, which might not manage to fulfill its debt agreement dampened investors sentiment. In fact, from the 17 active stocks, 13 experienced lower yields, while three short-dated issues recorded minimal losses. Turnover for the week increased to €26.5 million with €11.2m being traded within the long dated 5.25 per cent MGS 2030 issue.
From the equity front, Malta International Airport plc upheld its exponential climb following positive traffic results for the month on June. In fact, the airport operator locked a weekly gain of 2.4 per cent, thus touching a new, all-time record high of €2.10. Meanwhile, on Thursday, the local monopolist in the airport handling sector announced that passenger movements for the month of June increased by an impressive 9.7 per cent, while in a six-month period the increase was 9.2 per cent or 1,726,486 passengers, an absolute record for both periods under review. The company also announced that the board of directors is scheduled to meet on August 7, 2013, to approve its financial statements for the first six months of 2013.
Similarly, from the financial sector, Middlesea Insurance plc captured a remarkable 4.8 per cent appreciation over a single session, in which 16,720 shares changed hands to close the week at €0.85. Meanwhile, on Thursday the company announced that the board of directors is scheduled to meet on July 18, 2013, to approve the financial statements for the half-year ended June 30, 2013.
From the same line of business, Bank of Valletta plc shaved off last week’s gain over 93,682 shares to close at €2.27, while HSBC Bank Malta plc opted for a flat position, thus closing at €2.70, after trading at an intra-week high of €2.74.
From the same sector, both Lombard Bank plc and FIMBank plc (FIMB) ended the week on an unchanged note. The former was active over a single session of 6,400 shares, while the latter hooked at the $1.00 price level over two trades of 10,000 shares. On Thursday, FIMBank plc announced that the convertible loan agreement with United Gulf Bank (UBG), which was announced previously by the Bank, will now be exercised. As a result of the conversion, FIMB will issue 36,254,567 shares to UGB, which will increase the latter’s shareholding in FIMB to 30.25 per cent.
From the beverage sector, Simonds Farsons Cisk plc edged higher by 0.4 per cent to close at €2.77, after touching an all time weekly high of €2.80. The equity was active over three sessions, in which a total of 1,812 shares were executed over four deals.
On the same encouraging note, Island Hotels Group Holdings plc jumped by 15.7 per cent, thus rebounding from the six per cent loss incurred over the previous two consecutive weeks. The hotel operator was active on notable volumes of 21,310 shares, which were dealt over five trades to close the week at €0.62. Meanwhile, from the same sector International Hotel Investments plc closed the week unchanged at €0.90.
Information Technological equities, continued to attract investors positive expectations, as both RS2 Software plc and 6pm Holdings plc re-enforced there positive upbeat tone. The former company touched a new, all-time record high at the €1.30 price level on Thursday, to mark a year-to-date appreciation of 86.8 per cent. Likewise, 6pm also appreciated by 1.6 per cent on Monday to reach a year-to-date high of £0.62.
From the same industry, Crimsonwing plc closed flat at the €0.58 level. On Wednesday the company announced that the board of directors is scheduled to meet in August 7, 2013, to approve its annual financial statements for the year ending March 31, 2013.
On a sour note, GO plc depreciated by a minimal of 0.07 per cent in the mid-week session, in which 15,000 shares changed hands over seven trades to end the week at €1.529.
Finally, the other non-movers for the week were Grand Harbour Marina plc and Malita Investments plc which closed the week flat at €1.95 and €0.50 respectively.
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; tel 21224410, or e-mail info@jesmondmizzi.com