The Malta Stock Exchange index extended its negative saga for the fifth consecutive week, in which it recorded a minimal loss of 0.3 per cent to close at 3,377.063 points.
The local index was primarily conditioned by the loss registered by International Hotel Investments plc (IHI) shares, which drifted notably lower in yesterday’s session, while HSBC Bank Malta plc upheld its bearish momentum by striking the fifth consecutive week of losses.
On the contrary, RS2 Software plc and Crimsonwing plc shares continued to display impetus by reaching new all-time highs.
Throughout the week, investors displayed interest towards the local index as activity was based over 17 issues, in which gainers prevailed over losers as nine equities managed to end the week on a higher note.
Meanwhile, the non-movers for the week were Middlesea Insurance plc, Plaza Centres plc and Malita Investments plc, which all closed at €0.80, €0.56 and €0.51 respectively.
Total trading value was noted higher at just over €1.3 million.
In the local Sovereign market, yields rose as prices fell with investors fetching better returns following the announcement that Syria will disclose its chemical weapons, thus easing the possibility of any immediate strikes by the US military. In fact, from the 26 active stocks, 20 edged lower, five locked inflows while one closed flat. Total trading value for the week was remarkably higher at €29.2 million, of which €20 million were traded across the upcoming maturity 3.6% MGS 2013 issue.
Meanwhile, in the corporate front, total turnover was noted at €382,912 traded across 20 issues with the 4.25% BOV 2019 issue heading the list of gainers with a 1.4 per cent appreciation.
From the banking front, investors displayed some confidence following their recent downward momentum with the exception of HSBC Bank Malta plc which lurched lower for the fifth week as investors’ re-applied selling pressure. In fact, the equity incurred a 1.6 per cent loss over the first two sessions of the week, but closed flat in all subsequent sessions to close the week at €2.50. The equity emerged as the most liquid for the week as total trading value amount to €486,441 dealt over notable volumes of 194,320 shares.
Conversely, Bank of Valletta plc re-positioned itself into positive ground by registering a 0.4 per cent appreciation, despite touching an intra-week low of €2.34. The equity was active throughout the entire week in which a total of 50,689 shares changed ownership across 35 deals.
Similarly, both Lombard plc and FIMBank plc were noted on the list of gainers by recording equal advancements. The former gained 1.6 per cent on Monday to close the week at €1.90, while the latter managed to snap back from its recent pull-back momentum with the said gain to close at the $0.955 price level.
From the IT sector, two of the three listed equities extended their bullish trend by touching new record all-time highs. In fact, RS2 Software plc gathered a further €0.05 or 2.7 per cent, as the recent news that Barclays Bank will initially acquire 10 per cent within RS2 pushed the equity towards renewed buying interest. The software developer climbed exponentially across three sessions in which remarkable volumes of 197,901 shares changed hands across 23 deals to close at the €1.90 price position.
Likewise, Crimsonwing plc surged by 1.4 per cent yesterday over seven trades worth €67,890 to close at a record high of €0.75. Accounting for this week’s gain, the equity gathered a year-to-date gain of just over 53 per cent.
Conversely, 6pm Holdings plc closed minimally lower by 0.2 per cent over a single session to end the week at £0.60.
On the contrary, from the hoteliers industry, IHI plummeted by 3.4 per cent over dwindling volumes of 1,200 shares to close at €0.85, while Island Hotels Group Holdings plc shares re-emerged bullish with a 14.2 per cent appreciation gathered over four sessions to close the week €0.965. On Wednesday the company announced that, barring any unforeseen events in the last two months of the financial year, the directors are expecting that the group’s aggregate operating profits will be marginally better than those registered last year.
On the same positive note, Go plc advanced by 0.7 per cent on Tuesday to close at €1.51, while Maltapost plc. managed to rebound from its recent downward trend by gaining two per cent, and Midi plc shares soared by 13.6 per cent over two sessions, thus returning to the €0.25 price level.
Conversely, the other losers for the week were Malta International Airport plc which shaved-off 0.5 per cent to close at €1.88 and Medserv plc which turned lower by 2.7 per cent on Wednesday to end the week at €3.60.
Finally, on Wednesday Simonds Farsons Cisk plc announced that the board of directors is scheduled to meet on Wednesday, September 25, to approve the company’s financial statements for the first six months ending July 31, 2013, in addition to considering an interim dividend.
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