The Malta Stock Exchange index extended last week’s 0.96 per cent gain by a further 1.52 per cent, to close the week at 3,533.412 points – a 32-month high.
The positive performance registered by the MSE was mainly due to the strong gains in the majority of the equities traded, particularly in Bank of Valletta plc and Go plc.
Furthermore, the top performer of the week, RS2 Software plc jumped by a further six per cent, to close at new highs.
Turnover for the week fell by 13.6 per cent to just over €1 million, with a trading volume of 586,917 shares. Activity was spread across 14 equities, of which 12 garnered support, while one lost ground and another closed unchanged.
In the sovereign debt market, price movements were mixed. Twelve stocks edged minimally lower while six inched higher. On Thursday, the European Central Bank cut the interest rates by 25 basis points to 0.25 per cent – a record low – in response to a fall in inflation last month. Turnover for the week shot down from €64 million to €14.8 million, with almost half of the trading taking place in the short-dated 6.65% MGS 2016.
Meanwhile, on the corporate bond front, activity was low as turnover fell €413,000 to €179,000. Twelve bonds were active of which five advanced, three lost ground and four closed unchanged.
Two equities to close at new all-time highs were Simonds Farsons Cisk plc and Malta International Airport plc. The former edged 0.4 per cent higher to €2.85 – traded across six deals of 15,321 shares. MIA kicked-off the week on a negative note, touching the €2.05 price level, after which it bounced back in the following sessions to close at €2.14 – traded over 25 transactions of 96,488 shares.
In the financial services sector, the best performer was BOV which following last week’s financial year-end results, advanced by a further 3.1 per cent to €2.66 – a year-to-date high and a five-and-a-half-year high. The equity was traded across 99 trades of 155,024 shares, representing 26 per cent of total shares traded.
On the other hand, trading in HSBC Bank Malta plc shares merely impacted the equity’s share price, closing the week 0.04 per cent higher at €2.65 as 53,420 shares were traded over 19 deals.
Lombard Bank plc shares recouped most of last week’s 2.6 per cent decline, to settle at the €1.899 price level. The equity appreciated by 2.7 per cent over the week on four transactions of 3,650 shares.
The only equity to trade lower this week was Middlesea Insurance plc, as one deal of a mere 64 shares during yesterday’s session led to a 2.4 per cent contraction in share price to €0.85. Total turnover during the week amounted to 5,086 shares.
The telecommunications company Go, extended last week’s 1.4 per cent gain, as 16 trades of 22,500 shares led to 2.7 per cent increase in its share price, to close at €1.54 – a nine-week high.
In the IT sector, two equities were active, whereby RS2 soared by another six per cent, closing at a record high of €2.30. After the closing of yesterday’s trading session, the company announced that Barclays Bank plc currently holds 7,756,250 ordinary shares, or 18.25 per cent of RS2’s issued share capital. On the other hand, Crimsonwing plc closed unchanged at its all-time high of €0.85 on 8,000 shares.
Another share to register substantial gains was MaltaPost plc, locking in a 3.8 per cent increase in its share price, to €1.09, as buying interest increased during the week. Yesterday, the company’s board of directors announced that a meeting is to be held on December 6, 2013 to consider and approve the company’s financial year-end results as at September 30, 2013.
International Hotel Investments plc shares were traded over two deals of 10,000 shares, to partially recoup some of the losses incurred in the previous weeks. The share price closed 1.3 per cent higher to €0.76.
Grand Harbour Marina plc shares put on 1.2 per cent to €1.82, as a single trade of 5,100 shares was struck.
MIDI plc rose by two per cent over the week, after a four per cent gain on Thursday outweighed a two per cent loss registered mid-week. The equity was traded over 108,700 shares, to close at €0.26.
The special purpose vehicle, Malita Investments plc, was traded over 46,800 shares, to reach a record high of €0.533.
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.