The MSE Share Index today retreated for the third consecutive session this week with a further 0.2% drop to yet another 3-month low of 3,548.267 points reflecting the declines in most of the active equities. Activity surged to €0.57 million, minimally below the level on 10 January.
The share price of HSBC Bank Malta plc shed a further 0.4% during this morning’s session to €2.42 across six deals totalling 13,900 shares as the equity turned ex-dividend. The final net dividend of €0.0338 per share will be paid on 25 April 2014. Downward pressure across the banking equities was also evident in Lombard Bank Malta plc with a 1.1% drop to a fresh 8-month low of €1.75 on low volumes of 2,915 shares. Tomorrow, the Bank is scheduled to publish its 2013 full-year results.
Similarly, the equity of FIMBank plc retreated by a further 0.9% to its 2014 low of USD0.88 on volumes of just 7,575 shares. Earlier this week, the trade finance specialist published its full-year financial results for the year ended 31 December 2013 revealing a pre-tax loss of USD6.4 million as the positive operational result was outweighed by some significant impairment events. Given the loss registered during the period under review, the Directors did not recommend a dividend to shareholders. The Directors will be recommending a 1 for 10 bonus issue to all shareholders as at the close of trading on 3 April subject to shareholder approval at the upcoming Annual General Meeting scheduled to be held on 8 May 2014.
In the property sector, Plaza Centres plc retreated by 1.7% back to €0.59 on a single deal of 2,000 shares. Similarly, MIDI plc slid 10% to a fresh 2014 low of €0.26 across 18,500 shares.
The only other negative equity was Grand Harbour Marina plc which inched minimally lower to €1.818 despite this morning’s surprise dividend declaration. The Board of Directors declared a gross dividend of €0.095 per share (net: €0.084) to shareholders as at the close of trading on 17 March 2014. This represents a gross dividend yield of 7.1% (net: 4.6%). A total of 7,100 shares changed hands today.
On the other hand, the equity of GO plc recovered some of its recent declines with a 2.2% increase to regain the €2.09 level on volumes of 14,581 shares. The telecoms quad-play operator is scheduled to publish its full-year results next Tuesday 18 March.
The collaboration between FEXCO and RS2 Software plc helped the latter’s equity to rise by 0.4% to a new all-time high of €2.40 across 37,709 shares. FEXCO’s Dynamic Currency Conversion (DCC) service was rolled out in more than 400 locations across Malta via RS2’s BankWORKS card management system. Through this innovative technology, international visitors to Malta will now have the choice and convenience of paying for goods and services in their home currency.
Medserv plc shares also moved higher on positive news flow. Yesterday Medserv announced a new lucrative contract with ENI (Cyprus) Limited to provide logistical support from the base in Cyprus for three years with effect from 1 June 2014. The share price of Medserv jumped 1.6% to €1.30 across seven deals totalling 36,700 shares.
Meanwhile, Bank of Valletta plc held on to the €2.25 level on continued high volumes of 110,469 shares.
Malta International Airport plc maintained its all-time high of €2.20 across 17,615 shares. Similarly, in the IT sector, Crimsonwing plc traded unchanged at the €0.81 level on volumes of 67,154 shares.
The only other active equity was Malita Investments plc with 2,500 shares trading unchanged at the €0.542 level.
On the bond market, the Rizzo Farrugia MGS Index edged a further 0.1% higher to 1,026.864 points as the benchmark 10-year Eurozone yields slipped below the 1.6% level on the back of the prevailing tensions between Ukraine and Russia. Additionally, European Central Bank (ECB) policymaker Benoit Coeure explained that the decision to maintain interest rates unchanged at historic lows combined with expectations of rising inflation means that the ECB is expecting real interest rates for borrowers to fall in the future. If this does not happen, the ECB is ready to intervene.