The Malta Stock Exchange (MSE) registered a decline for the sixth consecutive week, closing this week 2.05 per cent lower at 3,424.016 points – 5.6 per cent down in March. The banking equities were the main cause of these week-on-week negative performances. The worst performing equity this week was Middlesea Insurance plc, while the best performer was Santumas Shareholdings plc, both registered on low volumes. Trading in the equity market reached a value of €1.5m spread across twelve issues of which eight registered a loss, four gained in value while four closed unchanged.

Bank of Valletta plc (BOV) shares were the most heavily traded during the week as trading value reached €491k across 114 trades of 223,287 shares. The equity fell by one per cent, to close at €2.199, having traded at a low of €2.18. Similarly, HSBC Bank Malta plc shed 0.8 per cent of its share price as 27 deals of 34,931 shares were struck, closing at its weekly low of €2.38. Throughout the first quarter of the year, BOV share price stumbled by 8.7 per cent and HSBC shares declined by 8.5 per cent.

Likewise, Lombard Bank Malta plc shares closed 2.4 per cent lower at €1.66, despite reaching a weekly high of €1.70. The banking equity witnessed 14 transactions of 36,000 shares this week. Meanwhile, FIMBank plc shares closed unchanged at $0.842 as three trades of 8,383 shares were executed.

In the I.T. industry, RS2 Software plc shares closed at an all-time high of €2.43 across eight deals of 12,100 shares. Conversely, Crimsonwing plc shares slipped by 0.1 per cent over a single trade of 3,000 shares yesterday.

On the other hand, 6pm Holdings plc maintained last week’s closing share price of £0.71, despite having reached a weekly low of £0.67. The equity was traded over six deals of 28,500 shares. The board of directors of the company is scheduled to meet on April 14, to consider and approve the company’s audited fin­ancial statements for the financial year end­ed December 31, 2013 and to consider the declaration of a dividend to be recommended to the company’s Annual General Meeting (AGM).

The other non-movers for the week were MIDI plc and Medserv plc as they closed at €0.26 and €1.30 respectively. The Board of Directors of Medserv plc approved the audited consolidated financial statements for the financial year ended December 31, 2013, to be submitted for approval at the AGM scheduled for May 15, 2014. The Board is proposing a dividend of €600,000, representing a net dividend per ordinary share of €0.024.

The company registered a profit before tax of €131,939, compared to a €1.15 million loss registered in 2012. Revenue for the period under review amounted to €6.9 million, an increase of 2.8% from 2012.

GO plc (GO) shares contracted by €0.05 or 2.4 per cent, as 11 trades of 14,375 shares were negotiated, closing at €2.00. The telecommunications provider reported that it has entered into a share purchase agreement with Cablenet Communications Systems Limited (a limited liability company incorporated under the laws of Cyprus) and Mr Nicolas Shiacolas (the legal, registered and beneficial owner of all the issued share capital in Cablenet) for the purchase of 25 per cent of the issued share capital of Cablenet in exchange for a convertible loan of €12 million to be granted to Cablenet. The loan will bear no interest until December 31, 2017.

GO has the option to convert the loan into equity so that upon such conversion, the number of shares held by the company will be equal to 45 per cent of the issued share capital of Cablenet. GO also has the option to acquire the majority control in Cablenet in the future. This agreement is subject to regulatory approval from Cyprus.

Malta International Airport plc shares slipped by 0.4 per cent over 12 deals of 58,394 shares, to close at €2.25 - the equity appreciated by 4.2 per cent throughout 2014. MaltaPost plc shares registered a 4.55 per cent gain on 15 deals of 137,543 shares closing at €1.15.

On a negative note, Middlesea Insurance plc shares sagged by €0.085 or 8.6 per cent across two deals of a mere 414 shares on Tuesday, closing at €0.905. Similarly, International Hotel Investments plc shares took an eight per cent pounding across three transactions of 4,653 shares, to close at €0.772, resulting in a 19 per cent decline in the first quarter of the current year.

The share price of Simonds Cisk Farsons plc increased by a minimal 0.3 per cent over three trades of 3,500 shares, to close at its record high of €3.00. Santumas Shareholdings plc shares rallied by ten per cent across a single transaction of a scant 86 shares on Monday - the equity closed at €2.20.

In the corporate bond market activity was spread across 17 issues, of which seven gained ground, six fell and four closed unchanged. Turnover amounted to €533k.

The top performing bond was the 7% Grand Harbour Marina plc € 2017-2020 as it advanced by 0.9 per cent. Meanwhile, PAVI Shopping Complex plc repurchased 232,344 of its 7% Secured Bond 2014-2017 from its bondholders.

In the sovereign debt market turnover amounted to over €5.1 million. A total of 23 issues were active, of which the majority of the short-term bonds succumbed to selling pressure, whilst long-dated stocks garnered support. The most liquid issue for the week was the 3.75% MGS 2017 (IV) as it witnessed a turnover of €2.1 million.

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 email info@jesmondmizzi.com.

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