The Malta Stock Exchange (MSE) index extended its previous week’s 1.06 per cent rebound by a further 1.05 per cent, to close the week at 3,496.419 points. Last week, the MSE was primarily driven by significant shifts in the share price of Bank of Valletta plc (BOV) and International Hotel Investments plc (IHI). A record high was reached in the share price of Malta International Airport plc (MIA), while in the IT sector, Crimsonwing plc jumped significantly to close the week just shy of its all-time high.

Following the previous four-day trading week, turnover soared by 47 per cent to €1.07 million. Activity was spread across 16 equities, of which half closed in the black, seven lost ground, while one closed unchanged.

In the financial services sector, BOV was the sole banking equity to register a gain, strengthening by a further 1.8 per cent, after failing to sustain mid-week highs of €2.42. The banking equity was traded over the highest turnover for the week, worth €259,000 – in which 55 deals of 110,444 shares were struck.

Last Friday, BOV announced that its board of directors is due to meet on April 25 to consider and approve the group’s and bank’s interim financial results – covering the six months ended March 31, 2014, and to consider the possible declaration of an interim dividend.

Its peer, HSBC Bank Malta plc, closed the week unchanged at €2.38 as 71,510 shares changed hands in 36 deals – after witnessing deals in the €2.35 to €2.401 band. The bank will hold its annual general meeting on Wednesday.

After a single deal of 4,000 shares, Lombard Bank Malta plc fell by 1.2 per cent, partially eroding the previous week’s 2.4 per cent gain.

Similarly, Middlesea Insurance plc shares reversed most of the previous week’s five per cent jump, as it shed 4.2 per cent after three transactions of 4,586 shares.

Gains in IHI pushed the index higher as its share price rallied by 5.7 per cent following the announcement by the company’s board of directors that they have approved the payment of a net interim dividend of €0.03 per share payable to shareholders on the company’s share register as at May 2 – a first for this equity.

IHI also announced that NLI Holdings Ltd, in which the company has a 50 per cent stake, has sold 11 of its 12 residential apartments next to the Corinthia Hotel in London. The remaining apartment, the penthouse, will be retained by NLI.

Trading in MIA pushed the equity’s price up by 0.9 per cent, to a record high of €2.32, as 57,034 shares changed hands in 17 deals – after having traded at €2.35.

In the IT sector, the two active securities ended the week in opposing directions. Crimsonwing plc share price shot up by 7.5 per cent to close at €0.87, after one deal of 9,000 shares. On the other hand, 6PM Holdings plc slipped by 0.7 per cent on two deals of 5,000 shares.

The telecommunications company, Go plc inched 0.5 per cent higher to minimally recoup some of the losses incurred over the past few weeks. There were 19 transactions involving a total of 62,385 Go shares.

Loqus Holdings plc headed the list of gainers, rallying by 10.5 per cent, as 1,108 shares were negotiated in a single deal.

Following one month of inactivity, Plaza Centres plc ended the week at its yearly high of €0.625 – a gain of 5.9 per cent – on a trading volume worth €57,000.

Meanwhile, following 21 months of inactivity, five trades of 1,000 Global Capital plc shares were struck – which led its price to plummet by 25.1 per cent to €0.599.

Maltapost plc extended its previous week’s 2.6 per cent loss by a further 0.9 per cent after one deal of 2,000 shares.

In the property sector, Midi plc fell by 7.7 per cent to a six-month low of €0.24 after two deals of 26,500 shares.

Another faller for the week was Medserv plc, whose share price dropped by 2.3 per cent when the equity turned ex-div on Friday. Trading activity took place in seven deals of 71,700 shares.

The other gainer for the week was Tigné Mall plc, whose shares have also settled at their 20-month high, following a 1.9 per cent appreciation in price over the second highest turnover for the week – worth €184,000. This followed the company’s announcement of its financial results for the year ended December 31, 2013.

The company reported a pre-tax profit of €1.9 million, compared to €1.1 million profit made in 2012. Revenue rose by 10.5 per cent, from €4.55 million to €5.03 million.

Furthermore, the company’s board of directors will recommend the payment of a final net dividend of €0.0125 per share at the AGM to be held on June 19.

In the corporate bond market, 16 issues were active, of which six rose in value, three slipped, while seven closed unchanged.

Turnover shrank by more than 50 per cent to €318,000. The 5.6 per cent Global Capital plc euro 2014-2016 issue was the week’s worst performer, registering a 3.5 per cent drop, to €82.

Meanwhile, in the sovereign debt market, activity was spread over 23 issues, of which six edged lower, 15 advanced, while two closed unchanged, with most of the gains in the longer-dated issues.

Over the week, there was almost a fivefold increase in turnover, from €5.63 million to €26.18 million, whereby the short-dated €5.9 per cent MGS 2015 (II) represented 42 per cent of total trading value.

This article, which was compiled by Jesmond Mizzi, managing director of Jesmond Mizzi Financial Advisors Ltd, 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 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 at 67, Level 3, South Street, Valletta, or on Tel: 2122 4410 or e-mail jesmond.mizzi@jesmondmizzi.com.

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