The Malta Stock Exchange (MSE) Index continued to recoup some of the hefty losses suffered during the months of February and March, as trading last week led to a further 0.85 per cent gain, to 3,526.2 points – a one-month high. Contributing to the index’s positive performance were advances in the share prices of Bank of Valletta plc (BOV) and GO plc while 6PM Holdings plc (6PM) headed the list of gainers as investors positively digested its financial year-end results published on Monday.
Turnover in the equity market shrunk by 44 per cent during this four day week to €602k, spread over 14 issues – of which five gained ground, three contracted, while six closed unchanged.
In the financial services sector, BOV shares strengthened most after posting its third weekly gain, as buying interest pushed the banking equity’s price up by three per cent, to €2.37 – 36 deals of 76,014 shares were traded. This Friday, the bank will be publishing its interim financial results for the six-month period ending March 31, 2014 and if thought fit, declare an interim dividend.
Despite being active over the highest turnover for the week, the share price of HSBC Bank Malta plc failed to register any movement, with 108,794 shares changing hands over 26 transactions worth €259k. On Wednesday, the bank held its annual general meeting (AGM), at which the election of directors was held, together with the approval of one bonus issue for every nine already held to shareholders on the bank’s share register as at April 29, 2014.
Meanwhile, Middlesea Insurance plc shares closed unchanged at the €0.91 price level across two trades of 2,864 shares.
In the IT sector, 6PM shares jumped to an all-time high of £0.75, gaining 6.4 per cent across four deals of 32,000 shares. This gain followed the announcement of the group’s financial results for the year ended December 31, 2013.
The group registered a profit before tax of £638k, as opposed to £434k registered in 2012. Revenue for the period under review increased by 29 per cent, from £7.16m in 2012, to £9.25m. Furthermore, the board of directors resolved to recommend a final net dividend of £0.02 per share for the approval of the annual general meeting (AGM) – which is to be held on June 19, 2014.
The directors will also be recommending a bonus issue of one share for every 25 already owned, to shareholders on the company’s share register by May 20, 2014.
Its peer, RS2 Software plc, retreated from its all-time high of €2.43, as a single deal of 250 shares was struck, shedding €0.01 off the equity’s price. The IT firm shall be publishing its full-year results for the year ending December 31, 2013 this Tuesday. Meanwhile, Crimsonwing plc closed unchanged, as a single deal of 1,500 shares was struck.
The telecommunications company, GO plc, closed the week up by two per cent, recouping most of the equity’s drop in price noted earlier this month when the equity turned ex-div – nine deals of 22,027 shares were executed.
Trading in Simonds Farsons Cisk plc (SFC) shares fluctuated between a price range of €2.93 to €3, to end the week unchanged at its all-time high closing price of €3.
On Wednesday the company announced that its board of directors will be meeting on April 30, 2014, to consider and approve the financial results for the year ended January 31, 2014, and the possible recommendation of a final dividend to the AGM – scheduled for June 18, 2014.
Shares of MaltaPost plc plummeted by 8.1 per cent to €1.02 on thin volume, as one trade of 1,000 shares was struck.
Following more than a month of inactivity, Island Hotels Group Holdings plc (IHG) rallied by 6.3 per cent to €0.85 – dealt over one trade of 1,000 shares.
The other gainer for the week was Malita Investments plc, as seven trades of 52,400 shares pushed its share price 0.9 per cent to €0.54.
Malta International Airport plc shares failed to sustain their all-time high closing price of €2.32, as two deals of 4,355 shares led to a 0.4 per cent drop in price to €2.311.
Following the previous week’s rally in the share price of International Hotel Investments plc, investors traded cautiously at €0.83 – ahead of the company’s year-end results, which will be made public on Tuesday.
The other non-mover for the week was Medserv plc – whereby 14,150 shares changed hands over two trades.
In the corporate bond front, turnover doubled to €634k, whereby 20 issues were negotiated – of which three inched higher, twice as much declined, while 11 closed unchanged. The 6% AX Investments Plc € 2024 issue accounted for more than 57 per cent of total turnover, but closed unchanged at €103.9.
Meanwhile, on the sovereign debt front, turnover shrunk from €26.2m to €2.7m. Out of the 20 traded issues, 16 edged higher, while four lost value as maturity approaches. The most liquid issue was 4.5% MGS 2028 (II), representing 28 per cent of total turnover.
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This article, which was compiled by Jesmond Mizzi, managing director of Jesmond Mizzi Financial Advisers 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, a member of the Malta Stock Exchange and 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 by e-mail at jesmond.mizzi@jesmondmizzi.com.