The MSE Index registered a gain for the third consecutive week having gains a further 0.15 per cent, closing at 3,391.085 points.
Activity was spread across 13 equities of which four gained ground, six fell and three closed unchanged. Lombard Bank Malta plc (Lombard) shares were the top performers for the week, while Plaza Centres plc (Plaza) shares recorded the worst loss.
Lombard shares spiked by an impressive 13.3 per cent over two trades of 2,830 shares, closing €0.20 higher at €1.70. Conversely, HSBC Bank Malta plc shares slid by €0.03 or 1.5 per cent across 37 transactions of 121,896 shares, to close at €2.04, despite having recovered by two per cent yesterday, as investors are awaiting the six monthly financial results.
Meanwhile, Bank of Valletta plc (BOV) shares oscillated between a weekly low of €2.08 and a weekly high of €2.135, to ultimately close unchanged at €2.10.
The banking equity witnessed 42 deals of 84,222 shares. In its interim directors statement the bank reported that from the beginning of April until the end of July, there was weak demand for business credit, which was partly countered by robust demand for home loans. Growth in deposits far exceeded growth in lending – leading to increasing levels of liquidity.
Malta International Airport plc shares gained 2.2 per cent closing at a record high of €2.35. The local airport operator’s equity was negotiated across 12 deals of 10,506 shares. On Wednesday, the Board of Directors of the company approved the group’s interim financial statements for the six months ended on June 30.
The company registered a profit before tax of €10.4 million, compared to a €8 million registered in 2013.
GO plc shares advanced by a further 1.7 per cent as 18 deals of 55,950 shares were struck, to close at a six year high of €2.40. Throughout July, the telecommunications equity rallied by a significant 16.7 per cent.
In the I.T. sector, RS2 Software plc shares added on to last week’s positive performance as they climbed by a further two per cent across the highest turnover for the week of 170,626 shares, to close €0.05 higher at €2.60. Conversely, Crimsonwing plc shares slipped by a minimal 0.6 per cent on a single transaction of 3,500 shares, closing at €0.815.
Plaza shares were the main slackers for the week as they took a 6.7 per cent pounding, to close €0.04 lower at €0.56. Tigne Mall plc shares shed one per cent of their share price as four transactions of 119,800 shares were dealt, closing at €0.515.
The other fallers for the week were Middlesea Insurance plc and Simonds Farsons Cisk plc shares having declined by 0.6 per cent and 2.7 per cent respectively. The former was executed across five deals of 10,681 shares, to close at €0.875. The latter was active over five transactions of 6,967 shares, closing at €2.87.
On Wednesday, Malita Investments plc (MLT) shares traded flat at €0.55 over a single transaction of 9,500 shares. The company announced that the Board of Directors approved the company’s condensed interim financial statements for the six months ended on June 30. The company registered a profit before tax of €8.2 million, compared to a €6.8 million registered in 2013.
Revenue for the period under review amounted to €3.4 million, an increase of 0.5% from 2013. The Directors also approved the payment of a gross interim dividend of €450,000 or €0.0150 per ordinary share equating to an interim net dividend of €292,500 or €0.00975 per share. The interim dividend will be paid on September 12, to the shareholders on the company’s share register at close of business at the MSE on August 11.
MaltaPost plc shares also closed the week unchanged at €1.12. The postal operator’s equity was negotiated over five deals of 17,990 shares.
In the Corporate Bond Market, turnover amounted to €950,394 spread across 26 issues of which seven decreased, 11 gained ground and eight closed unchanged. The 7.5% Mediterranean Investments Holding plc € 2015 was the worst performer as it plunged by four per cent. Tumas Investments plc announced the allocation policy to be applied to applications received in respect of its €25 million 5% unsecured bonds 2024. A total of 3,370 applications representing a total value of €43,278,600 were received from holders of the maturing bonds (6.25% bonds due 2014-2016) and from holders of the 6.2% bonds 2017-2020. In view of the overwhelming response, the Intermediaries’ Offer did not take place.
All applications received from holders of the maturing bonds that opted to exchange their maturing bonds were allocated in full. With regards to the holders of the maturing bonds who wished to increase their investment in the company, the company decided to allocate the first €1,000 in full and applications with amounts in excess of €1,000 have been allocated a further 10.55 per cent of the balance subject to rounding up to the nearest €100.
Finally, in the sovereign debt market 24 issues were active, the majority of which appreciated in value. The 4.5% MGS 2028 (II) was the most liquid issue as it witnessed a turnover volume of just under 5.9 million nominal. On Thursday, the Treasury announced that due to the high demand for the stocks offered in the latest Malta Government Stock (MGS) issuance, the subscription in the new MGSs closed on Wednesday at 5.00pm shortly after the amount of applications received from members of the public exceeded the amount on issue and the overallotment option, totaling €180 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: 21224410, or email info@jesmondmizzi.com.