The Malta Stock Exchange added on to last week’s negative performance with a slight decline of 0.1 per cent, to close at 3,324.085 points.
Total activity was spread across 14 equities of which seven gained ground, four declined and three closed unchanged, with turnover amounting to €715,284.
RS2 Software plc shares soared by an impressive €0.10, or 3.5 per cent, across the highest turnover for the week of almost €180,00, closing at an all-time high of €2.95. The IT equity has recorded a gain for five consecutive weeks, and is up 37 per cent year to date.
Meanwhile, Malta International Airport plc shares strengthened by 1.3 per cent as eight trades of 51,850 shares were struck, closing €0.03 higher at its record high of €2.36.
On a similar note, Go plc shares extended their recent upward streak as its price gained a further 2.4 per cent on 20 deals of 41,857 shares, to close €0.06 higher at €2.57 – a price last reached in June 2008. This equity remains the best performer year to date with a 40.8 per cent gain.
In the banking industry, Bank of Valletta plc was the only equity to fall in value as its share price declined 0.7 per cent across 25 deals of 35,430 shares, to close at €2.225.
Conversely, Lombard Bank Malta plc rallied by 3.1 per cent over 11 trades of 24,600 shares, to close €0.049 higher at €1.649.
HSBC Bank Malta plc advanced by 1.5 per cent witnessing 21 transactions of 44,332 shares, to close at its weekly low of €1.98.
Similarly, FIMBank plc shares registered a 0.8 per cent gain across six trades of 54,860 shares, trading between a low of $0.602 and a high of $0.665 to end the week just shy of its weekly high of $0.66.
Simonds Farsons Cisk plc shares gained a further 0.7 per cent as two deals of 4,796 shares were negotiated, to close at €2.76. In an announcement issued by the company three months ago, SFC stated that an initial proposal of a master plan for the Farsons Business Park project had been submitted to the board for its consideration. The board of directors has now announced that it approved a concept and design budget for the initial phases of the development. It is expected that this work will be finalised in the middle of 2015.
The board further reported that it believes that it would then be the appropriate time to seek to start the implementation of the re-organisation of the corporate structure of the Farsons Group, and to ‘spinoff’ the Group’s property interests (other than those properties which will continue to be used in the core beverage business) from the other business activities into a separate and distinct plc. It is believed that the proposed ‘spin-off’ (pro-rata to existing shareholders) will serve to enhance shareholder value. An extraordinary shareholders’ meeting will be convened to consider this proposed re-organisation in the last quarter of 2015.
On a negative note, International Hotel Investments plc shares took a significant 6.3 per cent pounding as 24,003 shares changed hands across nine deals – the equity dropped by €0.04, to close at an all-time low of €0.60.
Similarly, MIDI plc shares sagged by 4.2 per cent over two transactions of 20,000 shares, to close at €0.23.
Plaza Centres plc shares dipped 1.3 per cent lower as 41,000 shares changed ownership across three trades, to close at €0.59.
Meanwhile, the non-movers for the week were Medserv plc, MaltaPost plc and Malita Investments plc on low volumes.
In its interim directors’ statement Loqus Holdings plc reported that its financial situation in the last quarter of the financial year has shown a significant upturn, compared to the same period last year. This is mainly due to registered progress on government projects and the anticipated decrease in the amortisation charge and net financing costs. Hence, the group is expecting to show a significant improvement in the financial results for the year ended June 30, 2014 – allowing the group to approach its breakeven position. Furthermore, a new subsidiary, Loqus Fleet Limited, has now been established as part of the group’s strategy to consolidate its Fleet Management IPR and business. Further progress has been registered on the setting up of the 1 Fleet Alliance, which is expected to create a pan-European fleet management alliance that will enhance and complement the individual parties’ growth and value. The equity was not activeduring this week.
In the corporate bond market, turnover amounted to €909,742 spread across 30 issues of which nine lost ground, 13 edged higher and eight closed unchanged. The 7.15% Mediterranean Investments Holding plc (MIH) Euro 2015-2017 was the best performer as it recouped by 4.26 per cent, to close at €98, while the 7.5% MIH € 2015 was the worst performer as it stumbled by six per cent, to close at €94.
On Monday, Grand Harbour Marina plc purchased €4,600 of its 7% bonds due in 2017-2020 from its bondholders. The bond closed the week 0.2 per cent higher at €106.25.
In the sovereign debt market, 26 issues were active, amounting to a turnover of €15.7 million. A total of 14 issues registered an increase in value, the majority of which were long-dated, while 12 issues fell. The 5.25% MGS 2030 (I) was the most liquid issue as it witnessed a traded value of €5.8m. Meanwhile, the recently issued 4.1% MGS 2034 (I) r was the top performer as it climbed 1.4 per cent, to close at its weekly high of €107.50.
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.