The Malta Stock Exchange index partially erased last week’s positive performance as it fell by 0.36 per cent, to close at 3,338.554 points.

Activity was spread across nine issues of which gainers, fallers and non-movers tallied at three. The two major banks were the main contributors to this week’s decline, while Island Hotels Group Holdings plc shares registered the best performance for the week.

Go plc shares advanced by a significant €0.08 or 3.1 per cent across 30 deals of 66,525 shares, to close at €2.68 – a price last reached in 2008.

Similarly, Island Hotels Group Holdings plc shares appreciated by 3.7 per cent over three transactions of 8,000 shares, closing at its weekly high of €0.85.

In the banking sector, both Bank of Valletta plc and HSBC Bank Malta plc shares failed to maintain last week’s closing price as both equities slipped by €0.03. The former witnessed 28 deals of 67,112 shares, to close 1.3 per cent lower at €2.231, while the latter was executed across 28 trades of 68,288 shares, closing 1.5 per cent lower at €1.96.

During Monday’s session, Lombard Bank Malta plc shares traded flat at €1.699 as six trades of 25,000 shares were struck.

Likewise, FIMBank plc shares traded unchanged at $0.66 on a sole trade of 6,000 shares.

Malta International Airport plc shares fell by a marginal 0.4 per cent over three transactions of 8,750 shares, to close at €2.34. On Tuesday, the company reported that a 2.4 per cent increase in traffic was registered in September. The local airport operator hosted 463,215 passengers despite the closure of the Libyan airspace since mid-July, which has resulted in a passenger drop within this market. In September, landings and take-offs at the airport increased by 0.9 per cent to 3,199, while the number of people that could be flown to and from Malta (seat capacity) grew by 1.1 per cent to 540,423. The largest market growth was registered by France as it grew by 11.1 per cent as a result of increased demand on the Paris route. Traffic from Italy and UK also grew while Spain and Germany both saw a decrease. Between January and September this year, MIA saw an increase of 7.2 per cent when compared to 2013 figures, hosting a total of 3,385,808 passengers so far this year.

On a positive note, Medserv plc shares rose by just under two per cent as 81,300 shares changed ownership, closing at €1.30.

Meanwhile, Malita Investments plc shares closed the week unchanged at its all-time high of €0.56. The equity witnessed three trades of 85,500 shares.

Santumas Shareholdings plc has been granted approval by the MFSA to surrender its collective investment scheme licence. The Listing Authority has also approved the new prospectus submitted and the company has now received authorisation for the discontinuation of listing of its shares as a collective investment scheme and the simultaneous admissibility to listing on the official list of the MSE of the entire 1,831,716 ordinary shares in the company having a nominal value of €0.55. The company’s shares have now been re-listed with the company’s new status of a property holding company. The equity was not active this week.

In the corporate bond market turnover amounted to just below €1.7 million – spread across 26 issues of which 14 gained ground, seven fell in value and five closed unchanged. The 7.15% Mediterranean Investments Holding plc USD 2015-2017 headed the list of fallers with a 1.6 per cent drop. Conversely, the 5.6% GlobalCapital plc € 2014/16 climbed 7.3 per cent, to close the week at par. GlobalCapital plc reported that last month it repurchased 140,000 nominal of this bond from bondholders.

Hal Mann Vella Group plc announced that it will be offering to the public a €30 million secured bond at par, with a five per cent coupon maturing on November 6, 2024. The net proceeds of the bond will principally be used to refinance bank borrowings, to fund the complete modernisation of the Hal Mann Vella factory, to fund investments in new plant and machinery and to cover costs of construction and development of a mixed used commercial property in Pantar Street, Lija consisting of a three floor building above street level occupying a footprint of circa 3,600 square meters. Any remaining balance will be used for general corporate funding purposes and further reducing the corporate indebtedness of the Group.

United Finance plc has obtained approval for the issue of new €8.5 million bonds maturing in 2023 with an interest coupon of 5.3 per cent while redeeming the 6.75% Bonds 2014-2016. The company will be giving holders of maturing bonds preference to subscribe to the new bond issue. The net proceeds from the bond issue are expected to amount to approximately €8,100,000 and will be used by the Issuer to part finance the redemption of the outstanding amount of the 6.75% maturing bonds.

In the sovereign debt front, long-dated issues continued to triumph as they added on to last week’s gains. Total turnover amounted to just under €8.5 million and was spread over 26 issues.

The 4.45% MGS 2032 (II) was the best performer as it appreciated by €0.59, to close at €114.49. The 4.1% MGS 2034 (I) r was the most liquid issue for the second consecutive week as it witnessed a turnover of €2.66 million. This recently issued stock closed the week at €108.83.

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 e-mail info@jesmondmizzi.com.

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