The Malta Stock Exchange (MSE) index registered its highest weekly gain over the past seven weeks, as it closed 0.85 per cent higher at 3,370.919 points – an 11-week high. This followed gains in shares of HSBC Bank Malta plc, Go plc and Lombard Bank Malta plc, which more than offset declines in Midi plc and Medserv plc.

In the equity market, 13 issues were negotiated, of which five advanced, two fell and six closed unchanged. Total turnover shrank by 9.2 per cent to €967,000, 25 per cent of which involved shares of HSBC – making it once again the most liquid issue for the week.

In fact, buying interest in HSBC shares led to a 3.6 per cent jump in their price to close at a six-week high of €2.035. The banking equity was traded in 20 deals of 122,183 shares.

Its peer, Bank of Valletta plc (BOV) was traded in the third highest turnover of the week, worth €190,000, but its price was left intact at €2.249. On Tuesday BOV announced that its board of directors is scheduled to meet on Friday to consider and approve the audited financial statements for the financial year ended September 30, and the declaration of a final dividend for approval by the shareholders at the next annual general meeting.

Likewise, shares of Fimbank plc closed unchanged at $0.60, following two transactions of 10,203 shares.

In the same line of business, shares of Lombard Bank Malta plc closed at a seven-month high of €1.73, as five deals of 69,354 shares pushed the equity’s price up by 1.8 per cent.

Telecommunications company Go plc resumed its upward trajectory, as 41,516 shares traded in 20 transactions lifted its price by 0.8 per cent, to settle at a fresh six-year high of €2.70.

Similarly, Malta International Airport plc (MIA) retouched its all-time high of €2.36, as 88,750 shares changed hands in 12 deals, making it the second most traded security of the week with a total turnover worth €209,000.

Likewise, Maltapost plc, whose shares strengthened by 2.6 per cent, closed €0.001 shy from its all-time high of €2.15 – a gain which was mirrored in the share price of the postal service operator’s major shareholder Lombard Bank Malta plc.

Two equities which underperformed the general market were Medserv plc and Midi plc. Medserv – the logistics services company for oil and gas, reversed the previous week’s 1.5 per cent gain as its shares settled back to €1.30 after four deals of 11,500 shares.

Most traded government securities settled marginally lower. This reflects the ‘risk-on mode’ taken by most investors as markets strongly rebounded last week following hefty losses recorded in the first half of October

Meanwhile, Midi plc shares dipped by 4.4 per cent to close at their record low of €0.22, after a single deal of just 2,500 shares.

The other non-movers for the week were Plaza Centres plc, which was active in five deals worth €32,000; International Hotel Investments plc, 6PM Holdings plc and Malita Investments plc. The latter three holdings were traded on relatively thin volume.

In the corporate bond market, total trading value stood at €549,000, as opposed to €656,000 the previous week. Out of the 26 traded issues, more than half rose in value while four lost ground and eight closed unchanged.

The 7.15 per cent Mediterranenan Investment Holdings plc GBP 2015-2017 was the top performing issue for the week, albeit on low turnover, as it neared the GBP100 par value following a 2.1 per cent rise. By contrast, the six per cent Island Hotels Group Holdings plc € 2024 issue lost 0.5 per cent, to close at €107, to now yield around five per cent.

In the sovereign debt market, activity was also spread over 26 issues, with a 25.1 per cent jump in turnover – from €11.89 million to €14.87 million. Contrary to most of the previous weeks, most traded government securities settled marginally lower, with the exception of three issues. This reflects the ‘risk-on mode’ taken by most investors, both locally and internationally, as markets strongly rebounded last week following hefty losses recorded in the first half of October.

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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