The Malta Stock Exchange (MSE) index ended its first week of December in the red, as a decline in the share price of a number of the largest capitalised equities more than offset the gains made by a larger number of securities closing in positive territory.

The index extended its losses for the third consecutive week, as 0.88 per cent was shaved off the value of the index, which closed at 3,244.919 points. Out of 20 traded securities, nine closed in positive territory, six fell out of favour, while five closed unchanged.

The main laggards were Bank of Valletta plc (BOV), Fimbank plc, International Hotel Investments plc (IHI), Malta International Airport plc (MIA), and, to a lesser extent, Go plc. On the other hand, stocks of Maltapost plc, Malita Investments plc and Tigné Mall plc all settled at their all-time high.

In the banking sector, BOV was the most liquid issue, representing 33 per cent of total trading value. The banking equity witnessed three bouts of selling pressure, which led to a week-on-week decline of 1.4 per cent, closing at its three-week low of €2.20 – after failing to sustain an intra week-high of €2.25.

Fimbank plc reversed last week’s five per cent advancement, as four deals of 18,589 shares pulled down the equity’s price back to $0.60.

Heading in the opposite direction were HSBC Bank Malta plc and Lombard Bank Malta plc, locking in a gain of 0.50 and 1.20 per cent respectively. The latter was negotiated over the second highest turnover for the week, worth €125,000, to reach a five-week high of €1.75. Meanwhile, 16 transactions of 27,130 HSBC shares were traded in the €1.905 and €1.935 price range.

Shares of IHI settled at a fresh record low of €0.52, following a single deal of just 1,101 shares in Friday’s session. In total, IHI was active in three deals, worth €400,300.

In the same line of business, a single transaction of 3,957 Island Hotels Group Holdings plc shares left its price intact at €0.85 – after being inactive for the past two months.

MIA shares retreated by 2.9 per cent on thin volume, as it failed to sustain its all-time high of €2.40. Last Friday, the company reported that it had hosted a record number of passengers during November. The airport welcomed more than 256,000 passengers, equivalent to a 2.9 per cent increase over the same month last year.

In the IT services sector, movement in the three listed companies was minimal, with shares of RS2 Software plc down marginally by 0.03 per cent; Crimsoning plc shares were up by 0.1 per cent, notwithstanding sharp intra-week volatility; whereas no change in price was recorded in the shares of 6PM Holdings plc.

Last Wednesday, Crimsonwing plc announced that its board of directors had met to discuss the offer received by KPMG Investments Malta Ltd for a voluntary public bid in respect of all of the company’s issued shares.

The special purpose vehicle, Malita Investments plc, continued to gain ground, as seven deals of 58,200 shares pushed the equity’s price up by 1.6 per cent to a fresh record high of €0.62.

Likewise, both Maltapost plc and Tigné Mall plc closed at their all-time high closing price of €1.22 and €0.585, respectively. The postal services company was active in five deals of 21,087 shares, and touched the prices of €1.221 in intra-day trading.

Meanwhile, Tigné Mall plc shares resumed their upward trend as 19,000 shares changed hands in two deals.

Following two months of inactivity, shares of Loqus Holdings plc jumped by 4.4 per cent, to close at their 18-month high of €0.12, as 11,500 shares changed hands in two deals.

Similarly, Medserv plc advanced by a further 1.5 per cent, to close at its fresh 14-month high of €1.39. The logistics services company for oil and gas was traded in 10 deals of 45,000 shares.

One week’s other gainer was Plaza Centres plc, whose shares advanced by 1.6 per cent to their two-and-a-half year high of €0.63, after being traded in the third highest turnover of the week worth €109,000.

Mid-week, Simonds Farsons Cisk plc (SFC) published its interim directors’ statement, in which it reported that performance to date has been positive and in line with expectations, notwithstanding the intense price competition which continues to prevail.

The group still remains very active in seeking to exploit growth opportunities through exports, while at the same time continuing to progress with regard to concept and design for the Farsons Business Park project, which is expected to be finalised by mid-2015.

The other non-movers for the week were Midi plc and Grand Harbour Marina plc.

In the corporate bond market, total turnover stood at €1.28 million, spread over a total of 33 issues, the majority of which gained ground, 11 closed un­changed, while the 7.15 per cent Mediterranean Investments Holding plc euro 2015-2017 was the only issue to decline in value.

Last Monday, PTL Holdings plc announced the allocation policy for the recently issued €36 million 5.1 per cent unsecured bonds 2024, which had closed on November 24 as a result of heavy oversubscription.

In the sovereign debt market, 26 issues were traded, of which 16 rose in value, while 10 inched lower.

Total turnover shrank by 32 per cent to €8.77 million, with the 4.1 per cent MGS 2034 (I) being the most active in a trading volume of 1.12 million nominal.

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 1-2 St Joseph High Street, Ħamrun, or on Tel: 2122 4410 or e-mail jesmond.mizzi@jesmondmizzi.com.

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