Following four weeks of declines, the Malta Stock Exchange (MSE) Index rebounded by 0.91 per cent, to recoup most of these past two weeks’ losses. The index’s positive performance was substantially aided by gains across shares of Bank of Valletta plc (BOV) and GO plc - towards the end of the week, which further enhanced the index’s recovery from its 21-month record low of 3,229.978 points reached mid-week. Over the week, strong gains were also noted across shares of International Hotel Investments plc (IHI) and Lombard Bank Malta plc, whereas the only two laggards were within the IT services sector – 6PM Holdings plc (6PM) and RS2 Software plc (RS2).
Trading in the equity market stood at €1.4 million – an increase of €500,000 over the previous week. Out of the 14 equities negotiated, 10 rose in value, whereas losers and non-movers tallied at two.
In the banking sector, BOV shares more than recovered the previous week’s 0.9 per cent decline, as 41 deals of 146,323 shares led to a 1.4 jump in price, to close the week at the €2.21 price level. The bank announced that its annual general meeting (AGM) was held last Wednesday, during which the shareholders’ approved all the resolutions on the agenda – inter alia, the payment of the final gross dividend of €0.0925 per share, paid last Thursday.
Its peer, HSBC Bank Malta plc, closed the week unchanged at €1.90, after recovering from a multi-year low of €1.849 intra-week.
In the same line of business, shares of Lombard Bank Malta plc settled at their 10-month high of €1.799 following 4 trades of 20,000 shares.
A record high was reached in the share price of Simonds Farsons Cisk plc, which gained 0.4 per cent to €3.051 over two transactions of just 5,460 shares.
Likewise, Malita Investments plc shares continued to trend higher, as a record high of €0.64 was recorded following two trades of 12,000 shares.
Following these past weekly declines since the multi-period high of €2.70 reached in October, Go plc’s share price ended the week up by 0.8 per cent, to close at the €2.52 price level as 23 deals on the highest turnover of the week of 689K. Last Thursday, the CEO of Wind Hellas announced that a 50-50 joint bid between Wind and Vodafone for Greece’s Forthnet, the leading alternative telecommunication, shall be taking place after the Christmas holidays. Meanwhile, with regards to the non-binding offer by OTE S.A. for the acquisition of the activity of NOVA made in July – the pay-TV platform owned by Forthnet – is not expected to take place before January 2015.
The third largest equity by market value on the MSE, IHI, recouped by a further 3.8 per cent, as 30,977 shares changed hands over six trades.
Trading in the equity market stood at €1.4 million – an increase of €500,000 over the previous week. Out of the 14 equities negotiated, 10 rose in value, whereas losers and non-movers tallied at two
A similar gain was registered across shares of Crimsonwing plc, as two trades of a mere 4,703 shares on Friday, lifted the equity’s price by 3.6 per cent, to close at its seven-month high of €0.86.
In the same sector, both 6PM and RS2 shares declined by 2.9 per cent and 0.3 per cent, respectively. The latter’s decline was registered on 130 shares traded on Monday, out of a total of 2,130 shares traded over the week. Whereas 6PM shares ended the week at their eight-month low of £0.68 as two deals of 10,088 shares were executed.
Loqus Holdings plc shares headed the list of gainers, as they rallied by 16.7 per cent on just one deal of 7,500 shares struck last Friday at €0.14.
Two other gainers for the week were Plaza Centres plc and Medserv plc, which advanced by 0.3 and 1.8 per cent, respectively. Shares of Plaza Centres reached a fresh two and a half year high of €0.642, while those of Medserv extended their gains to a 15-month high of €1.435.
The other non-mover for the week was Malta International Airport plc (MIA), whose shares traded flat at the €2.30 price level, over a trading value worth €153k traded over 66,800 shares.
On the corporate bond front, 25 issues were negotiated, of which 13 gained ground, six fell out of favour, while another six closed unchanged. Total turnover increased by 27 per cent to €1.63m, whereby over a third of it was dealt within the 5.3% Mariner Finance plc Unsecured € 2024 issue.
Meanwhile, in the sovereign debt market, long-dated issues continued to trend higher, as declines were only registered across those stocks nearing maturity in the next four years. The most liquid issue was the 4.5% MGS 2028 (II), as it accounted for 21 per cent of the €12.15m in total turnover – an increase of €3.45m over the previous week.
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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, Hamrun or on Tel: 21224410 or email jesmond.mizzi@jesmondmizzi.com.