This week investors turned their focus to the local sovereign debt market as turnover amounted to €47.1 million spread across 24 issues of which 19 gained ground and five fell in value.
The newly listed 3% MGS 2040 (I) r registered a significant 16.1 per cent gain in its first trading days as trading reached €8 million spread across 583 deals. The 25-year bond oscillated between a weekly low of €110.55 and a high of €118 – 18 per cent higher than its issue price of €100. The bond ultimately closed at €116.05.
In the corporate bond market 21 issues were active of which 14 increased, two declined and five closed unchanged with trading reaching €1.17 million. The 6% Mediterranean Investments Holding plc € 2021 was the worst performer as it slipped by 3.2 per cent to close at €90, while the 4.8% Bank of Valletta 2018 bond issue was up 2.8%, as was the 6% Pendergardens Developments plc Secured € 2022.
In the equity market, the Malta Stock Exchange index declined by a minimal 0.1 per cent following last week’s significant gain to close at 3,757.623 points. The fall was mainly due to the substantial fall registered in the share price of Bank of Valletta plc. The banking equity swayed from a weekly high of €2.449 and a low of €2.32 as 89 deals of 244,677 shares were executed, to ultimately close the week 4.1 per cent lower at €2.35.
On the other hand, HSBC Bank Malta plc shares appreciated by €0.05 or 2.5 per cent as 30 trades of 77,306 shares were dealt, closing at €2.05.
Similarly, FIMBank plc shares fully recouped last week’s negative returns having gained 9.3 per cent across 12 deals of 40,602 shares, to close at $0.47.
Meanwhile, Lombard Bank Malta plc shares closed the week unchanged at €1.91 after 13,391 shares changed ownership.
The other non-movers were Island Hotels Group Holdings plc and MIDI plc shares having both traded flat at €1.02 and €0.28 respectively. The former witnessed two deals of 26,500 shares, while the latter was executed across a sole transaction of 5,000 shares.
Medserv plc shares rallied by 15.2 per cent as 132,490 shares changed hands, closing €0.25 higher at €1.90 – a record high. This week the company reported that the group registered a profit before tax of €3 million for the year ended December 31, 2014, compared to €131,939 registered in 2013. Revenue for the period under review amounted to €32.4 million, an increase of 369 per cent from 2013. This substantial increase was attributable to the commencement of oil major drilling contracts awarded during the year. Furthermore, revenue included €8 million relating to low margin business which had a lesser beneficial effect on profit margins. Earnings per share increased to €0.077. The board of directors will propose to the annual general meeting scheduled for May 28, the payment of a net dividend of €0.056 per shar, to be paid to all shareholders on the register of members as at close of business on May 28, payable by not later than June 23.
Loqus Holdings plc shares soared by 15.7 per cent on low volume, to close at €0.14. Likewise, 6PM Holdings plc shares appreciated by 7.7 per cent over five trades of 30,000 shares, closing at £0.70.
RS2 Software plc shares edged 0.3 per cent higher as 10 trades of 51,300 were struck, to close at €2.97.
The board of directors of Crimsonwing plc approved the discontinuance of listing of all of the company’s issued share capital on the official list of the MSE. An extraordinary general meeting of the shareholders will be held on April 17 in order for the shareholders to consider, and if thought fit, approve this discontinuance.
Malta International Airport plc shares reached an all-time high of €3.50 early in the week, however declined to €3.45 – still registering a 4.2 per cent gain on the week. Similarly, Malita Investments plc shares closed just €0.02 below its record high of €0.95. The equity gained 0.1 per cent on the week as 11 trades of 67,375 shares were negotiated.
MaltaPost plc shares edged 0.2 per cent higher, closing at €1.411. The postal service operator’s shares were active on five transactions of 7,748 shares.
On a negative note, Middlesea Insurance plc shares partially reversed last week’s positive returns having declined by 1.7 per cent over four trades of 9,714 shares, to close at €1.14.
The other negative performers this week were Go plc and International Hotel Investments plc shares. The former witnessed 30 trades of 154,242 shares, to close 1.6 per cent lower at €2.855, while the latter was negotiated across two deals of 1,436 shares, closing 2.8 per cent lower at €0.70. The board of directors of IHI will today review the financial statements for the year ended December 31, 2014.
Tigne Mall plc shares ended the week at a record high of €0.752. A total of eight deals of 105,000 shares were executed, pushing the equity 6.7 per cent higher.
Similarly, Plaza Centres plc shares increased by a further 3.3 per cent across seven transactions of 116,000 shares, to close at a three-year high of €0.95.
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.