Last Monday marked the end of trading for the month of March. During the month, the Malta Stock Exchange index rallied by 9.5 per cent to up the gain for the first quarter of 2015 to a staggering 13.4 per cent.
This holiday-shortened week witnessed three positive trading sessions on the MSE, ending the week with a 1.3 per cent gain at 3,806.222 points. A total of 15 equities were traded reaching a turnover of €1.21m – nine equities edged higher, three lost ground and three closed flat.
All banking equities traded this week witnessed positive performance. FIMBank plc shares locked a 6.4 per cent gain as 10,503 shares changed hands to close at $0.50.
Bank of Valletta plc shares advanced by €0.04 as 28 trades worth €164.5k were struck, closing 1.7 per cent higher at €2.39.
After close of trading on Thursday, the company announced that legal proceedings have been instituted against it before an Italian court in terms of which the bank is being requested to pay an amount equivalent to the value of the shares of a company which had been settled on trust with the bank as trustee in 2009 and which value the plaintiffs are alleging amounts to €363 million, or such other amount as the plaintiffs have requested the court to liquidate. On the basis of a legal opinion received, the board of directors, having given the matter due consideration, and has resolved to reject the claims made against it and has also decided that in the circumstances there is no justifiable reason for the bank to make any provisions against the claim.
The board of directors will carefully monitor these proceedings and will keep the market informed in the event of any significant developments.
The share price of HSBC Bank Malta plc climbed 2.5 per cent having closed at its weekly high of €2.10 as 21 trades were dealt on a turnover of €178.4k.
Lombard Bank Malta plc shares rose by €0.04 as four deals of 20,261 shares were negotiated, closing at €1.95 and thus marking a 2.1 per cent gain.
A 1.75 per cent gain was recorded in Middlesea Insurance plc as four transactions of 6,592 shares were concluded ending the week at €1.16.
A 1.1 per cent advancement was also noted in the share price of Malita Investments plc as 10 trades of 114,108 shares were executed, closing at €0.94.
MIDI plc shares dropped by 3.6 per cent on Monday over six deals of 146,800 shares, closing at €0.27.
A slight adjustment of 0.2 per cent was witnessed in the share price of Go plc as it closed the week at €2.85 – 15 deals of 78,600 shares were executed. The equity traded ex-dividend as of Thursday.
A marginal decline of 0.1 per cent was registered in the share price of Malta International Airport plc closing at €3.448. The local airport operator’s shares witnessed 19 deals of 79,089 shares. After close of trading on Thursday, the company released its traffic results for March 2015. For the first quarter of 2015, passenger movements at MIA registered an increase of 5.6 per cent, while aircraft movements grew by 1.4 per cent. Passenger traffic in March also grew by 4.5 per cent, reaching a record of 275,334 passenger movements following a 1.6 per cent increase in aircraft movements which translated into an increase of 2.2 per cent seat capacity.
International Hotel Investments plc shares increased by 1.4 per cent as four transactions of 11,175 shares were struck, to close at €0.71. During Wednesday’s trading session, the company reported the approval of its financial statements for the year ended December 31, 2014. After accounting for movements in fair value of properties, the Group recorded a loss after tax for the year ended December 31, 2014 of €16.3m compared to a profit of €0.3m in 2013. In view of the prolonged instability in Libya and economic conditions in the Russian Federation, revenue generated by Corinthia Hotel Tripoli and Corinthia Hotel St Petersburg in 2014, declined by circa €16.1m. This reduction was, however, principally compensated by increased revenues by the Group’s other properties in Europe and therefore the overall decrease in income for the financial year amounted to €7.4 million (a reduction of six per cent). This reduction in income inevitably impacted the Group’s EBITDA, which decreased by 18 per cent.
The shares of Plaza Centres plc, RS2 Software plc and Medserv plc held on to last week’s closing prices of €0.95, €2.97 and €1.90 respectively. While volumes were low in Plaza and RS2 shares, 73,566 shares changed hands in Medserv plc.
A single deal of 1,000 shares executed at €1.90 in Grand Harbour Marina plc led to a 1.1 per cent gain. In its annual audited results for the financial year ended December 31, 2014 published this week, the group recorded an 8.3 per cent increase in revenue, from €3.145 million in 2013 to €3.404 million in 2014. Profit before tax stood at €342k, as opposed to a €12.4k loss registered the previous year. Earnings per share increased to €0.02.
Another deal of 468 shares in MaltaPost plc upped its share price by 0.6 per cent to a new high of €1.42.
In the corporate bond market 17 issues were traded as turnover amounted to €288.5k – nine issues gained ground, three closed the week in negative territory and six closed unchanged.
In the sovereign debt market, 23 issues were active reaching a turnover of €7.6m – the recently listed 3% MGS 2040 (I) r took the lion’s share with a turnover of €4.65m and registering a two per cent gain.
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.