The Malta Stock Exchange (MSE) Index continued to trend higher, ending Friday’s session at a fresh multi-year high of 4,096.937 points, after registering a week-on-week gain of 0.45 per cent. Pushing the index higher were shares of RS2 Software plc (RS2), Simonds Farsons Cisk plc (SFC), and Go plc – all of which ended the week at multi-year high price levels. Trading in the opposite direction were shares of HSBC Bank Malta plc (HSBC), International Hotel Investments plc (IHI), and MaltaPost plc.
Total trading value increased by 9.5 per cent to €2.09 million, spread over 17 securities – of which 10 closed in positive territory, six headed south, while one closed unchanged.
In the banking industry, total turnover stood at €748k, with the bulk of the trades being executed across shares of Bank of Valletta plc and HSBC. The former inched 0.4 per cent higher, to close the week at the €2.298 price level. The banking security was negotiated over 59 deals of 147,781 shares. Meanwhile, selling pressure in shares of HSBC led to a weekly decline of 1.1 per cent over a trading volume worth €345k, to completely reverse any of the gains registered during the previous week.
In the same line of business, Lombard Bank Malta plc strengthened by a further 1.4 as five transactions of 28,727 shares were struck, while shares of FIMBank plc appreciated by 0.2 per cent on relatively thin volume.
Following last week’s 2.2 per cent decline, Mapfre Middlesea plc shares recovered by 0.3 per cent on five deals of 14,180 shares, to close at €1.825.
In the IT services sector, RS2 shares soared by 10 per cent over the highest turnover for the week – representing 19.7 per cent of total trading value. RS2 shares ended the week€0.001 shy of their all-time high of €1.97 reached during intra-day trading.
SFC shares were second to none, having rallied by 11.1 per cent to a fresh record high of €4.50 – albeit on low volume, as 2,944 shares changed hands over three deals.
The logistics services company for oil and gas, Medserv plc, ended the week at yet another record high of €2.355, following a 2.4 per cent advancement – dealt over nine trades of 24,260 shares.
Go plc, continued to gain momentum, as buying interest pushed the equity’s price up by 3.8 per cent over a turnover worth €348k. The telecommunications company’s equity ended the week at a fresh eight-year high of €3.425.
Two other gainers for the week were MIDI plc and Tigné Mall plc, recording a gain of 2.1 and 1.2 per cent, respectively. MIDI’s gain in share price was witnessed over a single deal of just 8,000 shares, while Tigné Mall plc advanced over five deals of 19,500 shares.
Heading the list of fallers were shares of IHI, whose price dipped by 4.8 per cent in value on 26 trades of 271,665 shares. On Thursday, the company announced that it has now completed its due diligence exercise with reference to the execution of a conditional agreement for the acquisition of all the issued share capital of Island Hotels Group Holdings plc (IHGH). The voluntary bid will be made by IHI in respect of all the issued shares in IHGH, and will be set out in an offer document to be issued by IHI on or around July 1. The consideration to be offered will consist in either a combined consideration or a cash alternative.
MaltaPost plc failed to sustain its all-time high of €1.55, as three transactions of 6,466 shares dragged the postal services company’s share price down by 3.2 per cent to €1.50.
Malita Investments plc shares declined by a further 1.1 per cent in value as 11 deals of 48,400 shares were negotiated. The special purpose vehicle ended the week at its six-week low of €0.89 over a turnover of €43k.
The other fallers for the week were Grand Harbour Marina plc (GHM) and Plaza Centres plc, down by 1.3 and 0.9 per cent, respectively. The latter’s decline was recorded over four deals worth €126k, while GHM’s share price declined on low turnover, worth €15k.
The non-mover for the week was Malta International Airport plc (MIA), whose shares closed unchanged at €3.35, after witnessing trades dealt between the €3.325 and €3.35 price band. Total turnover across shares of MIA totalled €33k.
On the corporate bond front, total turnover declined by 48.4 per cent, from €1.22 million to €629k. Activity was spread over 20 issues, of which eight rose in value, three closed in the red, while nine close unchanged. The 7.5% Mediterranean Bank plc Subordinated Bonds EUR 2019 issue was the best performer for the week, up by 0.6 per cent to €108. On the other hand, the 5% Hal Mann Vella Group plc Secured Bonds € 2024 retreated by 1.8 per cent to €109.51.
In the sovereign debt market, 18 out of the 21 traded Malta Government Stocks rebounded from the declines registered over the past two weeks, with the 3% MGS 2040 (I) r issue recovering by 1.6 per cent to €108. The 4.65% MGS 2032 (I) was the most liquid issue for the week, representing 23.6 per cent of the €11.93 million in total trading value. The decline in yields across long-dated issues mirrors that recorded across government bond issues with exposure to Greek debt, such as Italy and Spain.
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 e-mail:jesmond.mizzi@jesmondmizzi.com.