It was a short week for the Malta Stock Exchange (MSE), as the local market was closed for trading on Victory Day last Tuesday.
Significant gains were registered by Medserv plc (MDS) and RS2 Software plc as both reached record highs, thus pushing the MSE index to a fresh seven-year high of 4,308.120 points.
Falls in the share prices of 6PM Holdings plc and Bank of Valletta plc (BOV) last Friday dragged the index slightly lower to close at 4,295.849 points, thus strengthening by 1.53 per cent over the week.
Last week’s upward momentum was achieved despite a lower turnover worth €769,000, representing a 50.6 per cent drop from the previous week.
Activity was spread across 15 equities, of which 10 gained, three fell out of favour and two remained unchanged.
Mapfre Middlesea plc shares snapped their two-week losing streak as the equity spiked by 6.1 per cent to retouch a six-year high of €2.25. There were a total of eight deals of 10,098 shares.
During the week, the company announced that Felipe Navarro Lopez de Chicheri has been appointed as chief executive officer with effect from October 1, in lieu of Alfredo Munoz Perez, subject to regulatory approval.
In the IT services sector, RS2 shares closed at an all-time high of €2.50, as investors remain bullish regarding the IT services company. Over the week, its share price rallied by 5.5 per cent after the third highest turnover worth €123,000.
Conversely, two deals of 30,000 shares in 6PM an hour before the market closed on Friday weighed the equity 4.8 per cent lower to close at £0.70.
Meanwhile, the share price of HSBC Bank Malta plc advanced for the third consecutive week to close two per cent higher at €1.846, as 15 deals of 34,464 shares were struck.
BOV shares appreciated by 0.4 per cent on the week, having traded in the highest turnover, worth €190,000, to close at €2.26.
Lombard Bank Malta plc shares closed at €2.12, just €0.03 shy of a 45-month high of €2.15 reached last week.
The equity fell by 1.4 per cent over the week as 9,475 shares changed hands in four deals.
After six weeks of inactivity, Grand Harbour Marina plc shares jumped by 5.8 per cent, as a single deal of 2,000 shares was struck at €1. During the period of inactivity, the company published its interim results for the period ending June 30.
Meanwhile, for the fourth week in a row, oil and gas logistics and services company Medserv plc ended the week at a fresh all-time high of €3 as the equity gained a further 1.7 per cent, as five deals of 19,993 shares were executed.
Elsewhere, International Hotel Investments plc shares closed last week’s trading session up by 2.6 per cent at €0.80, while Malta International Airport plc shares rebounded from two weeks of declines as the equity rose by 1.4 per cent to €3.895.
Go plc’s share price edged 0.1 per cent higher to close the week at €3.499, after the second highest turnover worth €127,000, representing 17 per cent of total turnover.
In the property sector, Midi plc’s share price climbed two per cent higher to close at a 44-month high of €0.36, as 64,800 shares were traded in seven deals.
In the same line of business, Tigné Mall plc shares fell marginally by 0.1 per cent to close the week at €0.929, as a single deal of a scant 1,000 shares was completed.
There was no movement in the share price of Malita Investments plc as the equity traded at €0.938.
Similarly, Simonds Farsons Cisk plc closed the week unchanged, maintaining its price of €5.55 for the third consecutive week. The equity was active in four deals of 3,346 shares.
In the corporate bond market, total turnover dropped to €465,000 – a 51.4 per cent decline week-on-week. Out of the 16 traded issues, six lost ground while gainers and non-movers tallied at five.
The highest volume of turnover, worth €99,600, was in the 5.5 per cent Mediterranean Investments Holdings plc unsecured € 2020 issue, which fell by 1.6 per cent to close at €104.
The 5.8 per cent International Hotel Investments plc 2021 issue recorded the strongest gains as its price climbed 0.8 per cent higher to €108.90, over thin volume.
Meanwhile, the six per cent Pendergardens Developments plc secured € 2022 Series II and the 5.1 per cent PTL Holdings plc unsecured € 2024 issues both fell by 1.8 per cent over the week, to close at €110 and €110.02, respectively.
In the sovereign debt market, activity was spread across 21 issues, of which 14 rose, six declined and one closed the week unchanged.
The massive increase in turnover from €3.17 million to €8.72 million last week, highlights a flight to quality towards the end of the week.
This was in line with trading activity in the broader European sovereign debt market.
As yields dropped across most of the medium- to long-term local government stocks, prices advanced, with the exception of the 4.1 per cent MGS 2034 (I) and the three per cent MGS 2040 (I) issues, having closed the week lower at €124.75 and €106.05 respectively.
Heading the list of gainers was the 4.8 per cent MGS 2028 (I) issue, having gained 1.1 per cent as two deals of 33,000 nominal were traded.
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.