The Malta Stock Exchange (MSE) index halted three consecutive weeks of gains as the positive performance recorded by shares of Fimbank plc, RS2 Software plc and International Hotel Investments plc (IHI) failed to offset the declines recorded by financial services equities, namely Bank of Valletta plc, HSBC Bank Malta plc and Lombard Bank plc. As a result, the MSE index eased by 0.6 per cent to close at 4,418.733 points.

Total trading volume increased by 21.4 per cent from €1.43 million to €1.74 million on the week, spread across 15 equities, of which six increased in value, seven fell and two were unchanged.

In the financial services sector, Fimbank plc was the week’s only gainer as its share price rallied by 11 per cent to $0.50 after 18 deals of 271,798 shares.

Meanwhile, Lombard Bank Malta plc shares snapped its eight week winning streak as its share price fell by 5.2 per cent to €2.18, following eight deals of 25,819 shares.

In its interim directors’ statement the bank announced that for the period July 1 to date the bank continued to experience pressure on its after-tax profits during the first three quarters of 2015. Core business remained healthy with some areas showing noticeable improvement. The bank’s liquidity and capital ratios remained well in excess of regulatory thresholds during the period, while its subsidiary Maltapost plc reported an improved performance.

Similarly, the share price of Bank of Valletta plc traded in the red for the third consecutive week after falling by a further 4.6 per cent to €2.28 after a turnover worth €418,700 – 24 per cent of total trading value. The banking equity turned ex-dividend last Tuesday, so investors beyond this date are no longer entitled to the company’s final dividend payment of €0.085 (gross) per share.

Last Friday, the bank announced that the board of directors resolved to appoint Mario Mallia as chief executive officer with effect from January 1, 2016, succeeding Charles Borg, who will retire from the bank on December 31.

HSBC Bank Malta plc retreated by 3.2 per cent to close at €1.81 after 20 deals of 46,867 shares. The company announced that for the period July 1 to date, the bank reported a modest drop in profit before tax compared with the same period in 2014, primarily due to higher costs and a lower contribution from life insurance business. Customer deposits continued to rise and the bank maintains a strong liquidity and capital position.

Mapfre Middlesea plc shares inched 0.4 per cent lower to close the week at €2.29, as 14,602 shares changed hands in seven deals.

In the IT services sector, RS2 shares continued on their upward trajectory as the equity notched its fourth consecutive weekly gain, to close at an all-time high of €2.98, as 62 deals worth €519,000 pushed the share price up by 5.7 per cent.

Meanwhile, 6PM Holdings plc shares jumped by 4.6 per cent to £0.68, after a month of inactivity. A total of 16,797 shares were traded in six deals. In its interim directors’ statement the company announc­ed that the group has continued to experience growth in both revenue and profits in line with expectations.

Elsewhere, IHI shares appreciated by 4.8 per cent to €0.849 as 17 deals of 75,564 shares were negotiated, while Malta International Airport plc shares edged 1.5 per cent higher to close the trading week at an all-time high of €4.05.

In its interim directors’ statement, MIA announced that during the period under review its financial position has remained sound with a seven per cent increase in passenger movements from January to October 2015 over last year. Traffic for the rest of the year is expected to be similar or slightly higher than 2014, with forecasts in passenger movements exceeding 4.5 million.

In the property sector, Malita Investments plc shares more than reversed its previous week’s 1.1 per cent decline after gaining 2.2 per cent on the week to close at €0.93, as six deals of 20,000 shares were struck. In its interim directors’ statement published last Monday, the company announced that its performance was within that projected for the year to date and, subject to any unforeseen circumstances, the directors expect the company’s financial performance for the year ending December 31 to be within projections.

On a negative note, Midi plc shares plunged by 8.6 per cent to €0.32, over a turnover of just €11,500. The company announced that for the period July 1 to date, no material events have taken place.

During the period, the company entered into definitive deeds of transfer pertaining to Q1 apartments – profits from these sales will be registered in the company’s 2015 financial statements, which according to projections should result in it registering a profit for the 2015 financial year.

Meanwhile, Tigné Mall plc shares stood unchanged at their record high of €0.96.

Oil and gas logistics and services company Medserv plc eased 0.5 per cent lower to €2.14 – its first decline in seven weeks. The equity was traded in 17 deals of 45,330 shares. In its interim directors’ statement the company announc­ed that the second half of 2015 has seen a continued expansion of business across the whole spectrum of operations as results for the year’s third quarter have exceeded budget.

Also among the list of fallers, GO plc continued on its downward trend as its share price fell by a further 1.6 per cent to €3.10, after recovering from an intra-week low of €3.08, on a turnover of €53,000.

There was no movement in the share price of Maltapost plc, thus maintaining its all-time high of €1.99 on relatively thin volume.

In its interim directors’ statement, Global Capital plc an­nounc­ed that the company’s transformation strategy aimed at generating revenue growth, reducing operational costs and ensuring long-term financial stability is generating the desired result for the group.

In the corporate bond market, a total of 33 issues were active – 13 gained ground, nine declined and 11 closed unchanged. Total turnover dropped from €1.25 million the previous week to €799,000 last week.

In the sovereign debt market total turnover soared from €3.5 million the previous week to €8.7 million. Five short-dated issues eased lower, while the remaining 19 issues showed an upward trend. The 2.3 per cent MGS 2029 (II) FI Oct 15 r was the most liquid issue as 131 deals worth €3.87 million were executed.

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.

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