The Malta Stock Exchange index gained three per cent in the first quarter of 2016, compared to an eight per cent decline registered in the Euro Stoxx 50 Index. Moreover, the local index ended this three day trading week 0.81 per cent higher at 4,544.983 points.
Turnover amounted to €911,088 spread across 16 equities of which nine rose in value, four declined and three closed unchanged.
6pm Holdings plc announced that a meeting of the board of directors was convened last Monday after the board was informed by shareholders holding a substantial shareholding that interest has been shown in the acquisition of their shares. Subject to the satisfactory conclusion of due diligence exercise, it is the intention of the interested parties to launch a voluntary bid for the acquisition of all the issued share capital of the company. As a result, an extraordinary general meeting will be held for the shareholders to consider whether to furnish in confidence such information including unpublished price-sensitive information as may be necessary to enable the bona fide offerers, the bona fide transferers and their advisers to make, confirm, withdraw or modify any offer.
The IT equity was negotiated over three deals of 22,367 shares, registering a £0.08 or 10.4 per cent rally in two days, closing at an all-time high of £0.85 – an impressive 21.4 per cent gain over the first quarter.
In the same sector, RS2 Software plc shares appreciated by 2.2 per cent across 29 trades of 57,457 shares, closing €0.08 higher at its weekly high of €3.78 – up by 18.6 per cent in the first quarter.
In the banking sector, Bank of Valletta plc shares increased by a modest 0.04 per cent over 33 deals of 87,139 shares, closing at €2.27.
Meanwhile, HSBC Bank Malta plc shares advanced by 1.3 per cent as four trades of 8,768 shares were struck, to close at €1.60.
FIMBank plc shares registered a 1.4 per cent gain across six transactions of 12,664 shares, closing at $0.735.
Conversely, the share price of Lombard Bank Malta plc partially erased the previous week’s gain, having declined by 2.2 per cent as 17,800 shares changed ownership, to close €0.05 lower at €2.20.
Elsewhere, GO plc shares closed unchanged at €3.45 as eight deals of 11,521 shares were negotiated. Last Monday, the company announced that its annual general meeting will be held on May 11, 2016.
The other non-movers this week were International Hotel Investments plc and Tigne Mall plc having closed at €0.64 and 1.049 respectively.
Malta International Airport plc shares more than recouped the previous week slight decline having gained €0.089 or two per cent as 10 deals of 18,797 shares were executed, closing at its weekly high of €4.499. The local airport operator reported that Flughafen Wien AG has announced the fulfilment of the conditions and thus the legally valid closing of the share purchase agreement to acquire SNC-Lavalin Group Inc.’s indirect stake in SNC-Lavalin (Malta) Limited. Consequently, Flughafen Wien AG has consolidated its indirect equity stake in MMLC Holdings Malta Limited, a significant shareholder in MIA. In total, the consolidated holding of Flughafen Wien AG in MIA, directly and indirectly, is now in excess of 48 per cent.
MIDI plc shares advanced by 5.6 per cent over seven transactions of 150,000 shares, to close at €0.38. On Monday, in its financial statements for the year ended December 31, 2015, the Group reported a profit after tax of €9.9 million, compared to a loss of €2.2 million registered the previous year. Profit for the year under review included gains from changes in fair value of investment property, amounting to €4.9 million before the impact of deferred taxation. The Group also reported more than a three fold increase in revenue from 2014 at €41 million.
The board of directors also resolved to recommend for approval, a final net dividend of €1.5 million, equivalent to €0.007 per share which will be paid to shareholders on the company’s share register as at the close of business on April 11, 2016 and payable not later than May 27, 2016.
Medserv plc shares recouped 4.9 per cent as 23,051 shares changed hands, closing €0.08 higher at €1.73.
Conversely, Malita Investments plc shares fell by a further 3.2 per cent over a sole transaction of 10,000 shares executed at €0.92.
Simonds Farsons Cisk plc shares edged 0.7 per cent higher across a single trade of a mere 500 shares, closing at €6.04.
On a negative note, the share price of Plaza Centres plc slipped by one per cent over one deal of 23,000 shares, to close at €1.035.
Malta Properties Company plc shares registered a decline of 0.5 per cent, closing at €0.56. The equity was negotiated across 13 transactions of 39,211 shares.
Grand Harbour Marina plc announced its financial statements for the period ended December 31, 2015. The Group reported a profit before tax of €463,000, in comparison to the €342k registered in 2014. Revenue amounted to €3.7 million, increasing by 9.5 per cent from the previous year. The positive annual financial results were a result of continued improvements in the performance at GHM, the support of a joint venture partner, IC Holdings and improved performance at IC Cesme Marina. The equity was not active this week.
In the corporate bond market 19 issues were active of which eight rose, four decreased and seven closed unchanged as turnover amounted to €433,454.
In the sovereign debt market turnover totalled €9.2 million spread over 22 issues of which 19 gained ground and three short-dated issues declined marginally.
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 .