During last week’s three trading sessions, the Malta Stock Exchange (MSE) index extended its previous 0.87 per cent gain by a further 0.81 per cent to close at 4,544.983 points. The leading equity was 6PM Holdings, having rallied by 10.4 per cent on the week. However, the share of larger capitalised stocks, namely Bank of Valletta (BOV), HSBC Bank Malta plc and Malta International Airport plc, were the main contributors in lifting the MSE higher. Meanwhile, most of the traded property equities and Lombard Bank Malta plc witnessed declines.

Total weekly trading value fell from €1.41 million to €911,000. Of the 16 traded equities, nine rose, four fell and three were unchanged.

6PM’s share price surged by eight pence to its all-time high of £0.85 after 22,367 shares were traded in three deals. This trading activity followed the company’s announcement that a meeting of the board of directors was held 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 company’s issued share capital.

An extraordinary general meeting will be held for shareholders to consider whether to furnish information, including unpublished price-sensitive information, as may be necessary to enable the bona fide offerors, the bona fide transferors and their advisors to make, confirm, withdraw or modify any offer.

RS2 Software plc shares climbed 2.2 per cent last week to reach €3.78. A total of 57,457 shares changed hands in 19 transactions.

HSBC shares gained 1.3 per cent to close at €1.60 after four deals of 8,768 shares. BOV rose 0.04 per cent to €2.27, on a turnover of €196,000. The equity traded at a low of €2.24 but recovered to close at €2.27.

Fimbank plc shares added a further 1.4 per cent to its previous 6.6 per cent increase, to close the week at $0.735 per share, following six deals of 12,664 shares.

Lombard Bank Malta plc shares gave back some of their previous 4.7 per cent gain, as its share price fell 2.2 per cent to €2.20, as four deals of 17,800 shares were struck. Last Monday, the equity traded for the first time without entitlement for the next dividend payment.

Malta International Airport plc shares traded two per cent higher at €4.499. The equity recorded a turnover of 18,797 shares in 10 deals.

Last Friday, MIA’s share price turned ex-dividend and investors also digested the company’s statement that Flughafen Wien AG had 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) Ltd. Consequently, Flug­hafen Wien AG has consolidated its indirect equity stake in MMLC Holdings Malta Ltd, 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.

Elsewhere, Medserv plc shares more than recouped its previous 2.9 per cent decline, having surged by 4.9 per cent, to close the week at a 10-week high of €1.73, as 23,051 shares changed hands in seven deals.

Among the list of gainers, a single deal of 500 shares in Simonds Farsons Cisk plc was struck at €6.04, thus pushing the equity 0.7 per cent higher.

In the property sector, on the back of positive financial results, Midi plc shares were the only gainers, having notched in a weekly advance of 5.6 per cent, as 150,000 shares changed hands in seven deals. The equity closed the week at a four-year high of €0.38.

Last Monday, the group reported a net profit of €9.9 million, compared to a €2.2m loss 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 threefold increase in revenue from 2014 at €41 million. Earnings per share stood at €0.046. The board of directors resolved to recommend for approval a final net dividend of €1.5 million, equivalent to €0.007 per share, which will be paid to registered shareholders as at April 11, and payable by May 27.

On the other hand, Malita Investments plc shares fell 3.2 per cent to €0.92, as a single deal of 10,000 shares was transacted, and Plaza Centres plc’s share price fell one per cent to €1.035 after one deal of 23,000 shares.

Malta Properties Company plc shares also closed the week lower, having retracted by half a per cent on 13 deals of 39,211 shares.

There was no movement in the price of Tigné Mall plc shares, which stood unchanged at €1.049.

The share price of International Hotel Investments plc (IHI) initially traded at a high of €0.70, but then droped sharply to €0.64 in the final hour of trading last Friday, thus closing the week unchanged, on a turnover worth €102,000.

Similarly, the shares of GO plc traded unchanged at €3.45 after eight deals of 11,521 shares, thus halting their seven-week winning streak of consecutive gains.

During the week, Mapfre Middlesea plc announced that its next annual general meeting will be held on April 22.

Last Tuesday, Grand Harbour Marina plc announced its financial statements for the period ended December 31, 2015. The group reported a pre-tax profit of €463,000, compared with €342,000 in 2014. Revenue amounted to €3.7 million, up by 9.5 per cent from the previous year. The positive annual financial results were as 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. Earnings per share was reported at €0.01.

In the corporate bond market, total turnover stood at €433,000 – a week-on-week decline of 35.3 per cent. Out of the 19 traded issues, eight advanced, four lost ground and seven stood unchanged. While the six per cent Pendergardens Developments plc secured € 2022 Series II issue recorded the week’s best performance with a gain of 1.8 per cent, to close at €112, the 6.25 per cent IHI plc € 2017-2020 issue fell by 4.3 per cent to €101, as one deal of 10,000 nomi­nal was transacted.

In the sovereign debt market, 22 issues were active, of which 19, the majority being long-dated issues, gained ground while three short-dated issues declined as maturity nears. The recently issued 2.5 per cent MGS 2036 (I) r traded 0.7 per cent higher to close the week at €104.70, having recorded the highest liquidity, with a turnover of approximately €4 million. Total turnover for the week stood at €9.2 million.

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.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.