The Malta Stock Exchange (MSE) index snapped its three-week winning streak with a 1.18 per cent decline last week. Despite positive returns in some of the traded property equities and RS2 Software plc, the large capitalised equities, including most of the banking equities and International Hotel Investments plc traded in the opposite direction, thus dragging the MSE lower, to close at 4,533.256 points.
Total trading value stood at €1.84 million – a 20 per cent rise week-on-week. Trading activity was spread across 17 equities, of which six ticked higher, 10 fell out of favour and one closed unchanged.
In the financial services sector, the share price of HSBC Bank Malta plc plunged by 4.2 per cent, closing at its weekly low of €1.59 having traded across 22 deals of 90,569 shares. After close of trading last Friday, HSBC announced that during its annual general meeting (AGM) last Friday all the ordinary resolutions on the agenda were approved, including the payment of a final gross dividend of €0.026 per share.
Bank of Valletta plc wiped out its previous gain as its share price retreated last week by 0.6 per cent to €2.27 after the week’s highest turnover worth €336,000.
Five deals of 14,587 shares in Lombard Bank Malta plc lowered its price by 2.2 per cent to €2.18.
Fimbank plc shares extended their weekly gains for the sixth consecutive week as its share price rebounded in the final minutes of trading last Friday. Last Tuesday, the equity traded without the entitlement to one for every 25 shares held. Despite hitting a weekly low of $0.70, the equity closed the week 2.1 per cent higher at $0.727 after 16 deals of 445,831 shares.
Mapfre Middlesea plc shares sank by 2.8 per cent to close at €2.42 after five deals of 20,347 shares.
Among the list of fallers, International Hotel Investments plc plunged by 4.6 per cent to €0.62, as 125,055 shares changed hands in 13 deals.
Malta International Airport plc added a further 0.1 per cent to its previous week’s decline to close the week at €4.375, after 12 deals of 18,090 shares. This modest fall occurred despite the announcement of strong winter passenger movements. Quarterly performance was boosted by the Easter holiday, including a 19 per cent rise in passenger growth in March, over the previous year. In the first quarter, the UK, Italy, Germany, France and Turkey were the main contributors to the increase in traffic to Malta.
A single deal of a scant 1,000 shares in Medserv plc reversed its course from the previous week, as its share price fell 1.1 per cent to close the week at €1.781.
GO plc shares eliminated their previous 0.9 per cent gain, as they retreated back to €3.45 after 21 deals of 85,131 shares. Last Monday, the equity traded ex-dividend.
6PM Holdings plc shares fell 0.6 per cent to £0.875, just shy of their all-time high of £0.88, achieved the previous week. The equity was active on 33,400 shares spread across six deals.
RS2 Software plc’s share price advanced by half a per cent to €3.82, to notch its fourth weekly gain, as 13 deals of 69,818 shares were struck. Last Thursday, the company announced that the board of directors is due to meet on April 28 to consider the approval of the audited financial statements for the financial year ended December 31, 2015, and the recommendation of a declaration or otherwise of a final dividend.
Simonds Farsons Cisk plc continued to trade higher for the third consecutive week at €6.11, thus locking in a weekly gain of 0.2 per cent, having traded on a thin volume of 1,813 shares in two deals. During the week, the company announced that the board of directors will meet on May 12 to consider and approve the audited financial results for the year ended January 31, 2016, and the declaration or otherwise of a final dividend to be recommended to the AGM on June 28.
In the property sector, five deals of 30,500 shares lifted the share price of Tigné Mall plc higher by 9.5 per cent to €1.15, while Plaza Centres plc shares gained 1.5 per cent on the week to close at €1.035 as four deals of 65,500 shares were executed.
Last Friday, Tigné Mall plc announced its financial results for the year ended December 31, 2015. The company reported a pre-tax profit of €2.87 million, compared to €2.32m the previous year. The rise in profit wasdue to an increase in revenue from additional retail space. Revenue for the period amounted to €5.7 million – up by 9.1 per cent from 2014. Earnings per share stood at €0.0293. The board of directors will recommend for approval at the next AGM the payment of a final net dividend of €0.0125 per share, to be paid on July 12 to registered shareholders as at June 24.
Malta Properties Company plc’s share price extended its upward momentum by a further 0.3 per cent, closing the week at €0.592, having reached an intra-week high of €0.61. The equity was active in 11 deals of 126,230 shares.
Malita Investments plc shares closed the week 1.2 per cent lower at €0.929, as five deals of 62,870 shares were concluded.
The week’s only non-mover was Midi plc, having closed at €0.37, on two deals of 13,600 shares.
In the corporate bond market, total turnover more than doubled to €1.6 million. Out of the 29 traded issues, eight gained ground, 12 closed in the red and nine closed unchanged. The six per cent Pendergardens Developments plc secured € 2022 Series II issue climbed 3.2 per cent higher to €114, on 12 deals of 415,000 nominal, while the five per cent Hal Mann Vella Group plc secured bonds € 2024 issue closed three per cent lower at €105.
In the sovereign debt market, trading activity was spread across 22 issues, of which 12 rose and 10 fell. The 2.5 per cent MGS 2036 (I) r issue was the week’s most liquid traded security, having reached a turnover worth €8.1 million, representing 60 per cent of the €13.7m total turnover in the sovereign debt market.
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.