The Malta Stock Exchange index declined by a significant 1.65 per cent, to close at 4,473.091 points. Activity was spread across 17 equities of which four gained ground, eight fell and five closed unchanged. Turnover amounted to €1.1 million.

GO plc shares headed the list of fallers, having plunged by €0.595 or 17.1 per cent as 40 trades of 104,520 shares were struck, to close at €2.885. This decline came as a reaction to the company’s announcement on Tuesday, stating that it has selected La Société Nationale des Télécommunications (Tunisie Telecom) as the final preferred bidder. A voluntary bid of €2.87 per share of the entire issued share capital of the company will be submitted.

Furthermore, on Wednesday, GO stated that Tunisie Telecom has announced its intention to proceed with a voluntary offer for the issued share capital of GO. Shareholders who decide to accept the voluntary bid will be entitled to receive a cash consideration of €2.87 per share.

Emirates International Telecommunications (Malta) Limited, which owns 60 per cent of the issued share capital of the company, has irre­vocably undertaken to accept the voluntary bid.

Malta Properties Company plc shares fell by 4.1 per cent across 16 deals of 116,184 shares, closing at €0.51.

In the banking sector, Bank of Valletta plc shares were the only positive performers having advanced by 0.4 per cent as 41 deals of 75,552 shares were negotiated, closing at €2.239. On Thursday, BOV announced that, with reference to recent media reports of alleged deliberate breaches of anti-money laundering regulations, the bank refutes in the strongest possible terms that it deliberately breached any law or regulation, inviting any person who has concerns regarding the bank’s conduct to raise such concerns with the appropriate supervisory authorities.

On the other hand, HSBC Bank Malta plc shares registered a 1.2 per cent decline as 81,250 shares changed ownership across 23 trades, to close at €1.602.

Likewise, Lombard Bank Malta plc shares edged 0.9 per cent lower over a sole transaction of a mere 500 shares executed at €2.12.

Simonds Farsons Cisk plc shares more than erased the previous week’s loss having advanced by 2.9 per cent as two deals of 679 shares were executed, to close €0.181 higher at €6.40. During the week, the company announced that in anti­cipation of the proposed spin-off of the Farsons Group’s non-operational property assets into a newly listed public limited company, conditional to shareholders’ approval in 2017, as from June 1, 2016 the board of directors has appointed Charles Xuereb as CEO and Christopher Ciantar as Chief Operations Officer of Trident Developments Ltd – a fully owned subsidiary of the Farsons Group. Dr Ciantar will be supporting Mr Xuereb in the implementation of infrastructural projects, including the rehabilitation and conversion of the old brewery building into an office business park, car park and ancillary services, a visitors’ attraction and food and beverage outlets. The separate board of directors for the proposed spin-off is intended to benefit and enhance shareholder value.

In the IT sector, RS2 Software plc shares eased 0.03 per cent to €3.499 across 19 trades of 45,834 shares. Meanwhile, 6pm Holdings plc shares closed unchanged at £0.95 as the equity was active on two deals of 5,000 shares.

Medserv plc shares registered a 0.6 per cent gain over eight transactions of 13,390 shares, to close at €1.76. On Thursday, the company announced that it has been awarded a contract by ENI to provide logistics base and associated services for its exploration activities taking place offshore Portugal, Alentejo Basin. The contract duration is six months with possible extensions. In order to provide these services, the company has incorporated a wholly owned subsidiary in Portugal with the name of MDS Energy Portugal Unipessoal LDA. It is expected that this contract shall be serviced through the group’s internal resources.

Elsewhere, GlobalCapital plc shares rose by a minimal 0.2 per cent over a sole deal of a scant 400 shares, closing at €0.451.

Conversely, MIDI plc shares slipped by 0.5 per cent across four transactions of 20,856 shares, to close at €0.388. In its interim directors’ statement, the company announced that no material events and/or transactions have taken place, since the beginning of the current year, that would have an impact on the financial position of the company such that they would require specific mention.

International Hotel Investments plc shares partially erased the previous week’s gains having declined by 0.2 per cent, closing at €0.649. The equity was active on five trades of 10,317 shares.

Malta International Airport plc shares declined by 1.7 per cent over 13 transactions of 17,662 shares, to close €0.075 lower at €4.30.

The other non-movers for the week were Mapfre Middlesea plc, MaltaPost plc, Malita Investments plc and Tigne Mall plc shares having closed unchanged at €2.20, €1.92, €0.90 and €1.06 respectively.

In its interim directors’ statement, Plaza Centres plc highlighted that, since the start of the year, performance was in line with expectations and centre visitors stood at satisfactory levels. Occupancy increased by two per cent in quarter one when compared to the corresponding period in 2015 and is expected to remain high throughout the year. The company has signed a promise of sale agreement for the acquisition of commercial real estate in Sliema, which, subject to meeting the conditions set, should be concluded in October 2016. The equity was not active this week.

In the corporate bond market turnover amounted to €1.1 million spread across 32 issues of which 14 fell in value, seven increased and 11 closed unchanged. The 4.5% Medserv plc Unsecured € 2026 was the most liquid issue having witnessed a turnover of €220,525, closing 0.1 per cent lower at €105.

In the sovereign debt market 22 issues were active of which three declined and 19 advanced as turnover totalled €8.7 million. The 4.6% MGS 2020 (III) was the best performer having increased by 1.1 per cent, to close at €117.25, while the 2.5% MGS 2036 (I) was the most active issue having witnessed a turnover of €3.7 million, closing 0.02 per cent lower at €105.98.

This article, 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 .