The Malta Stock Exchange (MSE) index extended the previous week’s 0.22 per cent increase by a further 0.39 per cent increment, to close the week at 4,459.93 points.
Gains posted by Bank of Valletta plc (BOV), which holds the largest weighting on the index, and Fimbank plc more than offset the declines witnessed in the share price of GO plc, Malta International Airport plc (MIA) and Malta Properties Company plc (MPC).
Total turnover rose by 88.6 per cent to €1.7 million, spread across 16 equities, of which gainers and fallers tallied at four, while eight stood unchanged.
In the financial services sector, the share price of BOV closed 0.7 per cent higher at €2.215, after touching an intra-week high of €2.235, after the second highest turnover for the week, worth €227,000.
Moreover, Fimbank plc shares rallied by 8.3 per cent to close at $0.91 – a level last seen in January 2013, as 266,433 shares changed hands in 15 deals.
Meanwhile, HSBC Bank Malta plc and Lombard Bank Malta plc shares ended the week unchanged at €1.60 and €2.00, respectively. HSBC was active in 19 deals of 78,352 shares, while Lombard recorded a turnover of €59,000 spread across seven deals.
Similarly, Mapfre Middlesea plc shares traded flat at €2.20, on a low volume of 3,756 shares. Last Wednesday, the company announced that the board of directors is scheduled to meet on July 21 to approve the interim financial statements for the half-year ended June 30, 2016.
In the IT services sector, RS2 Software plc shares extended its rebound to the third consecutive week, having notched a further increment of 0.3 per cent to close at a one-month high of €3.50, on five deals of 12,675 shares.
Elsewhere, the share price of International Hotel Investments plc oscillated between a weekly low of €0.63 and a high of €0.65 at which it closed the week – up by 0.2 per cent. The equity was active in the highest turnover for the week, worth €902,000.
On a negative note, the main laggard for the week was GO plc after it retracted by 1.7 per cent to €2.85. Last Tuesday, GO announced that Tunisie Telecom had published its offer document with the terms and conditions of its voluntary offer available to shareholders on the company’s share registrar as at last Thursday. The acceptance period, during which GO’s shareholders may accept Tunisie Telecom’s offer, is between June 24 and July 22. The equity was active in six deals of 6,900 shares.
Tunisie Telecom published the terms and conditions of its voluntary offer available to shareholders as at last Thursday. GO shareholders may accept the offer between June 24 and July 22
In the property sector, a single deal of 690 shares in Malta Properties Company plc wiped out its previous gains as the share price sagged by 5.2 per cent back to €0.51.
The other traded property equities, namely Midi plc and Malita Investments plc shares, closed the week unchanged at €0.38 and €0.90, respectively.
Meanwhile, the share value of MIA eased by 0.9 per cent to a five-month low of €4.26, as 3,834 shares changed hands in six deals.
Global Capital plc shares also gave up some of its previous gains, having eased 0.2 per cent lower on the week to €0.499, on one deal of 2,000 shares.
The other non-movers for the week were Simonds Farsons Cisk plc, Medserv plc and Maltapost plc shares, which traded at €6.30, €1.75 and €1.80 respectively.
During the week, Grand Harbour Marina plc announced that during the annual general meeting held last Tuesday, shareholders approved the audited financial statements of the company for the financial year ended December 31, 2015.
In the corporate bond market, total turnover fell by 34.5 per cent week-on-week to €1.03 million, spread across 33 issues, of which eight increased, another eight declined, and 17 remained unchanged. The six per cent Mediterranean Bank plc subordinated unsecured € 2019-2024 issue gained by 1.8 per cent on the week, to close at €107.87, while the 5.8 per cent IHI plc 2023 issue fell by 1.9 per cent to €107, on four deals of 16,100 nominal.
In the sovereign debt market, all the 22 traded issues closed the week in the red, moving in sympathy with the sovereign bonds of the European peripherals as yields ticked higher. The 2.5 per cent MGS 2036 issue reached an intra-week high of €106, to then close at €105.50 – down by 0.8 per cent on the week. This was also the most liquid issue, with a total trading value of €1.5 million, representing 33 per cent of total turnover, worth €4.6 million.
During the week, the yield on the 10-year benchmark German bund fell into negative territory for the first time following heightened concern about the outcome of the UK’s referendum on whether to exit the European Union – which will be decided on Thursday. Brexit concerns also weighed in the decision of the United States Fed chair, Janet Yellen, last Thursday, to leave its benchmark interest rate unchanged.
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.