The Malta Stock Exchange (MSE) index closed the week marginally lower by 0.03 per cent at 4,424.942 points on mixed trading.
The index’s performance was weighed down by declines in Malta International Airport plc (MIA) and International Hotel Investments plc (IHI), while Bank of Valletta plc (BOV), GO plc and Malta Properties Company plc (MPC) managed a positive return for the week.
Total trading value stood unchanged at €1.2 million, spread across 12 equities, of which gainers and non-movers tallied at three, while six fell out of favour.
Telecommunications company GO plc notched a seven-week winning streak with a modest gain of 0.3 per cent, to close the week at €3.15 – a level last reached in May, as 25,346 shares changed hands in 14 deals.
Last Wednesday, GO announced changes in the posts of non-executive directors of the company and that Nizar Bouguila was appointed as chairman to the board of directors, with effect from September 9.
In the property sector, MPC shares fully recovered its previous 3.7 per cent drop, having rallied by 3.9 per cent over the week, to reach a two-week high of €0.54, after 16 deals of 153,871 shares.
The other traded property equity, Malita Investments plc, closed the week 1.2 per cent lower at €0.86, as 36,900 shares changed hands in five deals.
In the financial services sector, BOV shares turned positive on the week by Friday’s trading session – recording an upward move of 0.4 per cent to €2.26 in the second highest turnover of €176,000. Meanwhile, HSBC Bank Malta plc closed the week unchanged at €1.60, on 26 deals of 86,638 shares.
Similarly, Fimbank plc shares traded flat throughout the week at $0.915, after three deals of 60,000 shares.
Conversely, Mapfre Middlesea plc shares headed the list of fallers on thin trading of 130 shares, which dragged its share price 1.4 per cent lower to a two-week low of €2.07.
Elsewhere, MIA shares traded at a weekly low of €4.205 and a high of €4.25, to then close at €4.24 – down by 0.2 per cent on the week – as 12 deals of 13,049 shares were struck.
Total trading value stood unchanged at €1.2 million, spread across 12 equities, of which gainers and non-movers tallied at three, while six fell out of favour
Meanwhile, IHI shares registered a 0.8 per cent decline to €0.635, following four deals of 19,445 shares.
Last Tuesday, IHI announced its acquisition of the remaining 80 per cent shareholding in QPM Ltd, a multidisciplinary consultancy company providing services in architecture, civil and structural engineering, integrated building services, interior design, project management, cost management and sustainability management. The IHI board is confident that full ownership of QPM will enable the company to achieve its strategic objective to develop and operate properties worldwide.
Oil and gas logistics and services company Medserv plc gave up 1.3 per cent of its previous 4.7 per cent gain, to close the week at €1.55, as 10 deals of 90,895 shares were negotiated.
The share price of Simonds Farsons Cisk plc (SFC) eased by 0.2 per cent to close the week at €6.49 after the highest turnover worth €313,000.
During the week, SFC announced that its board of directors are scheduled to meet on September 28 to consider the financial statements for the six-month period ending July 31, 2016, and to consider the declaration or otherwise of an interim dividend on all registered ordinary shareholders as at October 5, 2016.
The week’s other non-mover was RS2 Software plc, which closed at €1.64 after trading at a high of €1.68 and a low of €1.615, as 67,972 shares were traded in 24 deals.
In the corporate bond market, total turnover fell by 8.3 per cent to €1.1 million, as 34 issues were traded, of which 14 issues moved higher, six declined and another 14 remained unchanged.
The 5.1 per cent PTL Holdings plc unsecured € 2024 recorded the best performance for the week as it surged by 4.9 per cent to €107, while the 5.75 per cent IHI plc unsecured € 2025 issue fell by 1.8 per cent to close at €107.98 on six deals of 35,600 nominal.
In the sovereign debt market, all of the active issues except the 2.4 per cent MGS 2041 (I) r issue fell in value – the 2.3 per cent MGS 2029 (II) registered the worst performance with a 0.8 per cent decline to close at €112.80. Meanwhile, the long-dated 2.4 per cent MGS 2041 (I) r issue inched 0.1 per cent higher at €107.64, on a turnover worth €9.5 million – representing 59 per cent of total turnover of €16 million.
Last Thursday, the Bank of England announced its decision to keep the key interest rate unchanged at 0.25 per cent, albeit hinting a further rate cut later this year as the long-term economic effect of the Brexit decision in the referendum held last June continues to unveil itself.
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.