The Malta Stock Exchange (MSE) index registered its highest weekly gain over the past five weeks of 0.93 per cent to close at 4,466.623 points, thus recovering all the losses registered earlier in the month and ending September up by 0.60 per cent. This followed gains in the shares of Simonds Farsons Cisk plc (SFC), GO plc, RS2 Software plc, Fimbank plc, and Bank of Valletta plc (BOV) – which more than offset losses in the shares of Lombard Bank Malta plc and Plaza Centres plc.
Total turnover for the week stood at €1.48 million – a more than twofold increase over the previous week’s volume. Activity was spread across 15 securities, of which 10 rose in value, three closed in the red, while the remaining two closed the week unchanged.
Second to none were shares of SFC, rallying by 8.6 per cent to a fresh record high of €7.05. This followed the announcement of the company’s interim results for the six months ended July 31, 2016.
The group registered a pre-tax profit of €5.8 million, compared to €4.8 million in 2015. Revenue for the period increased by €1.6 million to €45.8 million, an increase of 3.6 per cent over the same period in 2015. Earnings per share decreased from €0.211 to €0.185 as a result of the change in the income from discontinued operations from €1.8 million in 2015 to €5,000 for the period under review.
The company attributed its solid performance mainly to Malta’s strong economic growth, increased tourist arrivals and expenditure, as well as improvements in the performance of franchised food business and growth in the food importation subsidiary. A net interim dividend of €0.0333 per share will be paid out to the company’s registered shareholders as at Wednesday.
In the financial services sector, Fimbank plc recovered some of its recent lost ground, up by 2.2 per cent to $0.93, to reduce its monthly loss to 4.6 per cent. The banking equity was negotiated in four transactions of 81,602 shares.
A marginal gain was also recorded in the share price of BOV, up by 0.4 per cent to €2.26 as 111,183 shares changed hands in 29 deals. The bank announced that the forthcoming annual general meeting (AGM) will be held on December 16.
Trading in the opposite direction were shares of Lombard Bank Malta plc, down by 4.6 per cent to €2.10 on thin volume worth €2,300. This trading followed four weeks of inactivity and dragged its share price to its lowest lovel in three months.
Meanwhile, there was no change in the price of HSBC Bank Malta plc, which was active in a total turnover of €71,500, and closed at €1.62.
In the same line of business, Mapfre Middlesea plc shares appreciated by 1.5 per cent to €2.10 as two transactions of just 450 shares were struck.
Telecommunications company GO plc gained further ground as eight deals of 11,574 shares lifted the equity’s share price up by 1.6 per cent to €3.22 – resulting in a monthly gain of 3.9 per cent.
Likewise, there was a 2.2 per cent gain in the shares of Malita Investments plc, as four deals of 17,000 shares were traded at €0.87.
Tigné Mall plc shares also managed a gain, up by 2.4 per cent to €1.065 in the second highest turnover of the week, worth €276,300.
Strong gains were also recorded in the shares of Malta Properties Company plc, which rallied by 5.5 per cent to €0.56 after 11 deals of 86,700 shares – after failing to sustain a four-month high of €0.57 reached last Thursday.
In the same sector, Plaza Centres plc shares retreated by 1.8 per cent as two deals of 40,000 shares were executed in Tuesday’s session at a price of €1.10. On Wednesday, the company announced that on September 27 it had signed the final deed to purchase the property named Tigné Place, consisting of office and commercial space along with related car park facilities.
Malta International Airport plc (MIA) was the most liquid security during the week, accounting for almost a third of total trading value. The company’s share price ticked 0.5 per cent higher to close at a four-week high of €4.26.
The week’s other gainer was RS2, up by 0.9 per cent. Despite last week’s gain, the equity closed September down by 11.3 per cent. The IT services company was active in 21 deals of 75,732 shares, touching an intra-week high of €1.65.
A marginal decline of 0.1 per cent was recorded in the shares of Medserv plc, ending the week at €1.55 and up by 3.3 per cent on a month-on-month basis.
There was no change in price in the shares of International Hotel Investments plc (IHI) as 2,000 shares changed hands in two deals at €0.635.
In the corporate bond market, activity climbed from €660,000 to €1 million, spread across 26 issues. The majority closed unchanged, nine closed higher while six registered a decline.
The 5.1 per cent PTL Holdings plc unsecured € 2024 took a five per cent dive having closed at €102, while the 5.5 per cent Mediterranean Investments Holding plc unsecured € 2020 recovered four per cent and is back at €104.
In the sovereign debt market, activity amounted to €11.5 million, of which €6.6 million was traded in the 2.4 per cent MGS 2041 (I) r, closing the week at €108.60. A total of 27 stocks were active last week, of which 18 closed in positive territory while nine closed in the red.
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.