The Malta Stock Echange (MSE) index fell by 0.96 per cent to end the week at 4,442.333 points, as 11 equities closed in the red. Despite HSBC Bank Malta plc shares managing to notch a positive return, the MSE was dragged lower by the negative performance of GO plc, Malta International Airport plc (MIA) and Malta Properties Company plc (MPC) shares.
Total trading value stood at €859,000 – down by 0.3 per cent week-on-week, as activity was spread across 15 equities, of which only one – HSBC – increased in value, while 11 closed the week lower and three remained unchanged.
In the financial services sector, HSBC oscillated between €1.70 and €1.64, turning positive in last Friday’s trading session to reach a six-month high of €1.70 – up by 1.8 per cent on the week. The equity recorded the week’s highest turnover of €274,000.
Its peer, BOV closed the week unchanged at €2.29 after falling to a weekly low of €2.265, having traded in a turnover worth €191,000.
On the other hand, Fimbank plc shares extended the previous week’s 1.6 per cent decline by a further 3.8 per cent, to close at a four-month low of $0.88, as four deals of 35,000 shares were executed.
In the same line of business, the share price of Mapfre Middleasea plc also closed in the red with a decline of 1.4 per cent to close at €2.07. The equity was traded on a low volume of 6,791 shares.
In the IT services sector, RS2 Software plc fell by 1.3 per cent to €1.55, after reaching an intra-week high of €1.59, as 14 deals of 44,317 shares were dealt.
In the property sector, MPC was the main laggard, following a drop of 4.1 per cent in share value, thus partially offsetting its previous week’s 5.4 per cent gain, to close the week at €0.566, as 12 deals of 93,836 shares were transacted.
Moreover, Malita Investments plc shares fell by 2.5 per cent to close the week at a three-week low of €0.858, as 3,000 shares changed hands in two deals.
The 4.5% Hili Properties plc unsecured €2025 issue recorded the best performance for the week as it surged by 4% to €105, while the 6% SFC plc 2017-2020 issue fell by 2.9%
Similarly, the share price of Plaza Centres plc retracted by 0.9 per cent to €1.13 after four deals of 51,500 shares.
On the other hand, Tigné Mall plc shares stood unchanged at €1.08 after three deals of 24,818 shares.
Elsewhere, seven deals of 9,643 GO shares lowered its share price by 3.1 per cent to a four-week low of €3.15, while MIA shares dropped by a significant 1.9 per cent to close the week €0.08 lower at €4.19. The latter was active in a volume of 13,000 shares traded in 12 deals.
Moreover, International Hotel Investments plc shares were down on the week by 3.2 per cent at €0.615, following 10 deals of 41,588 shares.
Medserv plc, the logistics and services company for oil and gas, traded 2.6 per cent lower at a five-week low of €1.53, after three deals of 15,000 shares, while Grand Harbour Marina plc shares eased by one-tenth of a per cent to €0.869, after a single deal of 3,000 shares.
The week’s other non-mover was Simonds Farsons Cisk plc as the equity closed the week at €7 on low volume.
In the corporate bond market, total turnover stood unchanged at €1.3 million, which was spread across 29 issues, of which 13 gained ground, nine fell out of favour and seven remained unchanged.
The 4.5 per cent Hili Properties plc unsecured € 2025 issue recorded the best performance for the week as it surged by four per cent to €105, while the six per cent Simonds Farsons Cisk plc 2017-2020 issue fell by 2.9 per cent to close at €101.50 on a thin volume of 2,500 nominal.
Premier Capital plc announced that it has applied for the admission to listing of €65 million unsecured bonds maturing in 2026 and meanwhile has resolved to redeem the 6.8 per cent unsecured bonds 2017-2020 (exchangeable bond) on March 16, 2017. Preference to subscribe to the new bonds will be granted to holders of the exchangeable bond and holders of the 4.5 per cent Hili Properties plc unsecured bonds 2025 and the 5.1 per cent PTL Holdings plc unsecured bonds 2024 as at Thursday.
In the sovereign debt market, out of the 26 active issues, 14 notched a weekly gain while 12 eased lower. While most of the long-dated issues climbed higher, short-dated issues declined as maturity nears. The 2.4 per cent MGS 2041 (I) r issue recorded a 1.1 per cent gain on the week, at €107.87, after a turnover worth €10.5 million. Total turnover stood at €24.3 million.
Last Thursday, the Accountant General announced the prices of the two new Malta Government Stocks on offer. The 1.5 per cent MGS 2022 (IV) Fungibility Issue is being offered at €107.25, resulting in a yield-to-maturity of 0.223 per cent while the 2.1 per cent MGS 2039 (I) is being offered at €102.50, resulting in a yield-to-maturity of 1.964 per cent. Offers to subscribe will close on Wednesday or earlier at the discretion of the Treasury.
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.