The MSE Index ended the week in positive territory with a 2.33 per cent increase at 4,545.787 points. A total of 16 equities were active of which six closed higher, six dipped, while four remained flat, with a total trading value of €1.138 million spread over 207 trades.

For the third consecutive week, HSBC Bank Malta plc maintained its positive rally as its share price surged by 11.76 per cent on a week. Throughout the past three weeks, the equity kept a steady momentum fluctuating from lows of €1.638 to highs of €1.90 yesterday, equivalent to a rise of 16.65 per cent in a three week span.

The price of FIMBank plc remained afloat at $0.88, despite a turnover of 158,579 shares over 11 transactions.

In its interim directors’ statement last Wednesday, the bank reported a positive trend during the first half of the year with regard to its performance and objectives.

Cost control measures have led to positive results and the management of risk appetite has improved the quality of the assets’ portfolio.

The restructuring process of the existing factoring network is also underway and the company expects good quality business origination by the end of the year. In view of difficult market conditions the company has adopted a very conservative and prudent business model and approach.

Similarly, Bank of Valletta plc closed unchanged for the second consecutive week at € 2.29 with a total trade value of €191,629 spread across 30 trades.

Yesterday, BOV announced that the Board of Directors is scheduled to meet on October 28, 2016 to consider and approve the Group’s and the Bank’s Audited Financial Statements for the financial year ended 30 September 2016 and to consider the declaration of a final dividend to be recommended to the Bank’s Annual General Meeting.

In the same sector, Lombard Bank Malta plc share price surged by 3.81 per cent to €2.18 after remaining flat for two weeks in succession. Meanwhile, on a negative note Mapfre Middlesea plc shares were dragged 3.4 per cent to €2.00.

In its interim directors’ statement issued last Thursday, the company announced that it envisages a reduction of net profit for the financial year ending December 31, 2016 due to the one time reinsurance cost saving adjustment carried in the financial statement of MSV Life plc in 2015 and a deterioration in the technical performance of the motor class. Ultimately, the company reports that its solvency position remains well above regulatory requirements.

Property firm, Malta Properties Company plc strongly rebounded after last week’s losses as it gained 9.54 per cent hitting lows of €0.566 to a high of €0.62 with a total traded value of €92k spread over 23 trades. Meanwhile, Malita Investments plc erased last week’s loss gaining 2.45 per cent on the week closing at €0.879.

Software company, RS2 Software plc continued to plunge for the third successive week dropping a further 3.23 per cent to €1.50 as 34 deals were executed on a total volume of 77,044 shares.

Malta International Airport plc declined by a further 0.72 per cent after last week’s substantial drop, closing at €4.15.

Elsewhere, eight deals of 28,041 shares were executed in International Hotel Investments plc, closing €0.025 higher at €0.66.

Also on a positive note, the share price of GO plc registered a 1.6 per cent gain as one deal of 5,000 shares was executed at €3.20.

On the other hand, the share price of Global Capital plc plunged by four per cent on three deals of 2,550 shares.

Medserv plc dropped by €0.03 to €1.50, equivalent to 1.96 per cent, while a marginal decline of 0.88 per cent was also registered in Plaza Centres plc as it dropped to €1.12.

No movement was registered in the share price of MaltaPost plc and Grand Harbour Marina plc closing at €1.85 and €0.869 respectively, on low volumes.

In the corporate bond market, a total of 28 issues, two of which were the newly listed five per cent Dizz Finance plc Unsecured 2026 and 4.8 per cent Mediterranean Maritime Hub Finance plc Unsecured 2026.

Total turnover for the week reached €1.06m as eight of the traded issues closed unchanged, nine closed higher and eleven declined. Meanwhile, MIDI plc announced its decision to redeem all outstanding seven per cent MIDI plc bonds 2016/18 denominated in euro and pounds sterling.

In the sovereign debt market, turnover maintained last week’s momentum as it reached €19.7 million, despite the new government bond issues, which closed on their opening date.  The 2.4 per cent MGS 2041 (I) r and the three per cent MGS 2040 (I) together amounted to half of the trading activity in the sovereign debt market.

Of the 25 traded issues, 21 gained ground, three declined, while one remained unchanged as long dated bonds registered considerable gains.

This article which was 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: 21224410, or email info@jesmondmizzi.com

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