For the third consecutive week the Malta Stock Exchange index continued its positive rally, closing 0.88 per cent higher at 4,546 points, as turnover nearly doubled to €1.17 million. A total of 16 equities were active in the week, of which the majority gained ground, two declined and three closed unchanged.
Lombard Bank Malta plc shares registered the week’s strongest performance as the equity surged by 9.5 per cent to close the week at €2.30. Total turnover amounted to €177,122, spread over 16 deals. Last week’s performance added on to the previous week’s one per cent advancement, but the equity is still 7.4 per cent lower year-to-date.
After the previous week’s marginal decline, Maltapost plc shares rebounded by 7.7 per cent to close the week at an all-time high of €2.02. The equity registered abnormal volumes with a total turnover of €281,191, spread over 18 deals, and thus registering last week’s highest turnover.
Bank of Valletta plc (BOV) shares curbed last week’s positive performance as the equity closed off the week 1.8 per cent lower at €2.24. Total turnover amounted to €153,569, spread over 28 transactions. During BOV’s annual general meeting last Friday all resolutions presented to the shareholders were approved, including the payment of a gross dividend of €0.0852 (net dividend of €0.0554), and the bonus issue of one share for every 13 held to be allotted to shareholders on the bank’s share register as at close of business on January 16, 2017.
In the same sector, Fimbank plc shares advanced by 3.6 per cent to close the week at $0.875. The equity’s total turnover amounted to $113,000, spread over 10 deals. On the same note, a single deal of 1,000 shares in HSBC Bank Malta plc lifted its share price by a marginal 0.3 per cent to close the week at €1.86.
GO plc shares added 0.6 per cent to the previous week’s marginal gain as the equity closed the week at €3.249. Total turnover amounted to €73,762, spread over nine deals.
The share price of Malta International Airport plc (MIA) closed 0.3 per cent higher at €4.05. Total volume traded amounted to 42,090 shares spread over 22 transactions.
International Hotel Investments plc (IHI) shares started off the week on a negative note but managed to recoup its losses to close unchanged at €0.639. Total trade value for the week amounted to a mere €377, spread over two transactions. Last Wednesday, IHI announced that the issue of €40 million four per cent unsecured bonds 2026 was oversubscribed and so the intermediaries offer scheduled was cancelled.
RS2 Software plc shares rebounded strongly after last week’s marginal decline as the equity climbed 3.1 per cent to €1.62. A total of 64,787 shares were traded in 13 deals.
Simonds Farsons Cisk plc (SFC) shares made a strong late run as two deals amounting to 720 shares executed at €6.90 pushed its price seven per cent higher in the last 10 minutes of trading last Friday.
A single deal of 6,000 shares in Medserv plc shaved 0.5 per cent off the equity’s price, which closed the week at €1.65. On the other hand, three deals of 15,000 shares in Midi plc saw its price increase by 1.5 per cent to close the week at €0.335.
A total turnover of €67,650 spread over two deals in Plaza Centres plc failed to veer its share price, which closed unchanged at €1.10. In its interim directors’ statement last Friday, the company announced that since the publication of its interim financial statements on June 30, apart from the announcement regarding the purchase of Tigné Place, Sliema, in September, no material transactions took place. The company also said that occupancy levels remained high at 99 per cent and are expected to remain so. Revenue and profit before tax rose as at November 30, compared to the same period last year, while costs have increased due to the property acquisition. The directors expect that the financial results for the year will be in line with expectations.
Similarly, two deals of 650 shares in Tigné Mall plc managed to strengthen the equity’s price by 3.48 per cent to close the week at €1.19.
On a similar note, Malita Investments plc rose 1.1 per cent to close off the week at €0.859. Total turnover amounted to €2,921 in a single deal.
Six deals amounting to 10,900 shares in Malta Properties Company plc failed to alter the equity’s price, which closed unchanged at €0.60.
Last Wednesday, 6pm Holdings plc announced that Idox plc, a company incorporated under the laws of the UK, has launched a voluntary public offer to acquire all the share capital currently in issue in the company and held by shareholders at an offer price of £0.88 per share, payable in cash or a combination of cash and shares in Idox plc. The company said the offer document will be mailed to registered shareholders on Tuesday. An independent committee established by the board will assess the offer document and prepare a statement of opinion on the effects of implementation of the voluntary bid.
Last Friday Santumas Shareholdings plc announced the directors’ approval of the unaudited interim financial statements for the period ended October 31. The company reported a pre-tax profit of €228,669 compared to €813,302 for the same period in 2015. Total revenue for the period declined from €213,703 to €184,544 while earnings per share in 2016 fell to €0.044 from €0.171.
In the corporate debt market a total of 34 issues were active, reaching a turnover of €1.2 million compared to the previous week’s €1.3m – the gainers and losers for the week tallied to 14 issues, while the non-movers amounted to six.
In the sovereign debt market, turnover spiked to €11.7 million from last the previous week’s €5.5m. A total of 24 issues were active during the week of which the majority closed in positive territory while eight lost ground. The highest gainer for the week was the 4.1 per cent MGS 2034, which closed 1.17 per cent higher at €134.28. With the exception of the 2.1 per cent MGS 2039 and the 2.4 per cent MGS 2041 all other long-dated issues gained in value despite the volatility throughout the week and intra-day.
This article, which was compiled by 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 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 Ltd at 67, Level 3, South Street, Valletta, or on Tel. 2122 4410, or e-mail info@jesmondmizzi.com.