The Malta Stock Exchange (MSE) index extended its positive tally for the fifth consecutive week, closing 0.64 per cent higher at 4,630.879 points. The index managed to close the year on a positive note, having gained 4.51 per cent and reaching its highest level since April 2008.
Despite this increase, the gains fell well short of last year’s considerable increase of 33 per cent. However, the local index outperformed the broader European equity market as the Euro First 300 index fell by a marginal 0.7 per cent, but underperformed the Germany equity market (DAX index), which appreciated by six per cent.
Last week, a total of 16 equities were active, of which seven gained ground, five fell in value and four closed unchanged.
Bank of Valletta plc (BOV) shares closed the week practically unchanged with a 0.04 per cent increase to close at €2.251. The equity registered this year’s highest turnover, which totalled just above €16.6 million, closing off the year with a year-on-year increase of 3.8 per cent.
In the same sector, HSBC Bank Malta plc registered the highest year-on-year performance among the major two banks, registering a 7.8 per cent increase to close the year at €1.90. The price fell by a minimal 0.5 per cent last week as total turnover amounted to €135,000, spread over 19 transactions.
Similarly, Fimbank plc shares advanced by 4.7 per cent last week to $0.90. Total turnover for the week amounted to $8,200, spread over four transactions. The equity registered the best performance for the year, having soared by 41.8 per cent.
Meanwhile, Lombard Bank Malta plc was the only negative performer among the listed banking equities this year, having plunged 7.4 per cent to close the year at €2.30. Last week the equity advanced by 0.4 per cent with a total turnover of €75,500 spread over five deals.
RS2 Software plc shares made a strong late run as the equity managed to make an upturn towards the end of the year, registering a positive year-on-year performance of 1.3 per cent. The equity was the second most liquid, with a total yearly turnover of €16.2 million. The equity ended the week 5.8 per cent higher at €1.82 – reaching a new four-month high, having traded at a low of €1.395 during the year.
On a negative note, International Hotel Investments plc (IHI) shares lost a minimal fraction of its price, having declined by 0.8 per cent. Total turnover amounted to €34,100, spread over nine deals. The equity registered a year-on-year negative performance of 11.4 per cent.
Despite having a total turnover of €119,400, spread over 10 transactions, Malta International Airport plc (MIA) shares remained afloat to close the week flat at €4.05. Similarly, the yearly performance of the equity remained relatively unchanged, registering a marginal increase of 0.5 per cent.
A single deal of 1,100 shares in Maltapost plc managed to curb the previous week’s gains as the equity declined by one per cent – as the equity turned ex-dividend last Tuesday. The equity managed to notch a yearly increase of 12 per cent, reaching a new high of €2.05 in mid-December.
Although GO plc registered a weekly decline of 0.3 per cent, the company still managed to finish off the year with a closing price of €3.27, resulting in an 8.3 per cent year-on-year increase.
A single deal of 1,350 shares in Mapfre Middlesea plc pushed the equity’s price 1.3 per cent higher to close the week at €2.249. Last week’s advance helped to mitigate the equity’s year-on-year decline to 2.2 per cent.
Simonds Farsons Cisk plc (SFC) shares remained afloat last week, maintaining the €7 price level, with a total turnover of €78,300 spread over eight transactions. The equity currently is on a six-year winning streak, as the equity rallied by 16.7 per cent last year after having reached an intraday yearly high of €7.30 in 2016.
Two deals amounting to a total of 25,493 shares in Malta Properties Company plc (MPC) helped the equity to close the year on a positive note at €0.59 – up 1.7 per cent on the week. The equity added to last year’s positive performance, as it edged 16.8 per cent higher in 2016.
Medserv plc traded flat last week as 24,250 shares were exchanged in four deals. The equity’s value registered a decrease of 8.6 per cent in 2016, closing at €1.599.
Midi plc shares closed the week in positive territory, registering an increase of 4.8 per cent to close at €0.351. Total turnover for the week amounted to €9,700 in three transactions. Despite experiencing a positive late run, this was not enough to overturn the equity’s recent declines, closing the year 3.8 per cent lower.
Two deals amounting to a total turnover of €26,100 in Plaza Centres plc failed to veer the equity’s price from €1.09. The equity managed to advance by nine per cent throughout the year, but substantially lower than the previous year’s 53.9 per cent gain.
Similarly, two deals amounting to 8,000 shares in Malita Investments plc managed to shave 0.4 per cent off its share price to close the week at €0.857. Despite registering a positive performance for the past three consecutive previous years, the equity failed to extend its winning streak last year, having closed 2016, 9.8 per cent lower.
Tigné Mall plc oscillated between highs of €1.20 to lows of €0.94, to close off the year at €1.19, registering one of this year’s best performances with a 26.6 per cent gain – extending its positive stance for the fourth consecutive year.
Global Capital plc shares registered the worst yearly performance among the listed equities, having declined by 45.3 per cent, which adds to the previous year’s 6.3 per cent decline.
By contrast, Santumas Shareholdings plc registered one of the strongest year-on-year performances, having advanced by 38.6 per cent to €1.26 – adjusted to reflect a bonus share issue of one share for every 10 held. Both equities were among the most illiquid equities during the year.
Elsewhere, 6pm Holdings plc reached highs of £1 and lows of £0.70 – closing the year at £0.80 – £0.08 short from the Idox plc share purchase offer of £0.88 (based on the full cash consideration). The equity managed to register a year-on-year performance of 14.3 per cent, the majority of which was accumulated in the first half of the year, in anticipation of the company purchase.
In the corporate debt market a total of 30 issues were active during the week of which half closed in positive territory, 11 remained afloat and four declined. Total turnover in the corporate debt market last year amounted to €57.9 million.
In the sovereign bond market, the absolute majority of the 18 active issues closed in positive territory, while four issues lost ground. During the year, longer-dated bonds registered the highest gains, with the exception of the 2.1 per cent MGS 2039 (I) r, which registered a decline of 0.2 per cent to close the year at €102.25.
We wish our readers a Happy New Year.
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.