Investors’ negative sentiment last week halted a seven-week winning streak as the Malta Stock Exchange (MSE) index closed in negative territory by 0.234 per cent at 4,679.298 points. A total of 16 issues were active, of which four increased in value, eight closed in the red, while four were unchanged.
Bank of Valletta plc (BOV) was the only gainer among banking equities as it advanced by 0.9 per cent to close at €2.17 – with a total turnover amounting to €574,000 spread over 112 deals. On the other hand, HSBC Bank Malta plc managed to temper the tone as it recovered most of its losses earlier in the week to close 1.5 per cent lower at €1.951, after a total turnover of €158,200, spread over 19 transactions.
Meanwhile, Lombard Bank Malta plc was the weakest performer among the listed banking equities as a single deal of 2,128 shares managed to notch the price down to €2.275.
Elsewhere, Fimbank plc shares plunged last Tuesday but managed to bounce back to its initial opening price to close at $0.90. Total turnover amounted to $10,200, spread over three transactions.
Last Thursday, the company announced that its board of directors is scheduled to meet on March 14 to consider and approve the group’s and the bank’s audited accounts for the financial year ended December 31, 2016, and to consider the declaration of a dividend, if any, to be recommended to the annual general meeting of shareholders.
RS2 Software plc shares registered last week’s second highest turnover, accounting for 13.4 per cent of total turnover, as the equity reached highs of €1.815 and lows of €1.779, before closing the week at €1.799.
Last Friday, the company announced that it had concluded three major agreements for its managed services arm, RS2 Smart processing Ltd. In Europe, one contract has been signed with a global leader and one of the largest acquirers in payment processing and technology. A second contract has been signed with a Latin American company, while a third contract has been signed with a Canadian company – the names of which may be communicated in future. The benefits of these agreements will materialise in the latter part of 2017.
In the telecommunications sector, GO plc shares made a strong late run as the equity managed to add 1.5 per cent to its share price to close at €3.35 to reach a fresh eight-month high. The equity witnessed seven deals amounting to a total turnover of €60,200.
Simonds Farsons Cisk plc (SFC) closed just half a cent short of its all-time high reached intra-week as the equity closed 0.6 per cent higher at €7.295. Turnover amounted to €68,200 spread over nine transactions.
In the property sector, a total turnover of €1,900 over a single deal, and €13,600 over two deals managed to drag down the share prices of Midi plc and Tigné Mall plc by 5.7 per cent and 5.1 per cent respectively, to close at €0.33 and €1.12.
In the same sector, Malita Investments plc rebounded from the decline registered earlier in the week to close flat at €0.858 over a total turnover amounting to €42,900 spread over five deals. Meanwhile, Malta Properties Company plc (MPC) rallied by 5.2 per cent over a total turnover of €38,600 spread over 14 deals.
Maltapost plc shares started off last week on a negative note but managed to recoup the majority of this loss later on in the week as the equity closed at €2.05. Total turnover for the equity amounted to €160,000 spread over seven deals.
Similarly, two transactions over low volumes in Mapfre Middlesea plc managed to lower the equity’s price by 0.9 per cent to close at €2.23.
On the same note, a total turnover of €179,000 spread over seven deals in Medserv plc managed to erase the previous week’s gain as the equity closed 3.6 per cent lower at €1.60.
Malta International Airport plc (MIA) shares halted the previous week’s positive performance as the equity closed flat at €4.10 – reaching a 12-week high intra-week as the equity traded at €4.12 last Thursday.
Despite a total turnover of €22,200 spread over nine transactions, International Hotel Investments plc (IHI) remained unchanged for the second consecutive week as the equity closed at €0.62.
Last Thursday, 6PM Holdings plc announced that the minimum level of acceptance relating to the conditional voluntary takeover offer by Idox plc – 90 per cent – has been satisfied. A further company announcement providing a final update on the percentage of acceptances from company shareholders in respect of the offer will be announced upon the expiration of the acceptance period as set out in the offer document.
In the corporate debt market, a total of 28 issues were active last week, of which 13 gained ground, eight fell, and seven remained afloat. Total turnover for the week amounted to €2.17 million, as the 3.75 per cent Premier Capital plc unsecured € 2026 registered the highest turnover of €482,251, spread over seven transactions to close unchanged at €103. The six per cent Island Hotels Group Holdings plc € 2024 was last week’s top performer as the bond advanced by 1.9 per cent to close at €109. On the other hand, last week’s weakest performer was the six per cent Pendergardens Developments plc secured € 2022 Series II as its price declined by 2.7 per cent to €110.
In the sovereign debt market, a total of 24 issues were active, of which 18 issues closed in the red, four closed higher, while two remained unchanged. Total turnover amounted to €5 million – of which the 2.5 per cent MGS 2036 (I) registered last week’s highest turnover of €516,000 over 18 transactions to close 0.70 per cent lower at €104.99. All bonds maturing in 15 to 30 years’ time followed their European counterparts in registering declines in their price, ranging from 0.2 to 0.7 per cent, with the exception of the 2.1 per cent MGS 2039 (I) r, which closed marginally higher at €100.02.
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.