The Malta Stock Exchange index rebounded from last week’s 0.23 per cent decline having gained 0.88 per cent, to close the week at 4,720.618 points.
This performance sharply contrasted that witnessed in the sovereign debt market as well as the corporate bond market which closed in the red overall.
Trading in the equity market was spread across 16 equities of which gainers and losers tallied at six a piece and the remaining four closed unchanged. Total turnover exceeded €2 million.
Bank of Valletta plc and HSBC Bank Malta plc were the only two active banking equities during the week. Despite accounting for over 22 per cent of the weekly turnover, Bank of Valletta plc shares closed unchanged at €2.17. This was not the case with HSBC Bank Malta plc shares as a total of 199,593 traded shares saw the price rally by 2.5 per cent, to close at a fresh three-year high of €2.
GO plc had another positive week as its share price appreciated by a further 1.5 per cent to close at €3.40 – a fresh eight-month high – after last week’s 1.5 per cent gain. Turnover fell just short of €125,000 spread over 21 trades.
The negative performance of Malta Properties Company plc outweighed last week’s five per cent gain as its share price took a 10 per cent pounding. A total of 182,155 shares changed hands over 23 trades as its price at the end of the trading week read €0.53.
The share price of Simonds Farsons Cisk plc continued from where it left off last week, having gained a further 0.07 per cent to match and close at its all-time high of €7.30 reached last week. Nine transactions worth €95,100 were recorded.
During the week, the company announced that the development application filed in May 2015 regarding the rehabilitation of the Farsons Old Brewhouse in Mriehel was approved by the Planning Authority on January 13, 2017.
The rehabilitation project covers the restoration and conversion of approximately 7,000 square metres of industrial space which will include a Visitor Centre Experience with supporting food and other retail outlets, flexible workspace and additional amenities. The project is envisaged to commence in mid-2017 and is expected to be completed within two years with an investment of around €10 million.
Single trades of 2,300 shares and 5,000 shares respectively, yielded similar outcomes in respect to the share prices of Plaza Centres plc and Santumas Shareholdings plc.
The former appreciated by 8.5 per cent to close at €0.66 while the latter increased by 11.1 per cent, to settle at €1.40.
Another single deal of only 864 shares, caused a marginal fall in value in Mapfre Middlesea plc’s share price. The equity lost 0.3 per cent, to close at €2.224. Albeit trading 10 times for a total value of €40,700, an identical decline in price was registered in MIDI plc to close at €0.329.
RS2 Software plc’s shares traded 19 times for a total value of €186,500. This level of trading did not return a positive performance, resulting instead in a one per cent decline and closing at its weekly low of €1.78.
The third most active equity during the week, Malta International Airport plc, ended the week with a 0.7 per cent fall in price at €4.07. Turnover surpassed the €215,000 mark across 21 transactions.
Meanwhile, a 0.9 per cent decline was recorded in the share price of Malita Investments plc. The price at close of trading stood at €0.85 while turnover reached €11,000 split across three deals.
The share price of International Hotel Investments plc soared to a level close to its three year high, as a closing price of €0.66 resulted in a 6.5 per cent increase.
Last Wednesday, 6PM Holdings plc announced that, in relation to the conditional voluntary offer by Idox plc, a total of 98.15 per cent of valid acceptances were received by the end of the acceptance period. Idox plc considers all the conditions set out in the offer document as being satisfied in full and thus the voluntary public takeover offer is now unconditional in all respects. Idox plc has also confirmed that it intends to exercise the right to require all the remaining shareholders to sell and transfer to Idox plc the remaining shares in the company.
Following completion of the offer and on acquiring all the issued shares in the company, Idox plc intends to apply for the de-listing of the company shares as soon as practicable.
Despite trading being recorded in shares of Medserv plc, MaltaPost plc and Tigne Mall plc, this failed to veer their respective prices from last week’s closing levels, despite high volumes witnessed in the first two equities.
On the sovereign debt front there was more than a two-fold increase in trading value, from €5 million to just under €12 million, with selling pressure persisting across the entire maturity spectrum as yields ticked higher. Heading the list of fallers was the recently issued 2.1% MGS 2039 (I) r, whose price dipped under par following a 2.5 per cent decline in value to €97.50. Meanwhile, the 2.5% MGS 2036 (I) was the most traded issue, having been active over a total trading value of €1.417 million.
In the corporate debt market, total turnover increased by around 17 per cent to €2.527 million, spread across 37 issues – of which 10 headed north, 15 fell out of favour, while another 12 closed unchanged. An advancement of one per cent was recorded in the 4.8% Mediterranean Maritime Hub Finance plc Unsecured €2026 issuance, whereas the 5.3% United Finance Plc Unsecured € Bonds 2023 bond lost 4.2 per cent in value, to end the week at €104.
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: 2122 4410, or e-mail info@jesmondmizzi.com .