The Malta Stock Exchange (MSE) index reached a fresh nine-year high intra-week, but failed to maintain this level and closed the week 0.102 per cent lower at 4,715.797 points. A total of 15 issues were active during the week, of which five gained ground, seven closed in the red and three were unchanged. Total turnover last week fell week-on-week by 7.2 per cent from €2.05 million to €1.9m.

HSBC Bank Malta plc was the best performer among the listed banks as the equity rose one per cent to close at €2.02 – reaching its highest levels since March 2014. Despite this gain, the equity’s turnover fell by almost a third week-on-week from €397,474 to €120,645, spread over 23 deals.

International Hotel Investments plc (IHI) slipped in last Friday’s session, erasing earlier gains to close flat at €0.65. The equity reached its highest levels since July 2016 intra-week – generating a weekly turnover of €63,881, spread over 10 transactions.

Last Tuesday, the company an­nounced that it has appointed Numis Securities to help the company explore financing options, including potential capital raising, to enable IHI and its subsidiary developments and operating companies to take advantage of its growing pipeline of potential development project opportunities.

On a positive note, GO plc shares added a further 1.5 per cent to its share price to close at €3.45 – reaching a fresh high since May 2016. A total of 30,423 shares were exchang­ed in nine deals, generating a total turnover of €103,555.

In the banking sector, Bank of Valletta plc (BOV) shares almost doubled their week-on-week turnover to €812,543, spread over 123 deals. Despite registering the highest weekly turnover, the equity failed to veer from last week’s closing price to close unchanged at €2.17.

Fimbank plc curbed its yearly gain by 1.1 per cent to close at $0.89. Total turnover in the equity amounted to €136,098, spread over nine transactions – accounting for 7.2 per cent of the total weekly turnover.

In the same sector, the price of Lombard Bank Malta plc shares rose marginally higher to close at €2.28 as low volumes in two deals were registered last week.

Malta International Airport plc (MIA) shares added a further one per cent to their previous week’s decline as the equity oscillated between highs of €4.08 to lows of €4.03. A total turnover of €283,390 spread over 36 deals was generated during the week.

Similarly, RS2 Software plc added to its previous weekly decline as the equity closed 1.1 per cent lower to close at €1.76 as 75,880 shares were exchanged in 15 transactions.

Two deals amounting to 8,822 shares in Mapfre Middlesea plc shaved 0.2 per cent off the equity’s share price, which close at €2.22. Last Thursday, the company announced that the board of directors is due to meet on March 8 to consider and approve the company’s audited financial statements for the financial year ended December 31, 2016. The company will also consider the declaration of a dividend, if any, to be recommended to the annual general meeting of shareholders.

Simonds Farsons Cisk plc (SFC) started off the week on a negative note but managed to recoup this decline in the following session, thus clinging to its all-time high of €7.30. A total turnover of €13,771 was generated, spread over five deals.

In the oil and gas industry, Medserv plc surged last Tuesday only to erase this gain later on during the week to close flat at €1.60.

A single deal of 17,300 shares in Plaza Centres plc dipped the price of the equity by 4.4 per cent to close the week at €1.10.

In the property sector, Midi plc shares closed marginally higher over unusually high volumes as a total of 257,100 shares were traded in eight deals. On the other hand, the share price of Malita Investments plc contracted by a marginal 0.8 per cent to close at €0.843 – as three deals generated a total turnover of €12,675.

Elsewhere, Malta Properties Company plc (MPC) gained a marginal 0.4 per cent to close at €0.532 – a total of 50,055 shares were exchanged in nine deals. Last Tuesday, the company announced that SLM Property Company Ltd and Toncam Properties Ltd had entered into a promise of sale agreement for the sale and transfer of the complex known as Sliema Old Exchange. Upon the final deed of sale, the property will no longer form part of the property portfolio of MPC and consequently there will no longer be any rental income received from the property. The proceeds from the disposal of the property are expected to go towards funding MPC’s development projects and/or any acquisition opportunities.

The sovereign debt market was characterised by choppy trading activity as the value of all the 25 active issues fell last week. Bonds maturing in 15 to 30 years’ time registered declines ranging from 1.1 per cent to 2.2 per cent – matching their European counterparts. Among the active issues, two in particular – the 2.1 per cent Malta Government Stock (i) r and the 2.4 per cent Malta Government Stock (i) – closed the week under par at €96.07 and €99.67 respectively. The 5.25 per cent Malta Government Stock 2030 (i) registered last week’s highest turnover of €2.014 million. Meanwhile, total turnover for last week amounted to €11.98 million, which was in the same region as the previous week.

Last Friday, the Accountant General announced the issue of three new Malta Government Stocks – the 1.4 per cent MGS 2023 (III), 1.5 per cent MGS 2027 (I) and the 2.2 per cent MGS 2035 (I) – which in aggregate will amount to be €130 million, subject to an over-allotment option of €90m in the event of over-subscription. The offer price for each of the stocks will be established on Wednesday – applications open on February 13 and close on February 15 or earlier at the Accountant General’s discretion.

In the corporate debt market a total of 38 issues were active during the week, of which 16 rose, 13 fell and nine were unchanged. The 4.5 per cent Hili Properties plc unsecured € and the 5.3 per cent United Finance plc unsecured € 2023 registered last week’s highest gains as the bonds rose by 2.4 per cent and 3.85 per cent – to close at €105.99 and €108 respectively. Total week-on-week turnover decreased from €2.5 million to €2.1m.

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.

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