The Malta Stock Exchange (MSE) index extended its winning streak for the fourth consecutive week, closing 0.33 per cent higher at 4,763.682 points – a fresh nine-year high.
A total of 17 equities were active last week, of which eight increased in value, five lost ground while the remaining four closed unchanged.
Trading activity in HSBC Bank Malta plc and Bank of Valletta plc (BOV) shares accounted for half of the total turnover generated last week of €1.587 million.
HSBC shares extended the previous week’s marginal gain by a significant two per cent to close at €2.09 – a three-year high – on the highest turnover for the week worth almost €482,000.
On the same note, its banking counterpart BOV reached a fresh nine-year high as the equity closed 0.9 per cent higher at its weekly high of €2.21.
Similarly, Lombard Bank Malta plc shares extended the previous week’s positive rally by a further 1.7 per cent to close at €2.39. Three deals worth €22,528 saw the equity reach its highest levels in 13 months.
In the same sector, Fimbank plc failed to veer from last week’s closing price of $0.90 as 41,000 shares were traded in four transactions.
Malta International Airport plc (MIA) registered its fourth weekly gain with a one per cent rise to close at €4.24. A total of 35,698 shares changed hands, reaching a turnover of €151,206.
In the telecommunications sector, GO plc added on two cents last Tuesday but slipped during Thursday’s session to close the week 0.6 per cent lower at €3.53 as total turnover amounted to €152,830, spread over 26 deals.
Also on a negative note, International Hotel Investments plc (IHI) contracted by 3.1 per cent to €0.63 – reaching a new one-month low. Total turnover in the equity amounted to €11,704, spread over seven deals.
HSBC shares gained a significant two per cent to close at €2.09 – a three-year high. BOV reached a fresh nine-year high as the equity closed 0.9 per cent higher
RS2 Software plc shares started the week on a positive note to then decline during the following session, but managed a mere 0.1 per cent increase to close at €1.65.
In the oil and gas industry, the share price of Medserv plc dipped during last Wednesday’s session, but curbed this loss by a two cent gain last Friday – to close the week two per cent lower at €1.625. Last Monday, the company announced that its Middle East subsidiary, Middle East Tubular Services LLC, has been awarded a new long-term contract with the Sumitomo Corporation entity, Sumitomo Corporation Tubular Supply Oman, for the supply chain management of Oil Country Tubular Goods to Petroleum Development Oman, a joint venture between the government of Oman and Shell. The contract, the largest ever won by the Medserv group, was awarded on February 26 and is for an initial period of five years with a five-year extension option.
Last Thursday, the Medserv board of directors announced that that is scheduled to meet on April 5 to consider, and if deemed fit, approve the annual financial statements of the company for the financial year ended December 31, 2016.
In the property sector, Santumas Shareholdings plc shares outperfomed its counterparts for the second consecutive week, as the equity rallied by 7.1 per cent to €1.65, adding to its previous week’s gains to reach a fresh all-time high.
Malta Properties Company plc (MPC) shares followed suit as eight transactions worth €27,928 saw the price of the equity soar by 5.6 per cent to close at €0.549. On the other hand, Tigné Mall plc eased 0.1 per cent lower to €1.129 – as a total of 23,200 shares were exchanged in four transactions.
Last Wednesday, the board of directors of Malita Investments plc approved the audited financial statements for the financial year ended December 31, 2016. The company registered a pre-tax profit of €8,263,266 (2015: €16,859,728), while revenue for the year amounted to €6,976,714 (2015: €6,935,891).
The board of directors resolved to recommend for the approval of the AGM, due to be held on April 27, the payment of a final gross dividend of €3,376,864, or €0.0228 per share, equating to a final net dividend of €2,194,962, or €0.01482 per share, to all shareholders on the register at close of business March 28. The final net dividend will be paid on May 5. These results had a negative impact on its share price as the equity declined by 4.9 per cent to close at €0.77 – hitting a two-year low.
Loqus Holdings plc managed a three per cent increase to close €0.17 after two deals of 4,100 shares.
Simonds Farsons Cisk plc, Plaza Centres plc and Midi plc closed unchanged at €7.20, €1.09 and €0.33 respectively.
In the sovereign debt market, a strong session last Friday managed to double the turnover for the week as it spiked to €18.6 million. A total of 26 issues were traded during the week, of which 17 gained ground, eight declined while one remained unchanged. Last week’s performance differed from the previous week’s as the bonds holding a maturity of between 15 and 30 years headed either way.
In the corporate debt market, a total of 29 issues were active during the week, of which gainers and fallers tallied at nine, while 11 remained flat. Total turnover for the week amounted to €1.671 million – the most liquid issue was the 4.25 per cent Gap Group plc secured € 2023 with a turnover of €439,000, which closed at €101.50.
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.