The Malta Stock Exchange (MSE) index broke a three-week losing streak as it curbed its previous week’s decline by 0.233 per cent to close at 4,718.423 points and ending 2017’s first quarter up 1.89 per cent.
Last week, gains in Bank of Valletta plc (BOV) and Malta International Airport plc (MIA) made up for the decline in GO plc’s share price as the latter turned ex-dividend last Thursday. A total of 13 issues traded last week, of which five gained ground, five closed in the red, and three were unchanged.
MIA was last week’s top performer as it added nine cents to its share price to close at €4.239 – to reach a four-week high. A total of 8,175 shares were exchanged in five transactions, managing to generate a total turnover of €34,145.
BOV shares erased half their decline over the previous fortnight as they closed 0.5 per cent up at €2.20. The equity accounted for 29 per cent of total turnover.
Lombard Bank plc shares notched a fresh 15-month high of €2.48, despite turning ex-dividend last Monday, as two deals generated a slim turnover.
HSBC Bank Malta plc generated a turnover of €197,892 spread over 13 deals but failed to veer the equity’s price of €2.06 to remain three cents shy of its three-year high.
GO plc shares closed last week 0.6 per cent lower at €3.499 as the company’s shares turned ex-dividend last Thursday. Go shares accounted for 33 per cent of total turnover in the equity market.
Last Tuesday, 3,000 Mapfre Middlesea plc shares were exchanged in four deals, pushing the price up 1.9 per cent to close at €2.19 to reach a two-week high. Last Thursday, the company announced that it will be convening its 36th annual general meeting (AGM) on April 21.
Medserv plc shares fell to their lowest level since November 2016 to close at €1.58 as two deals amounting to 5,000 shares shaved 1.3 per cent off its price.
RS2 Software plc shares started last week on a positive note but the gains were soon lost as the equity closed last Thursday 1.2 per cent lower at €1.62 – a 15-week low.
Last Wednesday, it was announced that Grand Harbour Marina plc (GHM)’s board of directors approved the company’s financial statements for the period ended December 31, 2016, which will be submitted for shareholders’ approval at the forthcoming AGM. The group’s 2016 results showed increases in revenues, EBITDA and pre-tax profit compared to last year. This was due to improvements at GHM’s and at IC Cesme Marina Yatirim, Turizm ve Işletmeleri Anonim Şirketi. The two businesses achieved a combined pre-tax profit of €0.92 million in 2016, compared to €0.53m in 2015. GHM paid an interim dividend of €0.48 million in 2016 but the directors do not propose that a final dividend be paid this year. One deal of 1,000 GHM shares broke the equity’s 11-week trading drought, but its price close unchanged at €0.897.
Malita Investments plc hit a fresh 26-month low as the equity fell by 0.7 per cent to close at €0.75 as four deals generated a total turnover of €22,240.
Simonds Farsons Cisk plc (SFC), Midi plc and Malta Properties Company plc (MPC) remained relatively unchanged to close at €7.20, €0.33 and €0.521 respectively.
Paul Gauci announced an offer to the public of 27 million shares of a nominal value of €0.25 each in PG plc, at an offer price of €1 per share. Gauci has entered into pre-allocation agreements with selected financial intermediaries for subscription of 20 million shares. Six million shares will be made available for subscription by financial intermediaries through an intermediaries offer that will take place on April 12. Applications will be available from authorised financial intermediaries as from Tuesday.
In the corporate debt market, a total of 33 issues where active during the week, of which six gained ground, 11 fell and 16 issues closed unchanged. The four per cent Midi plc secured € 2026 was last week’s weakest performer as the bond closed at par. Meanwhile, the most liquid equity was the 3.75 per cent Premier Capital plc unsecured € 2026, which generated a total turnover of €128,089, spread over 16 deals, closing at €100.30.
Last Tuesday, following regulatory approval, Eden Finance plc’s board of directors announced the issue of €40,000,000 unsecured bonds maturing in 2027, with an interest coupon of four per cent payable annually in arrears. The bonds are guaranteed by Eden Leisure Group Ltd. Preference will be given to registered holders of the existing Eden bonds as at close of business last Monday who subscribe to the new bonds by surrendering their existing Eden bonds. The said holders may also subscribe for additional bonds.
SD Finance plc announced an unsecured bond issue of €65 million, with an attached coupon rate of 4.35 per cent maturing in 2027. The issuer has entered into placement agreements with a number of authorised financial intermediaries. The bonds wiill be issued in multiples of €100 bonds and applications are subject to a minimum subscription amount of €2,000.
In the sovereign debt market, 25 issues were active last week, 22 of which closed in positive territory while three closed in the red. The same pattern was witness for the second consecutive week whereby bonds holding a maturity of more than 10 years witnessed the largest gains ranging from 0.94 to 1.47 per cent. Last week’s top performer was the 2.4 per cent MGS 2041 (I) r, which registered an increase of 1.47 per cent to close at €99.6.
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. Jesmond Mizzi Financial Advisors Ltd acted as joint sponsors to the issue by Paul Gauci for the offer of shares in PG plc. 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.