The Malta Stock Exchange (MSE) index registered a 0.311 per cent decrease last week to close on Friday at 4,703.726 points. The major banks, namely Bank of Valletta plc (BOV), HSBC Bank Malta plc and Lombard Bank plc, together with International Hotel Investments plc (IHI) eased some of the downward pressure from last week’s fallers. A total of 15 issues were active during the week, of which five gained ground, seven fell, while the remaining three remained unchanged, after a total turnover worth €872,734.
Lombard Bank plc shares reached their highest levels since March 2011 as the equity extended its winning streak for a fourth consecutive week to close at €2.499 as 11 transactions generated a total turnover of €96,527.
HSBC Bank Malta plc shares followed suit, adding one per cent to its price to re-touch €2.08, as 14 deals generated a total turnover of €127,901.
On a similar note, 49 deals in BOV shares generated 35.4 per cent of total turnover as the equity advanced 0.5 per cent to close at €2.21, reaching its highest level since January 2008.
Last Monday, Midi plc was been notified that BOV has transferred to Mark Andrew Weingard, all of BOV’s 19,075,402 ordinary shares in the company to which voting rights are attached and which equate to circa 8.92 per cent of the company’s total shareholding.
Fimbank plc shares registered the weakest performance among its peers, reaching an intra-week low of $0.80 before recovering marginally by end of week at $0.82 – a week-on-week decline of 3.5 per cent, after seven deals of 71,352 shares. Shareholders as at close of last Friday’s trading session will be eligible for a one-for-every-80 bonus share issue.
Malta Properties Company plc (MPC) shares outshined its peers as the equity surged 4.6 per cent to close at €0.545 after failing to sustain a one-month-high of €0.548 reached last Wednesday. Activity in the equity stood at €57,363.
Midi plc shares plunged 6.1 per cent to close at €0.31, its lowest level since June 2015, after just €11,835 worth of trading.
Plaza Centres plc followed suit as three deals last Monday for 16,007 shares shaved 2.4 per cent off its share price to close at €1.025, its lowest level since April 2016.
Meanwhile, a single deal of 4,000 shares in Malita Investments plc left the equity unaltered to close at €0.75.
In the tourism industry, five deals amounting to 23,000 shares in IHI lifted the equity’s price by 1.4 per cent to close at €0.649 – a six-week high.
Last Wednesday, Medserv plc announced that its board has approved the group’s audited consolidated financial statements for the financial year ended December 31, 2016. The board resolved that the audited consolidated financial statements be submitted for the approval of the shareholders at the annual general meeting on May 31.
The group’s total revenue for the year amounted to €32.8 million (2015: €42.7m) and the group’s operating profit amounted to €9,104 (2015: €7.5m). The big fall in profits is due to the delay in the provision of logistical support services to major drilling contracts and pressure on profit margins. These drilling contracts are still in place and are expected to contribute in the fourth quarter of 2017.
The equity slipped during last week’s opening session to add on 4.1 per cent to its previous week’s decline to close at €1.511, hitting a fresh four-month low.
Malta International Airport plc (MIA) shares erased last week’s advancement as the equity turned ex-dividend last Friday to close 3.51 per cent lower at €4.09 as five transactions generated a total turnover of €61,448.
Maltapost plc shares started the week in the red as the equity fell by 2.4 per cent, but managed to curb its gain in the following session, to end the week 1.5 per cent lower at €2.00, as two transactions of 3,032 shares were struck.
On the same note, RS2 Software plc shares added 1.2 per cent to their previous week’s decline as the equity closed at €1.601 as five deals last Friday managed to generate a turnover of €32,466.
Last Wednesday, the board of directors of Global Capital plc approved the financial statements for the period ended December 31, 2016, and resolved to submit them for shareholders’ approval at the forthcoming AGM. The group reported a pre-tax profit of €2.8 million compared to €5.6m in 2015. The results include a significant reduction in fair value gains on the group’s financial and property investment portfolios amounting to €1.4 million for the year, compared to €7.3m as at the end of the previous reporting period.
Group assets rose 11.9 per cent from €101 million as at December 31, 2015, to €113.1m in December 31, 2016. Shareholder funds more than doubled through a combination of a rise in share capital and other reserves. The group’s net asset value at end of the year stood at €15.1 million (2015: €7.3m). Earnings per share fell to €0.071 from €0.157 in 2015. There was no trading in the equity last week.
Mapfre Middlesea plc and Simonds Farsons Cisk plc (SFC) shares were unchanged at €2.19 and €7.20 respectively. Both equities were active on thin volume.
In the sovereign bond market, 27 issues were active during the week, of which 22 gained ground and five closed in the red. The 2.5 per cent MGS 2036 (I) generated the highest turnover of last week, accounting for almost half of the total turnover, to close 0.5 per cent higher at €103.96. The 4.65 per cent MGS 2032 (I) recorded last week’s largest advance as the bond closed 1.2 per cent up at €137.78, as the issue generated a turnover of €254,145 after five deals.
In the corporate debt market, 35 issues were active during the week, of which almost half closed unchanged, 11 rose, while the remaining seven closed in the red. The six per cent SFC 2017-2020 registered the largest drop as the bond price fell 3.1 per cent to close at €100.01. Meanwhile the 5.75 per cent IHI Unsecured € 2025 was last week’s top performer as the issue added on 2.5 per cent to its price to close at €108.
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.