Last week, investors geared towards the sovereign debt market as a risk-off measure following political uncertainty in the United States. Out of 22 active issues, 18 increased and four fell minimally, in line with European government bonds.

Turnover amounted to €7.4 million. The 2.1 per cent MGS 2039 (I) was the most liquid issue with a turnover of €1.5 million, closing 1.1 per cent higher at €97.04. Meanwhile, the 5.25 per cent MGS 2030 (I) recorded the best performance advancing by 1.4 per cent to close at €143.00.

Last week, the Malta Stock Exchange (MSE) index declined by a further 0.268 per cent to close at 4,631.853 points.

A total of 17 equities were active, of which four advanced, eight fell and five closed unchanged. Turnover stood at €1.8 million.

The oil and logistics company Medserv plc was the worst performer, stumbling by €0.10, or 7.4 per cent, as six deals of 40,657 shares were struck, to close at €1.25, a level last reached in June 2015.

Malta Properties Company plc (MPC) shares followed suit, however on a lower volume of 15 deals of 50,935 shares, closing 5.4 per cent lower at €0.511, a level last reached in August 2016.

By contrast, Midi plc shares registered an increase for the third consecutive week, advancing by 3.2 per cent after four transactions of 17,000 shares, to close at €0.32.

The company announced that a final dividend of €0.007 per share will be paid by not later than July 6 to registered shareholders as at close of business last Friday.

In the same sector, Plaza Centres plc, Malita Investments plc and Tigné Mall plc all closed the week unchanged at €1.04, €0.72 and €1 respectively.

Plaza Centres plc was active in two deals of 2,700 shares, Malita Investments plc in four deals of 18,900 shares and Tigné Mall plc in two transactions of 20,000 shares.

Malta International Airport plc (MIA) shares increased by a marginal 0.6 per cent after 25 deals of 41,130 shares, to close at €4.12.

Last Tuesday, the local airport operator announced that during the period January 1 to March 31 the company’s financial position remained sound and  performance was  better than that of the first quarter of 2016.

Passenger numbers during the period grew by 22.2 per cent, resulting in a 15.8 per cent increase in turnover, equivalent to €13.4 million. Total expenditure stood at €7.6m, a 5.3 per cent rise. Meanwhile, pre-tax profit rose by 64.1 per cent from €2.5m in Q1 2016 to €4.2m in Q1 2017.

HSBC Bank Malta plc shares extended their ongoing negative streak by registering a decline for the fifth consecutive week.

The equity fell by 0.6 per cent as 23,050 shares changed ownership in 13 deals, to close at €1.988.

On a similar note, Bank of Valletta plc (BOV) shares slipped by a further 0.7 per cent as 81 deals of 383,227 shares were negotiated, closing at €2.19, having traded at a low of €2.15.

Trade finance bank Fimbank plc registered a 0.64 per cent decline in its share price. A total of four deals of 50,462 shares were executed, resulting in a $0.775 closing price.

Lombard Bank Malta plc shares were the only positive performers in the banking sector, rising by 3.9 per cent after three transactions of 4,171 shares, to close €0.09 higher at €2.39.

Conversely, Maltapost plc shares fell by €0.05, or 2.5 per cent, as 4,194 shares changed hands in five deals, closing at a five-month low of €1.95.

International Hotel Investments plc (IHI) shares added to their previous week’s loss by falling by 2.3 per cent after five deals of 25,076 shares, to close at €0.606.

PG plc shares registered their first weekly decline by dropping 1.2 per cent after a sizeable volume of 43 transactions of 375,847 shares, to close at €1.295.

RS2 Software plc shares managed to increase by a further 4.9 per cent when one takes into consideration the one bonus shares issued for every 12 held.

The IT equity witnessed 14 deals of 39,965 shares, to close at €1.55.

Telecommunications provider GO plc shares closed the week unchanged at €3.48 as nine deals of 8,125 shares were struck.

Likewise, Mapfre Middlesea plc shares were the other non-movers for the week, having closed unchanged at €2.01 as three deals of 4,493 shares were negotiated.

In the corporate bond market turnover amounted to €1.5 million. A total of 34 issues were active, of which 17 gained ground, seven fell and 10 closed unchanged. The 4.5 per cent Hili Properties plc Unsecured € 2025 was the best performer, increasing by 1.8 per cent to close at €104.49.

Meanwhile, the six per cent Island Hotels Group Holdings plc € 2024 headed the list of fallers, slipping by 1.7 per cent to close at €108.10.

The MSE’s Prospects Committee approved the application for admission to Prospects of the proposed issue of €1,000,000 Anchovy Studios plc 5.5 per cent Unsecured Bonds 2027.

Anchovy Studios plc is in the business of performance marketing and lead generation services for clients operating in a wide spectrum of sectors. It specialises in attracting users from a diversity of online and mobile channels and directing them to its customers.

Prospects is the market regulated Multilateral Trading Faci­lity operated by the MSE to provide a venue for start-up and small- to medium-sized enterprises to come to market whether for a bond or an equity issue.

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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