The Malta Stock Exchange Equity Total Return Index extended the previous week’s gain, increasing by 0.703 per cent to close at 9,011.428 points. Turnover totalled €862,067 and was spread across 13 equities, of which gainers and losers tallied at five and three closed unchanged.

Bank of Valletta plc (BOV) shares registered an increase following five consecutive weekly declines. The banking equity rallied by a significant €0.086, or 4.2 per cent, to close at €2.147 – a two-week high. This follows the previous week’s voluntary disclosure of the bank’s interim results for the six months ended June 30. BOV made a pre-tax profit of €68 million, equating to an eight per cent increase on the bank’s adjusted profits in 2016. BOV was active in the week’s second highest turnover, worth €216,455.

HSBC Bank Malta plc shares registered a decline for the third consecutive week. The banking equity fell by 2.3 per cent to €1.91 after the week’s highest turnover, representing 27.6 per cent of total trading value.

Malta Properties Company plc shares headed the list of gainers, advancing by six per cent after 12 deals of 13,726 shares, closing €0.03 higher at €0.53 – a three-week high.

Conversely, Tigné Mall plc shares fell by €0.03, or 3.2 per cent, as four transactions of 21,900 shares were negotiated, closing at €0.90 – a seven-week low. This follows the company shares turning ex-dividend last Wednesday, after which any new investors are no longer entitled to receive the company’s next dividend payment of €0.0128 net per share.

In the same sector, Plaza Centres plc shares edged two per cent lower after six deals of 29,000 shares, closing at €1.078.

International Hotel Investments plc shares traded flat at €0.618 after a sole transaction of 2,000 shares. The company’s board of directors is expected to announce the financial results for the six months ended June 30 on Thursday.

Simonds Farsons Cisk plc shares rose by €0.04, or 0.5 per cent, after a single deal of a scant 200 shares, closing at a record high of €7.80.

Mapfre Middlesea plc shares increased by 4.5 per cent as 2,330 shares changed hands in two deals, to close €0.084 higher at €1.939 – a one-month high.

Meanwhile, RS2 Software plc shares inched 0.1 per cent higher after 11 deals of 84,404 shares, closing at €1.789.

Medserv plc shares slipped by a minimal 0.6 per cent as seven transactions of 15,500 shares were struck, to close at €1.335.

GO plc shares fell by a marginal 0.03 per cent after 12 deals of 22,600 shares, closing at €3.599.

Malta International Airport plc shares remained unchanged at €4.20 as six deals of 9,232 shares were executed.

Despite the company’s positive year-end results announced the week before, PG plc shares likewise closed unchanged at €1.40 as nine deals of 36,350 shares were struck.

Last Friday, Santumas Shareholdings plc announced that the company’s board of directors had approved the audited financial statements of annual results for the financial year ended April 30. The company made a pre-tax profit of €1.83 million, compared to €2.37m in 2016. Total revenue for the period amounted to €1.96 million, a 21.2 per cent fall from 2016. However, the results were materially affected by the redemption of one ground rent which resulted in a net income of €900,541. Despite the material realised gain from this transaction the results for 2017 are not materially different from the profit made in the financial year ending April 30, 2016, in view of the unrealised profits booked following the increase in fair value of investment properties in financial year ended April 30, 2016, part of which was realised in the financial year ending April 30, 2017.

Meanwhile, earnings per share fell to €0.36 from €0.48 in 2016. The board further resolved to recommend that the annual general meeting approves the payment of a bonus share issue of one share for every two shares held, which will be allotted to shareholders on the company’s share register as at close of business on December 1. The bonus issue will be funded by a capitalisation of reserves amounting to €609,508. The management further highlighted that the previous two years have both yielded extremely positive results, primarily as a result of one-off events that are not expected to be repeated in the short term. No dividend payment is being proposed. The equity was not active last week.

In the corporate bond market, turnover totalled €711,030. Activity was spread across 27 issues, of which 12 rose, nine fell and six closed unchanged. The 4.4 per cent Central Business Centres 2027 euro unsecured was the best performer, up by 1.9 per cent to close at €101.99. Meanwhile the six per cent AX Investments plc € 2024 headed the list of fallers, slipping by 1.3 per cent to close at €112.

Last Monday, Grand Harbour Marina plc (GHM) announced the basis of acceptance for the €15,000,000 GHM plc 4.50 per cent unsecured bonds 2027. Applications for an aggregate value of €8,869,200 were received for the €11,000,000 bonds reserved for the redemption bondholders. The balance of the bonds not subscribed to by the redemption bondholders, equal to €2,130,800, was reserved for subscription by selected authorised financial intermediaries through an intermediaries’ offer. Meanwhile, €2,832,300 were received for the €2,000,000 bonds reserved for the existing shareholders – the first €20,000 were allotted in full as well as an additional 21.78 per cent on the remaining balance, rounded to the nearest €100. Trading in this bond is expected to start on Wednesday.

In the sovereign debt market 24 issues were active, of which eight gained ground, 15 fell, and the 4.45 per cent MGS 2032 (II) closed unchanged at €136.10. The 2.1 per cent MGS 2039 (I) was the most liquid issue, witnessing a turnover of €1.3 million out of the total turnover of €4.9m, to close 0.2 per cent higher at €99.53.

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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