The Malta Stock Exchange index fully erased last week’s negative performance as it recouped by 0.37 per cent, to close the week at 3,684.163 points.
Activity was spread across 16 equities of which four declined, seven garnered support and five closed unchanged.
Middlesea Insurance plc was the best performing equity, while International Hotel Investments plc was the worst performer this week.
Bank of Valletta plc advanced by a significant €0.05 or 2.1 per cent, to close at €2.49, having traded at a weekly high of €2.50. The banking equity was the most heavily traded equity throughout the week as it witnessed a volume of 208,578 shares traded.
On a negative note, FIMBank plc slipped by one per cent as 6,520 shares exchanged hands across four deals, to close at $0.95.
Meanwhile, HSBC Bank Malta plc closed the week unchanged at €2.55, despite its share price being quite volatile throughout the week, touching a weekly low of €2.52 and a high of €2.58.
Lombard Bank Malta plc recorded an increase in its share price for the third consecutive week. The equity advanced by a further 2.7 per cent over nine trades of 32,418 shares, closing at €1.90. The board of directors of the bank is scheduled to meet on March 14, to approve the group’s and the bank’s final audited accounts for the financial year ended December 31, 2013 and to consider the declaration of a final dividend to be recommended to the bank’s forthcoming annual general meeting. The AGM is scheduled to be held on April 24.
Middlesea Insurance plc surged by 8.7 per cent as eight transactions of 15,966 shares were negotiated, to close €0.08 higher at €1.00. The equity has been registering a positive performance for the past three weeks.
Likewise, Simonds Farsons Cisk plc shares gained 0.35 per cent to re-touch its all-time high of €2.90 as 7,951 shares changed ownership.
Similarly, Go plc erased last week’s decline, as its share price recouped 0.5 per cent across nine deals of 22,772 shares, closing at €1.85.
In the IT industry, Crimsonwing plc headed the list of gainers as it stepped 1.3 per cent higher on Thursday on two transactions of 12,500 shares, to close at €0.81. 6PM Holdings plc increased by a slight 0.14 per cent over five deals of 15,750 shares, closing at £0.72. Meanwhile, RS2 Software plc closed unchanged at €2.30, as 13 deals of 41,021 shares were executed.
Malta International Airport plc shares slipped by 0.7 per cent over nine deals of 24,663 shares, closing at €2.165. The local airport operator reported a record 12 months for the year 2013, with a total of just over four million passenger movements, resulting in a 10.5 per cent year-on-year growth. The company has issued a forecast of two per cent growth for the current year.
IHI shares stumbled by 2.4 per cent across a single transaction of a mere 544 shares, closing €0.022 lower at €0.898. The company announced that Abdulnaser Ahmida has recently been appointed as a non-executive director.
Similarly, MIDI plc slid 1.7 per cent lower over three transactions of 11,000 shares, closing at €0.295.
The non-movers for the week were Medserv plc, Malta Post plc and Malita Investments plc as they traded flat at €1.30, €1.15 and €0.535 respectively.
In the corporate bond market, 21 bonds were active in which gainers and losers tallied at six while nine remained unchanged. Total turnover amounted to €495,900. Grand Harbour Marina plc reported that it had purchased €68,800 of its seven per cent bonds due 2017-2020. The bonds’ share price increased by 1.9 per cent over the week.
AX Holdings plc announced that the board of directors of the company have submitted an application to the listing authority of the MFSA requesting the admissibility to listing of €40 million in new bonds redeemable in 2024. If admission to the official list of the MSE is approved, the net proceeds from the new bonds will be used by the AX group to develop a retirement complex in Naxxar, to finance the redemption of the €11.6 million 6.7% AX Investments plc bonds 2014-2016 and for general corporate funding purposes.
The existing 6.7 per cent bonds will be redeemed early on December 15, 2014. The last trading date in the maturing bonds shall be next Wednesday. The company will be granting preference to holders of the existing bonds to subscribe to the new bonds by surrendering the maturing bonds. The cut-off date for such eligibility is February 3, 2014. The new bonds will have a nominal value of €100 and will be issued at €100 per bond.
Meanwhile, in the local sovereign debt market, turnover amounted to over €23.8 million also across 21 issues of which eight fell, twelve gained ground and one closed unchanged.
The most liquid issue for the week was the 3.75% MGS 2015 (VI) as traded volume exceeded €6.3 million nominal.
This article which was compiled by Jesmond Mizzi Financial Advisors Limited, 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 Limited at 67, Level 3, South Street, Valletta, or on Tel: 2122 4410, or e-mail info@jesmondmizzi.com.