Last week, the Malta Stock Exchange (MSE) index fully erased the previous week’s positive performance, retreating by 1.18 per cent to close at 4,644.316 points. Turnover amounted to €3.6 million and was spread across 17 equities, of which 11 fell, five gained ground and one closed unchanged.

Investors shied away from the banking sector last week, as all active banking equities closed in the red. Lombard Bank Malta plc shares headed the list of fallers, slipping by €0.13, or 5.35 per cent, as two deals of a mere 129 shares were struck, closing at an eight-week low of €2.30.

HSBC Bank Malta plc shares accelerated to its recent losing streak, registering a decline for the fourth consecutive week. A total of 67,625 shares changed hands in 16 deals as the equity closed 2.4 per cent lower at €2.

Bank of Valletta plc (BOV) shares edged 1.6 per cent lower after 63 transactions of 286,951 shares, closing €0.035 lower at €2.205 as it traded ex-dividend last Wednesday.

Similarly, Fimbank plc shares fell by 2.4 per cent as 20,000 shares changed ownership in five deals. The trade finance bank’s shares closed at $0.78 – its lowest price since May 2016.

Mapfre Middlesea plc shares also had a negative week, shedding €0.06, or 2.9 per cent off its share price, as two transactions of 2,286 shares were executed, closing at a seven-month low of €2.01.

On a positive note, the share price of Malta Properties Company plc (MPC) headed the list of gainers, registering an increase after two consecutive weekly declines. The property management equity rose by €0.03, or 5.9 per cent, after seven deals of 10,000 shares, to close at €0.54.

In the same sector, Plaza Centres plc shares slipped by 1.9 per cent as two deals of 16,700 shares were struck, closing at a two-week low of €1.04. Similarly, Malita Investments plc shares decreased by 2.7 per cent after nine transactions of 114,870 shares, to close at €0.72 – a level last reached in August 2015.

On the other hand, Midi plc shares increased by two per cent after a sole deal of 5,000 shares, closing at €0.31. Meanwhile, Tigné Mall plc shares were the only non-movers last week, closing unchanged at €1 as five deals of 104,000 shares were struck.

Simonds Farsons Cisk plc (SFC) shares climbed by €0.09, or 1.2 per cent, as seven deals of 11,886 shares were negotiated, closing at an all-time high of €7.53, following the positive announcement of their annual financial performance.

Likewise, the recently listed PG plc shares advanced by a further 5.2 per cent over the highest turnover traded last week, witnessing 104 deals of 1,468,249 shares, worth nearly €1.9 million. The equity closed at a record high of €1.31.

In the IT sector, RS2 Software plc shares increased by €0.03, or 1.9 per cent, after 27 transactions of 143,804 shares, closing at a two-week high of €1.60. Shareholders as at close of trading on Wednesday are eligible to a final net dividend of €0.01 per share, as well as a bonus share issue of one share for every 12 shares held.

Last Tuesday, Malta International Airport plc (MIA) announced that during April, passenger movements registered an increase of 26.6 per cent, surpassing the half-million mark for the first time that month. MIA welcomed 530,576 passengers on the back of an increase of 17.7 per cent in seat capacity and an improvement of 5.3 percentage points in seat load factor (SLF). The strong performance partly stemmed from the Easter holiday effect, together with the start of new operations and the extension of certain winter routes into the summer period.

Last Wednesday, MIA’s annual general meeting was held wherein all the resolutions were approved, including a final gross dividend of €0.1538463 per share (net €0.10), which represents a gross payment of €20,815,385.

The local airport operator’s equity slipped by €0.045, or 1.1 per cent, as 18 deals of 48,785 shares were struck, closing at €4.095.

The hoteliers’ equity International Hotel Investments plc (IHI) declined by 3.1 per cent after four transactions of 24,500 shares, to close at €0.62. Last Monday, IHI plc published its interim statement where, among other information, it was announced that Corinthia Hotels International has entered into preliminary agreements to provide technical and management services in relation to the development of an iconic hotel and residential tower under construction in Doha, Qatar. The project is owned and is being developed by a leading local private conglomerate, and was designed by the Zaha Hadid Architects.

GO plc shares slipped by a marginal 0.5 per cent after 11 deals of 25,700 shares, to close at €3.48. On another negative note, Medserv plc shares maintained their near 21-month low of €1.35 as six deals of 40,450 shares were struck.

Maltapost plc’s board of directors approved the unaudited condensed interim financial statements for the six-month period ended March 31, 2017. The company registered a pre-tax profit of €1.82 million, compared to €1.66m reported for the same period last year. Revenue for the period under review amounted to €17.65 million, an increase of 25.9 per cent, when compared to the same period in 2016. Meanwhile, earnings per share remained at €0.03. The equity was not active last week.

In the corporate bond market, 41 issues were active of which 23 increased, 12 declined and six closed unchanged. Turnover totalled just under €2.9 million. Last Tuesday the four per cent Eden Finance plc unsecured € 2027 started trading. The bond was the best performer, increasing by 2.1 per cent to close the week at €102.10. On the other hand, the also recently issued 4.35 per cent SD Finance unsecured € 2027 registered the highest loss, declining by one per cent, to close at €101.

In the sovereign debt market turnover amounted to €16.2 million spread across 24 issues, of which 20 declined and four increased. The three per cent MGS 2040 (I) was the most liquid issue witnessing a turnover of €5.7 million to close 0.5 per cent higher at €111.60.

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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