The Malta Stock Exchange index fully erased last week’s gain as it fell by 1.1 per cent, to close at 3,286.615 points. Activity was spread across 16 equities of which six edged higher, seven declined and three closed unchanged.

FIMBank plc shares registered the worst loss for the week having stumbled by 4.8 per cent on seven deals of 94,792 shares, closing at $0.60. In their interim directors’ statement covering the period July 1 to November 17, it was reported that the Group maintained a selective and cautious approach to business, with moderate expansion while strengthening risk and governance structures, particularly in the factoring subsidiaries and joint ventures.

Although operating results in the main component entities and some of the associated factoring entities have been healthy, with interest spread and fee income improving over the same period in 2013, new impairments continue to impact the performance of several entities across the Group. Besides recovery efforts with regard to existing problem cases have so far not yielded positive results. Consequently, the outlook for the performance for the rest of the year is difficult and negative.

Likewise, HSBC Bank Malta plc and Lombard Bank Malta plc shares registered declines of 3.6 per cent and 1.1 per cent respectively. The former was active across 26 trades of 84,419 shares, to close at €1.90, while the latter witnessed two transactions of 1,145 shares, closing at €1.73.

Bank of Valletta plc on the other hand shares triumphed as the only banking equity to end the week in positive territory albeit by a marginal 0.04 per cent on the highest turnover of €250k.

Investors proved bearish towards the IT industry this week. 6pm Holdings plc shares slipped by 2.8 per cent as three deals of 16,150 shares were concluded, closing the week at £0.70. In its interim directors’ statement it was reported that the Group continued to experience a higher level of maturity. The internal strategy of the Group was to focus on its core products and eliminating third party involvement as much as possible within its solutions. Results are encouraging and the expectation is that, with the change in internal strategy, a growth within the revenue and pre-tax profit can still be achieved. Business growth is being realised as planned and the directors are focused on delivering return to the shareholders to be able to recommend the distribution of dividends at the forthcoming AGM.

Crimsonwing plc shares followed suit as they dropped by 2.5 per cent on a single trade of 2,000 shares, closing at €0.769.

Similarly, RS2 Software plc shares eased 0.3 per cent lower over 12 deals of 13,188 shares, to close at €2.93. In the company’s interim directors’ statement it was reported that the Group continues to reflect a strong performance for both the software licensing and managed services business. The Group has increased consultancy and implementation services for its licensing business. The ongoing demand from its clients is due to additional services to those already contracted for. The Group continues to hold a very strong pipeline of potential clients and thus the board maintains a positive outlook for the year.

Malta International Airport plc shares fell by 1.3 per cent from its all-time high of €2.40. The equity was active across 15 trades of 37,560 shares and closed at €2.37.

Meanwhile, MaltaPost plc shares advanced by 1.7 per cent as three trades of 6,562 shares were struck, closing at €1.20.

Medserv plc shares closed at an 11-month high of €1.35 as three transactions of 5,566 shares were concluded. In the company’ interim directors’ statement it was highlighted that the expected Group’s results are more or less in line with the forecasts published last April – anticipating a profit before tax of €2.2m. Both bases in Malta and Cyprus are working at high levels of capacity. However, the only concern relates to certain delays as a result of the current difficult situation in Libya. The statement outlined that the group is expected to continue its strong performance through 2015, while continuing its efforts to identify new markets and services to ensure that Medserv retains its position as the main service provider to the offshore oil and gas industry within the Mediterranean region.

Tigne Mall plc shares also ended the week at an all-time high as they rallied by 1.8 per cent over a sole trade of 12,000 shares, closing at €0.56. Furthermore, Middlesea Insurance plc shares partially recouped last week’s losses by a slight 0.1 per cent as four trades of 10,000 shares were processed, to close at €0.991.

Simonds Farsons Cisk plc shares gained 0.3 per cent over three trades of a mere 980 shares, closing at €3.02. Meanwhile, Santumas Shareholdings plc, MIDI plc and Malita Investments plc shares closed unchanged at €2.00, €0.21 and €0.60 respectively. In the latter’s interim directors’ statement it was reported that for the period January 1 to November 18, the performance of the company was within their projected figures. The directors expect the company’s financial performance for the financial year ending December 31, 2014 to also be within those projected.

In the corporate bond market turnover amounted to €657,624 spread across 23 issues of which 10 gained ground, five sagged lower and eight closed unchanged. The 7.15% Mediterranean Investments Holding plc USD 2015-2017 was the best performer as it closed 2.04 per cent higher at $100.

Similarly, mixed sentiment was witnessed in the sovereign debt market, as out of a total of 27 issues, 16 declined and 11 gained ground. A total of €10.6 million was transacted.

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.

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