The MSE Equity Total Return Index partially erased the previous week’s 1.398 per cent loss, having appreciated by 0.285 per cent, closing at 8,580.659 points.
Turnover fell to €1.8 million from the previous week’s €1.9 million as a total of 15 equities were active of which eight fell and one gained ground.
The index turned positive as it accounted for the dividends to be paid by Bank of Valletta plc and GO plc, which last week turned ex-dividend.
HSBC Bank Malta plc (HSBC) held its annual general meeting last Thursday, at which all resolutions on the agenda were approved, including the special dividend which was very well received by shareholders and the market.
At the meeting, the Chief Executive Officer, Andrew Beane, gave an overview of the results for 2017 and explained the bank’s strategy to grow the business in Malta, as approved by the Board of Directors in February.
Mr Beane also clarified that the bank is operating on a business as usual basis, in spite of the recent media report suggesting that HSBC Holdings plc is considering exiting the Maltese market.
He also reiterated that in line with the bank’s policy, the board does not comment on media speculation.
Last week, the equity fell a minimal 0.6 per cent over 62 deals of 230,036 shares, closing at €1.71, having recovered from a weekly low of €1.64.
The equity was only down on Monday and recovered during the week, particularly on Thursday and yesterday.
FIMBank plc shares were the only gainers having advanced by 2.8 per cent.
This positive performance was followed by last week’s 11.6 per cent loss.
The trade finance bank witnessed two trades of 50,520 shares, closing at $0.55.
Incidentally, this is the price at which eligible shareholders can subscribe for the rights issue shares.
Eligible shareholders are entitled to subscribe to two new ordinary shares for every three ordinary shares in their possession.
If subscribed to in full at the offer price, the rights issue will raise gross proceeds of $115,328,085. The offer to shareholders closes on Wednesday at 10am. Any lapsed rights from the rights issue will be offered to Financial Intermediaries during an Intermediaries Offer.
Bank of Valletta plc (BOV) shares oscillated between a weekly high of €1.77 and a low of €1.74, to ultimately close at its high. The equity which fell by 1.4 per cent turned ex-dividend last Monday, was executed across the highest turnover of 268,957 shares spread over 67 transactions.
Last Thursday, BOV provided information to the market regarding the Scrip Dividend Programme.
Subject to approval at the Annual General Meeting (AGM), shareholders on the register as at April 10,have the option to receive their dividend either in cash, or by the issue of new shares at a price which has now been established at €1.667.
The attribution price was calculated by applying a 5 per cent discount on the three-day weighted average share price, based on trading effected between April 9 and April 11, 2018.
The insurance and investments services provider, Mapfre Middlesea plc registered no change for the second consecutive week, having traded flat at €2.10 on two trades of 44,139 shares.
International Hotel Investments plc (IHI) shares closed unchanged at €0.62 as 115,227 shares changed ownership across eight deals.
Last Tuesday, the company announced that it has completed the acquisition of the Corinthia Palace Hotel located in Attard.
The 50-year old hotel is currently undergoing an extensive refurbishment process on its 150 rooms, back of house areas and the spa and gym facilities.
No further details on the acquisition prices were announced by the company.
Malta International Airport plc shares edged 0.4 per cent over 11 transactions of 24,659 shares, closing at a two-month low of €4.88.
GO plc shares partially reversed the previous week’s 2.9 per cent gain having decreased by 2.8 per cent.
The telecommunications services provider’s shares were executed over eight trades of 31,923 and closed €0.10 lower at €3.50, as the equity turned ex-dividend last Thursday.
The oil and gas logistics services provider Medserv plc partially erased the previous 3.6 per cent increase in its share price, having dropped by 2.6 per cent as 57 shares changed hands over one deal, to close €0.03 lower at €1.11.
Strategy to grow the business in Malta, as approved by the Board of Directors in February
Simonds Farsons Cisk plc (SFC) shares closed in the red for the third consecutive week, having declined by €0.05 or 0.7 per cent as 10 trades of 17,273 shares were concluded, closing at €6.85. SFC’s spin-off Trident Estates plc shares closed unchanged for the second consecutive week at €1.90 as two transactions of 10,000 shares were negotiated.
Malta Properties Company plc shares extended its recent losing streak, having registered a drop for the fourth week.
The equity was active on three trades of 31,560 shares and closed 0.9 per cent lower at €0.458.
Last Thursday, the company announced that its forthcoming Annual General Meeting will be held on June 13, 2018.
Further information regarding the event shall be communicated at a later stage.
In the same sector, Malita Investments plc shares closed unchanged at €0.84 as 224,500 shares were negotiated across nine deals.
Meanwhile, Plaza Centres plc shares remained unchanged at €1.02 as one transaction of 500 shares was concluded.
MaltaPost plc shares slipped by 0.5 per cent as 3,975 shares changed hands over seven deals, closing at €1.85.
The supermarkets and retail owner PG plc registered no change in its share price of €1.31 as nine transactions of 96,900 shares were executed.
In the corporate bond market 33 issues were active of which 15 advanced and eight fell. Turnover remained stable at €1.2 million.
The 4.4% Central Business Centres 2027 Euro Unsecured was the best performer, having increased by 2.3 per cent as two deals worth €10,516 were negotiated, closing at €103.10.
Meanwhile, the 6% Medserv plc Secured & Guaranteed € Notes 2020-2023 S1 T1 3 headed the list of fallers, having slipped by 1.4 per cent as two trades worth €4,028 were concluded, to close at €106.01.
The 4% IHI plc Secured € 2026 was the most actively traded issue having witnessed a turnover worth €130,369, closing 0.9 per cent lower at €103.05.
Investors shied away from the sovereign debt market as out of 25 active issues only two closed in positive territory and 23 fell.
Total turnover increased to €2.5 million from the previous week’s €1.7 million.
The 4.3% MGS 2033 (I) was the worst performer having declined by 1.1 per cent as five transactions worth €77,483 were negotiated, closing at €132.02.
The 1.5% MGS 2027 (I) registered the top performance, having appreciated by 1.3 per cent as one deal worth €2,079 was executed, to close at €103.96.
The 2.3% MGS 2029 (II) was the most liquid issue having witnessed a turnover of €452,106, closing 0.5 per cent lower at €109.12.
This article, 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 email info@jesmondmizzi.com.
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