The MSE index reversed last week’s gain having closed 0.378 per cent lower at 4,712.325 points.
Large capitalised equities were the major contributors towards this decline with Bank of Valletta plc, GO plc and International Hotel Investments plc all losing ground. A total of 18 equities were active during the week of which nine lost ground, eight headed north, while one closed flat.
Despite the decline in the index, total turnover more than doubled having increased from €982,042 to €2.44m.
In the banking sector, Bank of Valletta plc closed the week in the red for the second consecutive week as it lost 0.5 per cent of its value to close the week at €2.15.
Last Thursday, Bank of Valletta plc held an Extraordinary General Meeting, during which the Bank’s shareholders approved amendments to its Memorandum and Articles of Association and an increase in the share capital of the company from €500 million to €1 billion, subject to regulatory approval.
HSBC Bank Malta plc advanced by 0.59 per cent as the equity closed the week at €2.062.
The equity hit a two-week high intra-week of €2.08.
FIMBank plc completely erased last week’s positive performance as the bank registered the weakest performance among its peers, as the equity dipped by 6.6 per cent to close at $0.71 – hitting its lowest levels since March 2016.
On a more positive note, Lombard Bank plc registered the strongest performance among its counterparts as the equity advanced by 2.1 per cent at €2.39 – as four trades saw 6,000 shares exchange hands.
In the telecommunications sector, GO plc shares moved away from its 17-month high as the equity closed 0.25 per cent lower at €3.59.
A total turnover of €171,548 was generated over 17 trades.
Similarly, three trades amounting to 16,889 shares in International Hotel Investments plc shaved 3.2 per cent of the equity’s price, closing at €0.60.
At Wednesday’s Malta International Airport plc board meeting, the Group’s Interim Financial Statements covering the six months ended June 30, were approved.
The total revenue for the period from January to June increased by 16.7 per cent from €31.4 million in 2016 to #36.7million in 2017.
The directors approved a net interim dividend of €0.03 per share on all shares settled as at close of business on August 23 and payable by not later than September 22, 2017. Turnover during the week reached a staggering €1.45m executed on 28 deals.
Maltapost plc recovered from a weekly low of €1.98 closing the week 0.5 per cent lower at €2.019 as three trades saw 3,066 shares exchange hands.
Last Monday, Mapfre Middlesea plc announced that on July 21, the Board of Directors considered and approved the unaudited financial statements of the Group for the financial half year ended June 30.
The group’s profit before tax for the first six months amounted to €7.02million, compared to €5.67 million registered during the comparative period last year.
The equity traded all week with a total of 19 trades, generating a turnover of €135,905, to close 1.6 per cent higher at €1.90.
RS2 Software plc shares remained relatively unchanged as the equity closed 0.3 per cent lower at €1.845.
A total turnover of €34,278 was generated among eight trades. Meanwhile, four trades amounting to 4,743 shares in Simonds Farsons Cisk plc helped the equity reach an all-time high of €7.76.
Grand Harbour Marina plc shares registered the weakest performance this week as the equity plunged by 8.4 per cent to close at €0.82. On a same note, Medserv plc also closed the week in negative territory as the equity closed the week two per cent lower at €1.25.
In the property sector, Malta Properties Company plc was the weakest performer among its property peers as the equity closed 3.4 per cent in the red to close the week at €0.51.
Malita Investments plc closed 6.3 per cent in the black to close the week at €0.765.
On a similar note, MIDI plc and Tigne Mall plc also closed the week in positive territory, to close 1.9 per cent and one per cent higher, at €0.32 and €0.97 respectively.
Elsewhere, PG plc shares clinched to their all-time high at 1.34 as four deals generated a slim turnover.
In the corporate debt market, a total of 36 issues were active during the week of which 12 headed south, 10 advanced, while 14 closed flat.
In the sovereign debt front, a total of 26 issues were active of which the absolute majority of the active issues traded amounting to 20 headed south, while six closed higher.
Sovereign bonds having a maturity greater than 15 years experienced the largest declines ranging from 0.43 to 1.85 per cent.
NOTE: 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.