The Malta Stock Exchange took a pounding this week as it stumbled by a further 1.53 per cent, to close at 3,627.866 points.
Activity was spread across 16 equities, of which 10 lost ground and six garnered support.
Loqus Holdings plc shares suffered the worst loss with an 8.9 per cent drop, while Middlesea Insurance plc shares were this week’s best performers. Turnover in the equity market saw a substantial increase over the previous week reaching €923,000.
HSBC Bank Malta plc shares had a gloomy week, as on Monday the bank reported its financial results for 2013. The bank’s share price stumbled by a significant 3.3 per cent across the highest volume for the week of 146,726 shares, to close €0.085 lower to settle at a closing price of €2.465 after reaching an intra-week high of €2.59 and a low of €2.40.
Bank of Valletta plc shares extended last week’s negative performance by a further €0.08 or 3.3 per cent over 73 trades of 124,172 shares, closing at €2.38.
Similarly, Lombard Bank Malta plc shares sank by 2.7 per cent over a sole transaction of a mere 300 shares on Tuesday, to close at €1.80. FIMBank plc share price fell by 1.1 per cent over two trades of 10,645 shares, closing at $0.89.
On a positive note, Simonds Farsons Cisk plc shares gained 1 per cent to re-touch the €2.98 price level on a single trade of 23,000 shares struck on Tuesday.
Likewise, Middlesea Insurance plc shares rallied by 6.7 per cent over seven deals of 15,260 shares, closing €0.063 higher at €1.00.
Meanwhile, Malta International Airport plc shares advanced by €0.05 as three trades of 5,500 shares were struck, closing 2.3 per cent higher at €2.20- regaining its all-time high price level.
On Monday, Loqus Holdings plc shares shed 8.9 per cent of its share price across three deals of 20,000 shares, to close at €0.082.
The board of directors of the company approved the half-yearly report for the six months ended December 31, 2013. The company registered a loss before tax of €135,207, compared to a €282,998 loss registered in 2012.
Revenue for the period under review amounted to €1.69 million, a rise of 2.8 per cent from 2012.
This improvement was due to the anticipated decrease in the amortisation charge due to the reduction in investment in generic research and development over the past three years.
However, during the period ended December 31, 2013, the group started to increase its investment in R&D since the successful completion of a major government project as well as two European Regional Development funded R&D projects.
The company also announced that it has entered into a promise of sale for the acquisition of 100 per cent of the issued share capital of CCG Investments Ltd.
The transaction is expected to be completed by the end of April 2014. CCG Investments Ltd is a company engaged in software development primarily in the public sector.
The current CCG business and personnel will be merged with the current public sector activities of the Loqus Group.
Crimsonwing plc share price also ended the week in the red by 1.2 per cent over two deals of 15,100 shares, closing at €0.81.
Meanwhile, RS2 Software plc shares increased by a minimal 0.1 per cent as two trades of 20,400 shares were executed, to close at €2.365.
The board of directors of the company is scheduled to meet on April 22, 2014 to consider and approve the company’s audited financial statements for the financial year ended December 31, 2013 and to consider the declaration or otherwise of a dividend to be recommended to the company’s AGM.
Island Hotels Group Holdings plc shares fully erased last week’s positive returns with a 5.3 per cent decline across three transactions of 5,600 shares, closing €0.05 lower at €0.90.
MIDI plc shares followed suit, as they dropped by 6.8 per cent over a single trade of 350 shares, closing at €0.289.
Furthermore, Go plc share price failed to maintain its recent winning streak, registering a 0.1 per cent loss over 15 trades of 24,890 shares, to close at €2.098.
Malita Investments plc shares contracted by 0.7 per cent as 14,430 shares changed ownership, closing at €0.541.
On Tuesday, Plaza Centres plc shares appreciated by 5.3 per cent over a single trade of 2,700 shares, closing at €0.60.
Also on a positive note, Maltapost plc shares gained 1.8 per cent over five deals of 24,267 shares, to close the week at €1.12.
In the corporate bond market 13 issues were active, amounting to a value of €130,909. The 6% Medserv plc Notes 2020-2023 was the best performer as it edged 0.7 per cent higher.
Meanwhile, in the sovereign debt market activity was spread across 22 issues, of which long dated issues recorded an increase in value. Turnover totalled just under €3.8 million, as investors were focused on the new Government Stocks issue, which closed to the public on Wednesday.
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, by e-mail at info@jesmondmizzi.com or by telephone on 2122 4410.