Trading this week only took place on Monday and Tuesday with the index registering an increase of 0.62 and 0.61 per cent respectively to end the year at 3,331.081 points – representing a decline of 9.62 per cent in 2014.
Turnover throughout the week amounted to €472,962 spread across 10 equities, six of which gained ground, one edged lower and three closed unchanged.
Bank of Valletta plc shares were the most liquid as they witnessed a turnover of €292,484. The banking equity was active over 38 deals of 131,686 shares, to close €0.04 higher at €2.24 – a decline of seven per cent on the year.
HSBC Bank Malta plc shares closed the week unchanged at €1.95 as 16 trades of 40,225 shares were struck – registering a 16.7 per cent decline for the year.
Both banks passed the comprehensive assessment carried out by the European Central Bank (ECB) in the last quarter of the year on 130 banks in the euro area which have been considered as significant credit institutions.
Go plc shares closed the week unchanged at €2.55 over six transactions of 10,061 shares. The telecommunications provider rallied by an impressive 39.7 per cent in 2014. During the year, Go exercised its option of converting into equity the interest free loan which the company had made available to Forgendo (Go’s joint venture) in January 2014 and which was used by Forgendo in its participation in the share capital increase in Forthnet S.A. Meanwhile, Forthnet S.A. received a non-binding offer by OTE S.A. for the acquisition of the activity of Nova (Forthnet SA’s pay TV operations), for a consideration ranging between €250 and €300 million, on a debt-free cash-free basis. Furthermore, Forthnet SA received a joint non-binding indicative proposal from Vodafone Group Services Ltd and Wind Hellas Telecommunications SA for the possible acquisition of all shares of Forthnet SA which are not already owned by them. Additionally, Go plc purchased 25 per cent of the issued share capital of Cablenet Communications Systems Limited (Cablenet). In that share purchase agreement the company agreed to provide a loan to Cablenet for an amount of €12 million convertible into equity at the option of the company. The share purchase agreement also grants Go an option to acquire majority control in Cablenet in the future.
Tigne Mall plc shares held on to their all-time high of €0.60 as a sole trade of 12,000 shares was executed.
On the other hand, MaltaPost plc shares shed four per cent or €0.05 of its all-time high of €1.25 on a single deal of 2,466 shares, to close at €1.20.
MIDI plc shares were the best performers for the week as they advanced by 14.3 per cent over four deals of 16,900 shares, closing at €0.24 – however, still marking a 17.2 per cent decline for 2014.
International Hotel Investments plc shares registered the highest gain for the week, increasing by 5.3 per cent across six deals of 21,855 shares. However, the hoteliers’ equity was also the worst performer for the year as it recorded a 39 per cent drop, to close 2014 at €0.579. The company paid an interim dividend for the first time in May 2014 and registered a loss before tax of €13.7 million for the period ended June 30, 2014, compared to a €9.5 million loss registered in 2013. Later on during the year, IHI reported that most of its hotels performed better in the first nine months of the year than in the corresponding period in 2013, except for the hotels in Tripoli and St Petersburg – due to external circumstances.
Malta International Airport plc shares closed at €2.33 – registering an 8.8 per cent increase for 2014. The local airport operator registered a profit before tax of €10.4 million statements for the six months ended June 30, 2014, compared to €8 million registered in 2013. It is forecasting another record year for 2014, with passenger movements expected to reach 4.2 million.
The other gainers for the week were Plaza Centres plc and 6PM Holdings plc shares as they appreciated by 1.3 per cent and 2.9 per cent respectively. The former witnessed six trades of 53,000 shares, to close at €0.65, while a sole transaction of 5,200 shares was executed in 6PM to close at £0.70.
The board of directors of Santumas Shareholdings plc approved the interim unaudited financial statements for the six-months ended October 31, 2014. The company registered a profit before tax of €91,616, compared to €198,871 registered in 2013. Revenue for the period under review amounted to €218,824, a decline of 14 per cent from 2013. The equity was not active this week.
In the corporate bond market, turnover amounted to just under €2 million and was spread across 21 issues of which eight gained ground, six fell and seven closed unchanged. On the year, the 7.15% Mediterranean Investments Holding plc Euro 2015-2017 was the worst performer as it closed 7.7 per cent lower, at €96. On the other hand, the 5.6% GlobalCapital plc € 2014/16 registered the best performance as it soared by 17.7 per cent, closing at €100.
In the sovereign debt market 21 issues were active of which 12 edged higher and nine decreased. Total turnover amounted to €3.6 million. On the year, the short-dated 6.1% MGS 2015 headed the list of fallers with a 4.5 per cent drop, to close at €102.59, while the 4.5% MGS 2028 (II) was the best performer as it soared by 20.6 per cent, closing at €123.68.
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.