The Malta Stock Exchange index failed to sustain its recent upward trend, registering a 1.2 per cent loss.
Large caps emerged as the prime draggers for the broader market, as investors turned bearish, mainly, towards financial equities. In fact, the exception was Lombard Bank plc which recouped some ground following its recent plunge.
Conversely, Malta International Airport plc touched fresh new highs, followed by RS2 Software plc which moved on the former’s footsteps by reaching an all-time high.
As opposed to the recent weeks, lack of sentiment prevailed as from the 17 active issues, 10 drifted lower, six garnered support, while Plaza Centres plc retained last week’s share price. Total turnover for the week amounted to volumes of 835,028 shares which were executed over 139 transactions.
From the local sovereign debt market, total turnover reached €18.9 million which was traded over 25 issues.
On Thursday the Treasury announced the prices of the new debt issuance. The 4.5% MGS 2028 was priced at €101.50, while the 3% MGS 2019 was priced at €102.25.
Within the financial sector, sellers expressed determination as four from the five active financials recorded negative returns. In fact, Middlesea Insurance plc plummeted by five per cent over two sessions to close at €0.85, while FIMBank plc failed to sustain its recent highs with a loss of just below one per cent to end the week at the $1.01 price level. Meanwhile, yesterday the dollar-denominated equity stated in its interim directors statement that, in the first months of 2013, the Group’s business showed encouraging results, with London Forfaiting Company Ltd continuing to be the strongest element in the Group’s performance showing good trading results and consistent growth.
On the same line, HSBC Bank Malta plc trimmed 1.9 per cent from last week’s three per cent appreciation to retract towards the €2.63 position. Despite the equity gaining 0.4 per cent on Thursday, the said appreciation proved insufficient to off-set the total loss of 2.2 per cent incurred in the other sessions.
In line with its peer, Bank of Valletta plc extended its streak of losses to three consecutive weeks with a further decline of 0.5 per cent. The equity expressed buying interest in the first three sessions of the week, but experienced a loss of 1.9 per cent in the last two sessions, thus re-positioning itself at the €2.20 price value.
As already stated, Lombard Bank plc emerged as the sole gainer within the sector. In fact, the financial equity managed to snap back a 2.8 per cent gain following its recent 7.7 per cent decline. Activity was based over a single session in which 14,236 shares changed hands, thus closing the week up at €1.851.
From the hoteliers sector, International Hotels Investments plc slipped by 1.6 per cent following its recent 12 per cent surge. The equity was active in three sessions in which eight trades worth €65,588 were executed to close at €0.875.
Likewise, both Go plc and Maltapost plc marked themselves on the list of losers. The former was active in three sessions to close at €1.579 after touching lows of €1.521, while the latter slipped by 0.9 per cent on Monday to end the week at €1.06.
Similarly, Midi plc plunged by 15.3 per cent over a single session to close the week at €0.25. On Wednesday, through its interim directors statement, the company notified its shareholders about the developments held from the initial days of 2013, to date. Among others, it stated that the commencement of construction works have resumed on the new 38-apartment block. In addition, the directors stated that, following the sale of Tigne Mall plc, the company reduced significantly its borrowings by around €50 million.
On a same note, Medserv plc declined by 1.3 per cent yesterday to touch new yearly lows at €3.90. Yesterday afternoon the company issued its interim directors’ statement, in which it stated that profit for the first three months of the year continued despite suffering from its Misurata base which is still suffering lack of business. However, the company is still experiencing business elsewhere, with a new large oil project related to its maintenance.
The other loser for the week was Malita Investments plc which shaved-off 3.7 per cent from its recent gain to close at €0.501.
On a positive note, Malta International Airport plc closed the week at new all-time high of €1.99. The equity continued to gain support as the continuous record passenger movement figures triggered further buying interest in the airport operator.
From the IT sector, both Crimsonwing plc and 6pm Holdings plc registered notable gains. The former gained 1.8 per cent to close at €0.56 after touching weekly lows of €0.53, while the sterling-denominated equity gathered a 3.6 per cent appreciation on Monday to close the week at £0.58.
From the same sector, RS2 Software plc fetched new record highs with a further gain of just below three per cent. The software operator was active in two sessions in which 88,138 shares changed ownership to close at €1.07. Yesterday the company released its interim directors’ statements in which it stated that in the first months of the year it inaugurated its subsidiary RS2 Smart Processing Ltd, which offers managed services to banks, financial institutions and retailers. In addition, it also announced that it has been made aware of a firm’s intention to acquire shareholding of not less than 10 per cent within the company.
Finally, Santumas Shareholding plc soared by 15.6 per cent on Tuesday to close at €1.85.
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.