The MSE Equity Total Return Index declined by an additional 1.26 per cent last week, adding to the previous week’s loss of 0.962 per cent, to close at 8,493.306 points – the sixth consecutive weekly decline. A total of 17 equities were active of which 10 fell and three gained ground as turnover increased to €1.7 million from €1.2 million the previous week.
The investments and insurance services provider Mapfre Middlesea plc registered the highest loss having sagged by €0.12 or 6.3 per cent. The equity witnessed seven transactions of 12,633 shares and closed at €1.78.
International Hotel Investments plc shares followed suit having slipped by 6.3 per cent as nine trades of 9,863 shares were struck, closing €0.039 lower at €0.581- thus contributing significantly to the decline registered by the MSE index.
In the banking sector, FIMBank plc shares were the only positive performers having recouped by 5% from the previous week’s 3.2 per cent loss. The trade finance bank’s shares were active on seven deals of 185,846 shares, to close at $0.63.
Bank of Valletta plc shares edged 0.8 per cent over the highest turnover of 95 deals of 416,620 shares, closing at the weekly low of €1.786, having traded at a high of €1.90 last Thursday.
The bank is half-way through its right issue in which it is offering 105,000,000 new ordinary shares to its shareholders on the basis of a ratio of 1 new ordinary share for every 4 ordinary shares held at an offer price of €1.43 per new ordinary share. Existing shareholders may assign part or all of their rights to third parties or may opt to apply for additional shares.
HSBC Bank Malta plc (HSBC) shares closed unchanged at €1.86 as 75,571 shares changed ownership over 16 trades.
Last Monday, the bank published its interim directors’ statement, in which it stated that during the period from July 1 to November 15, 2017 it registered a decline in profit before tax compared to the same period in 2016. The report stated that although profitability was lower during the period, it re-mained broadly in line with management expectations, consistent with the bank’s prioritisation of risk management actions in 2017.
It further stated that revenue for the period under review was lower than in the prior period as a result of the prevailing low interest rate environment, reduction in the corporate loan book and the risk management actions which impacted non-interest income.
Andrew Beane, the Chief Executive Officer of HSBC Malta, stated that 2017 is a year where the bank has consciously focused on the acceleration of risk management actions which it believes is the right short-term strategic priority to protect long-term value for shareholders.
Lombard Bank Malta plc shares traded flat at €2.20 across four transactions of 16,448 shares.
Meanwhile, GlobalCapital plc shares fell by 4.8 per cent. The insurance and investments services provider’s shares were active on one deal of 3,500 shares.
The food and beverage supplier Simonds Farsons Cisk plc closed the week unchanged at €8.76, despite having reached a weekly high of €8.90. The equity was negotiated across a mere six deals of 2,776 shares.
The telecommunications services provider GO plc registered a 2.4 per cent decrease in its share price as 18 transactions of 75,360 shares were executed, closing €0.085 lower at €3.515.
Medserv plc shares declined by €0.06 or 4.7 per cent over two trades of 4,500 shares, to close at €1.205. Last Wednesday, the oil and logistics services provider published its interim report stating that their earnings for the second half of the reporting year are lower than forecast due to projects both in Integrated Logistics Support and Services (ILSS) and Oil Country Tubular Goods (OCTG) commencing towards the end of the year.
This will impact negatively on the current year’s results.
The second ILSS base, recently opened in Cyprus, will become fully active in the coming month. Four to five wells are expected to be drilled in the waters offshore Cyprus in the next twelve months.
Meanwhile, the second OCTG base opened by the group in Duqm, Sultanate of Oman, commenced operating this month.
This was in support of a contract, the largest ever won by the Medserv group, awarded in the beginning of this year for an initial period of five years with a five-year extension option.
Projected growth for the period 2018 to 2020 remains strong for both business segments based on drilling projects and workover programs already contracted and expected to come to fruition in the coming three years, buttressed by an additional two new geographic markets by year 2018 in line with the group’s strategy.
The supermarkets and retail owner PG plc registered a 2 per cent fall in its share price. The equity was executed over four deals of 27,200 shares, closing €0.03 lower at €1.45.
Malta International Airport plc shares fell for the fourth week having declined by a marginal 0.4 per cent as 16,410 shares changed hands across 13 trades, to close at €4.60.
RS2 Software plc shares slipped by a further 1.7 per cent following the previous week’s 1.3 per cent decline. The I.T. equity witnessed six transactions of 24,746 shares and closed at €1.523.
In the property management sector, MIDI plc shares headed the list of gainers having increased by 4.6 per cent across 12 deals of 207,000 shares, closing at €0.34.
Plaza Centres plc shares followed suit having advanced by 0.9 per cent over one trade of 5,000 shares. Malta Properties Company plc shares fell by 1.4 per cent as nine deals of 71,988 shares were struck, closing at €0.50.
The other non-movers were Malita Investments plc shares having traded unchanged at €0.751 on three transactions of 37,100 shares. In the corporate bond market 40 issues were active of which 18 appreciated and 14 declined. Turnover totalled to €1.9 million.
The 6% Island Hotels Group Holdings plc € 2024 headed the list of gainers having increased by 1.8%, closing at €107.90, while the 5.75% International Hotel Investments plc Unsecured € 2025 was the worst performer having declined by 2.9 per cent, to close at €104.80.
In the sovereign debt market turnover amounted to €5 million spread over 23 issues of which six declined, 16 gained ground and the 2.3% MGS 2029 (II) closed unchanged at €109.41. The gainer for the week were the stock maturing from 2022 onwards. The 2.1% MGS 2039(I) was the most liquid issue to close 0.5 per cent higher at €101.99.
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