The Malta Stock Exchange (MSE) Index ended the week 0.5 per cent higher, to close at 3,575.083 points.
Activity was spread across 16 equities in which nine increased, three slipped and four closed unchanged. GO plc (GO) was the main headliner for the week as it advanced by a significant €0.074, while Santumas Share-holdings plc (Santumas) sank by 9.1 per cent.
GO had a fruitful week as it managed to rally by 4.4 per cent across 21 trades of 112,250 shares, to close at €1.759 – a price last reached in February 2011.
Likewise, 6PM Holdings plc appreciated by 2.9 per cent over four deals of 15,348 shares, closing at £0.72 – a price last reached in April 2008.
Similarly, Crimsonwing plc ended the week 3.5 per cent higher across five transactions of 36,000 shares on Monday, to close at a record high of €0.88.
From the banking industry, Lombard Bank Malta plc plunged by €0.05 over five deals of 11,000 shares, closing 2.7 per cent lower at €1.81.
Meanwhile, HSBC Bank Malta plc advanced by €0.02 as 29,365 shares exchanged hands, to close 0.8 per cent higher at €2.57. Bank of Valletta plc closed the week unchanged at €2.60 as 36 trades of 95,169 shares were negotiated.
The Bank’s Annual General Meeting (AGM) was held on Thursday at which the shareholder approved all items on the agenda and appointed the board of directors.
The Board of Directors of FIMBank plc (FIMBank) announced on Wednesday that they met in London to discuss the joint offer received from United Gulf Bank B.S.C. (UGB) and Burgan Bank S.A.K. (Burgan) for a joint voluntary bid launched in terms of Chapter 11 of the listing rules in respect of all the issued shares in FIMBank not already held by UGB and Burgan, with the intention of acquiring a controlling interest in FIMBank. The offerors have declared that they intend to retain FIMBank’s status on the Malta Stock Exchange in terms of the applicable listing rules.
However, the offer document outlines that unless the listing authority exercises its discretion and grants derogation under the listing rules, FIMBank may have to be de-listed in the event fewer than 25 per cent of FIMBank’s shares are owned by the public.
The Board of Directors of FIMBank is of the opinion that the acquisition of a controlling interest in FIMBank by the offerors will be beneficial to the bank and will create a number of opportunities, which are favourable and conducive to the growth of the bank and the group.
However, while the Board of Directors expressed an overall positive opinion on the effect of the implementation of the bid on the bank, no specific opinion was given on the price being offered.
The offer price is of $0.95 per share having a nominal value of $0.50 per share.
The acceptance period for the offer will expire on January 20, 2014. No transactions in this equity took place this week.
During the week no price movement occurred in Middlesea Insurance plc, Medserv plc and MaltaPost plc as they all closed the week unchanged at €0.90, €1.35 and €1.135 respectively, all on low turnover.
On a negative note, Santumas sank by 9.1 per cent as it shed €0.20 of its share price yesterday, to close the week at €2.00 on a single deal of 275 shares.
Similarly, RS2 Software plc fell by a minimal 0.1 per cent over 10 trades of 81,549 shares, ending the week at the €2.28 price level. Loqus Holdings plc edged 6.3 per cent higher on Thursday over five trades of 90,625 shares, closing at €0.085. At the AGM held this week, the shareholders approved the audited financial statements of the company for the period ended June 30, 2013.
Likewise, both Malta International Airport plc and Tigne Mall plc ended the week in positive territory as they rose by 0.5 per cent and one per cent respectively. The former witnessed eight trades of 15,335 shares, to close at €2.10, while the latter was active across six transactions of 314,300 shares, closing at €0.515.
MIDI plc soared by 3.7 per cent over a sole transaction of 1,500 shares, to close at €0.28. On a similar note, Malita Investments plc rose by one per cent yesterday over a single deal of 9,500 shares, closing at €0.53.
In the corporate bond market 21 issues were active in which gainers and losers tallied at five and 11 remained unchanged.
Turnover value amounted to €650,660. The 7.5% Mediterranean Bank plc 2019 was the top performer as it strengthened by 1.5 per cent, whilst the 5.6% GlobalCapital 2014-2016 stumbled by 3.4 per cent. Meanwhile, in the sovereign debt market turnover totalled to just under €10.9 million spread over 19 issues in which 10 fell, eight rose and one closed unchanged.
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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: 21224410, or email info@jesmondmizzi.com