Last Thursday, Bank of Valletta plc (BOV) announced that the offer period in respect of its rights issue of 105,000,000 new ordinary shares, which had closed the previous day, had been oversubscribed. The subscription monies received during the offer period in respect of the offer amounted to over €197 million, resulting in an oversubscription of approximately €47m. As a result, no shares will be allotted in respect of lapsed rights applications by staff and the public. This is a vote of confidence in BOV.

The MSE Equity Total Return Index closed the four-day trading week 0.232 per cent lower at 8,485.097 points. Turnover totalled €769,755, spread across 17 equities, of which six fell and eight rose.

Simonds Farsons Cisk plc (SFC) shares rose by €0.14, or 1.6 per cent, as 3,310 shares were traded in seven deals to close at €8.90, after failing to sustain an intra-week high of €9 last Wednesday.

Last Thursday, SFC announced that at a meeting earlier that day the Planning Authority board had unanimously approved a permit for the creation of a business park along Mdina Road, Mrieħel, consisting of International Grade A offices with landscaped courtyards and a naturally ventilated multi-level car park for approximately 700 cars, which will be known as Trident Park. The development is expected to start during the first half of 2018, and completed within three years.

International Hotel Investments plc shares registered the week’s best performance, increasing by 6.7 per cent after two deals of 7,236 shares, to close at €0.62.

Grand Harbour Marina plc shares followed suit, appreciating by 5.1 per cent as one transaction of 1,000 shares was negotiated, closing €0.037 higher at €0.763.

Lombard Bank Malta plc was the only equity in the banking industry to close in positive territory, advancing by 0.5 per cent to €2.211. The equity was active on one deal of 5,000 shares.

HSBC Bank Malta plc shares oscillated between a 14-month low of €1.75 and a weekly high of €1.82, to close 3.3 per cent lower at €1.799. The banking equity was negotiated in 12 deals of 17,489 shares.

BOV shares erased the previous week’s 0.7 per cent gain, slipping by 2.7 per cent as 60 deals of 196,484 shares were struck, closing €0.049 lower at €1.75. BOV was the week’s most liquid equity, accounting for 45 per cent of total trading value.

Fimbank plc shares edged a further 0.8 per cent lower, following the previous week’s 2.4 per cent decline. The trade finance bank’s shares were traded in four deals of 245,600 shares, to close at $0.61.

Mapfre Middlesea plc registered an additional 1.1 per cent increase in its share price, adding to the previous week’s 0.1 per cent rise to close at €1.80. The equity witnessed one transaction of 1,100 shares.

Malta International Airport plc (MIA) shares extended the previous week’s 1.1 per cent increase, having advanced by 0.2 per cent as 7,900 shares changed hands in four deals, closing at €4.66.

Last Thursday, MIA announced solid results registered in November. Last month, the airport hosted over 55,000 passengers more than it did in 2016, ending the month with a total of 405,724 movements. This is an increase of 15.8 per cent over last year. The month’s top five markets accounted for more than half the total passenger movements for November. The UK continued to top the leader board with over 100,000 passenger movements, followed by Italy, Germany, France and Belgium.

Midi plc shares led the way for the property management sector, registering an increase for the third consecutive week as a sole deal of 4,500 shares lifted its share price by 1.5 per cent, to close at €0.35.

In the same sector, Tigné Mall plc shares fell by 0.5 per cent after one deal of 35,000 shares, to close at €0.965. Meanwhile, Plaza Centres plc shares closed unchanged at €1.02 as 36,642 shares changed ownership in three deals.

Malta Properties Company plc shares registered a decline for the fourth consecutive week, slipping by 2.8 per cent as 16 transactions of 85,590 shares were struck, closing at €0.455. Last Thursday, the company announced that further to its announcement on January 31 outlining the agreement between SLM Property Co Ltd and Toncam Properties Ltd regarding a promise of sale agreement for Toncam to acquire the Sliema Old Exchange, the promise of sale agreement had been extended to August 1, 2018.

GO plc added on to the previous week’s one per cent gain in its share price, having increased by 0.9 per cent after four deals of 4,716 shares, to close €0.03 higher at €3.58.

PG plc shares closed unchanged at €1.45 as six deals of 3,375 shares were executed. Last Wednesday, the company’s board of directors resolved to distribute a net interim dividend of €1,700,000, equivalent to €0.01574 net (€0.02422 gross) per ordinary share. This dividend will be paid tomorrow to registered shareholders as at December 1.

Medserv plc recorded a minimal 0.1 per cent decline in its share price as three transactions of 3,740 shares were negotiated, closing at €1.12.

The other non-mover was RS2 Software plc, whose share price closed unchanged at €1.52, despite having reached a weekly high of €1.539 and a low of €1.501. The IT equity witnessed 10 deals of 28,404 shares.

Last Thursday, Santumas Shareholdings plc announced that following authorisation at the company’s AGM and approval of the regulatory authority, following the allocation of a one-for-two bonus issue to registered shareholders as at December 4, the company’s issued share capital is now made up of 6,649,184 fully paid up ordinary shares with a nominal value of €0.275 per share. The equity was not active last week.

In the corporate bond market, 36 issues were active, of which 13 gained ground and 14 declined. Turnover totalled €873,149, with strong activity being recorded across the 4.25 per cent GAP Group plc Secured € 2023, down by 0.5 per cent as 16 deals of 152,500 nominal were struck.

In the sovereign debt market, turnover amounted to €8.6 million spread over 22 issues, of which 18 rose and four fell. The long-dated 2.1 per cent MGS 2039 issue, which was the most traded stock, representing over three-fourths of total trading value, rose by 0.25 per cent to €102.50.

This article, which was compiled by Jesmond Mizzi Financial Advisors Ltd, 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 Ltd at 67, Level 3, South Street, Valletta, or on Tel. 2122 4410, or e-mail info@jesmondmizzi.com.

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