The local bourse shed 0.83 per cent over the week as nine of the 12 active equities registered share price decreases. Maltapost was in fact the only positive equity performer, limiting the Malta Stock Exchange Index's weekly drop to 41 points to close at the 4,911.90 level.
A total of 361 deals were registered on the stock exchange for a turnover above €8.23 million. In the equity market, 278 deals were executed for a traded value of nearly €1.17 million, while 78 transactions were performed in local corporate bonds and government stocks for a turnover just below €5.33 million. In addition, five deals were executed in Treasury bills for a value of €1.735 million.
Maltapost shares were available for trading as from yesterday's session, and immediately dominated the activity on the stock exchange. The equity had 131 deals executed in the session for a total turnover close to €300,000, to see its share price soar 24 per cent and close at €0.62. Its high and low prices traded at were €0.651 and €0.60, well above the €0.50 level they were offered to the public in the previous week.
On the other hand, the local banking sector suffered a decline as Bank of Valletta (BOV), FIMBank and HSBC Bank Malta (HSBC) closed in negative territory on the week, even though the latter equity closed slightly lower. HSBC's share price in fact dropped €0.002 to €4.849 as 45,922 shares changed hands across 33 deals.
BOV saw its share price drop nearly three per cent on a week-on-week basis to close at €6.55 on a volume of 43,483 shares which were transacted over 54 trades. Yesterday afternoon, BOV also announced that during the financial period commencing on October 1 up to date, no material events or transactions have taken place that would have an impact on the financial position of the Bank or Group. It was also noted in the announcement that the Group continued to maintain strong capital adequacy and liquidity positions, and the credit quality of loans registered a further improvement. The international credit market conditions, however, remained extremely volatile, leading to further markdowns in the Group's investment portfolio, which nevertheless, it was pointed out remained very high in quality.
FIMBank shed 0.6 per cent or US$0.01 to close at US$1.749 on a volume of 64,489 shares which were negotiated across eight transactions. Lombard Bank shares were not traded during the week, thus closing unchanged at €13.60.
Go shares were also active having a total of nearly 55,700 shares traded across 25 deals at weekly high and low prices of €3.04 and €3.01 respectively. The equity, however, closed 0.3 per cent or €0.01 lower from the previous week at the price of €3.03. Malta International Airport edged 0.6 per cent lower to the €3.20 level on a mere volume of 1,200 shares which were transacted over two deals.
The worst equity performer of the week was San Tumas Holdings which slumped by 13 per cent to close at €2.562. This was attained on a volume of 1,640 shares which were negotiated across three transactions. Global Capital was the second worst performer declining by eight per cent on a single mere transaction of 100 shares executed at €5.15.
Other equities to close in negative territory were Plaza Centres and Grand Harbour Marina which lost 0.2 per cent and 0.06 per cent respectively. The former traded a volume of 4,218 shares to close at €1.56, while the latter traded 4,500 shares across four deals to end the week at €1.746.
International Hotel Investments (IHI) and Crimsonwing shares were also active, however, both of these closed unchanged on a week-on-week basis. IHI closed at the €1 level as over 65,000 shares were traded across three transactions. Crimsonwing maintained the €0.55 level on a volume of 37,561 shares, with the weekly highest price traded at being €0.551.
Turning onto the local bonds market, activity was strongest in Malta Government Stocks (even though lower than last week) with the traded value amounting to over €4.62 million. Twelve stocks were in fact traded, most of which, registered price increases and with the 4.8 per cent MGS 2016 accounting for the majority of the traded volume recorded on the exchange. With regard to the local corporate bonds sector, 17 bonds were also traded with the turnover amounting to €704,389.
This article which was compiled by Jesmond Mizzi Financial Services Limited (JMFS) does not intend to give investment advice and the contents therein should not be construed as such. JMFS is licensed to conduct investment services by the MFSA. 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 please contact JFMS at 67/3, South Street, Valletta or on tel: 2122 4410 or e-mail jmizzi@jmfs.net.