The Stock Exchange Share Index registered its fourth decline this week with a further 0.2% drop to a fresh 1-month low of 3,684.305 points. However, volumes rebounded with €0.26 million worth of shares changing hands today. The latest drop in the local equity benchmark was mainly due to a further 0.8% decline in the share price of Bank of Valletta plc to €2.46 across thirteen deals totalling 13,950 shares. Following this week’s decline, the local equity benchmark is lower on a year-to-date basis.
The share price of Malta International Airport plc also edged 0.9% lower back to the €2.15 level on volumes of 10,300 shares. In the IT sector, the equity of Crimsonwing plc shed 2.4% to the €0.82 level across 44,512 shares.
The share price of Simonds Farsons Cisk plc also declined. The equity shed 0.7% to €2.95 on low volumes of 8,848 shares. This morning, the Farsons Group announced an investment of €27 million in a new beer packaging facility that will meet the demands of both local consumers as well as export markets. The new facility, which is expected to be completed in April 2016, is also anticipated to improve operational efficiency in packaging.
The declines across these four equities offset a number of positive performances including the 1% increase in the share price of RS2 Software plc to €2.363 (just below its all-time high of €2.38) across 10,000 shares. Yesterday evening, RS2 announced that it signed an indefinite licence agreement with OKQ8 in Sweden for the use of the BankWORKS system against a fixed monthly fee.
Island Hotels Group Holdings plc jumped 5.6% higher to €0.95 across four deals totalling 11,799 shares. This afternoon, the Group revealed a €1.2 million turnaround in its pre-tax profits to €0.45 million largely due to improved occupancy at the three hotels as well as improved operational efficiency both in its hotels and vacation ownership business. This week Island Hotels also announced that it entered into a promise of sale for the Coastline Hotel for €14 million and that it was awarded the exclusive right to develop the Costa Coffee brand in Spain (East Coast), Balearic Islands and Canary Islands. Apart from seeking fresh equity capital, Island Hotels also indicated that it is also planning the issuance of a new bond on the local market.
The only other positive equity was GO plc with 1% increase to recapture its recent high of €2.10 on low volumes of 6,700 shares.
A further three equities were active during this morning’s session but ended unchanged. This included HSBC Bank Malta plc with 13,950 shares changing hands at the €2.55 level in anticipation of the full-year results publication next Monday.
On the bond market, the Rizzo Farrugia MGS Index once again maintained the 1,025 points level as Eurozone yields remained relatively unchanged at around the 1.68% level.
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