The MSE Share Index kicked-off the week in negative territory as it slipped by 0.19% to 4,622.994 points. Trading activity was broad as 14 equities traded, seven of which trended lower, four closed flat while another three shares edged higher. Volumes remained encouraging as €0.43 million worth of shares changed hands.
The worst performing equity today was Medserv plc as it extended its recent losses by a further 4% to a fresh near two-year low of €1.20 across 55,600 shares. The company issued an Interim Directors’ Statement after the close of today’s trading session in which it provided an update on its financial performance during the first quarter of 2017.
Medserv noted the most recent recovery in the international price of oil which is having a positive knock-on effect within the industry. Medserv is anticipating that its integrated logistic support services business will continue to face challenges this year but revenue generated from oil country tubular goods in the Middle East is expected to have a positive impact on the Group’s 2017 results. Medserv is anticipating a strong rebound in performance in 2018 as the industry recovers, stabilises and returns to growth. Medserv is due to hold its Annual General Meeting on 31 May.
In the retail-banking sector, both Bank of Valletta plc and HSBC Bank Malta plc posted declines today. BOV eased by 0.5% to the €2.18 level across 44,120 shares while eight deals totalling 8,502 shares pulled the equity of HSBC 0.4% lower to the €1.98 level.
Also among the large companies by market capitalisation, RS2 Software plc lost 1.6% from its three-month high of €1.55 to the €1.525 level after partially recovering from an intra-day low of €1.50 (-3.2%). A total of 14,750 shares traded.
Despite recently revealing an upbeat financial performance for the six-month period ended 31 March 2017, the equity of MaltaPost plc dropped by a further 2.5% to a new five-month low of €1.901 across 26,642 shares.
PG plc erased last Friday’s gains as it dropped by 1.9% to the €1.27 level across 31,650 shares.
In the property segment, a single deal of 12,000 shares pulled the equity of Midi plc 1.6% lower to the €0.315 level.
In contrast, Malita Investments plc (12,000 shares) and Malta Properties Company plc (1,640 shares) maintained the €0.72 and €0.511 levels respectively. MPC is due to hold its AGM on Thursday 25 May.
FIMBank plc also closed unchanged at the USD0.755 level after opening at a new 2017 low of USD0.70. A total of 50,000 shares changed hands.
Mapfre Middlesea plc maintained its near seven-month low of €2.01 across 4,221 shares.
Meanwhile, Malta International Airport plc recaptured the €4.15 level (+0.7%) across 14,500 shares. Last week, MIA published an Interim Directors’ Statement revealing its financial performance during the first quarter of 2017. During this period, MIA reported a 15.8% increase in turnover to €13.4 million (Q1 2016: €11.6 million) and a 33.2% surge in Ebitda to €5.82 million (Q1 2016: €4.37 million). Similarly, profits after tax jumped by nearly 69% to €2.47 million when compared to €1.46 million generated in the first three months of 2016. The Directors stated that the promising start to the summer season provides an optimistic outlook for the rest of 2017 with expectations for an overall positive result for 2017.
A single deal of 2,159 shares lifted the equity of Simonds Farsons Cisk plc 0.3% higher to a record of €7.551. Shareholders as at next Wednesday May 24 will be entitled to a final net dividend of €0.08 per share.
International Hotel Investments plc gained 2.3% to the €0.62 level albeit on light volumes totalling 3,000 shares.
Following the strong gains registered in the previous three days, the RF MGS Index eased by 0.09% to 1,125.232 points as eurozone sovereign yields drifted higher amid a quiet day across international financial markets.
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Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.