It was another positive week for the local sovereign debt market as 19 of the 24 active issues registered gains while only five fell marginally as turnover hit the €9 million mark during last week’s trading sessions. The three per cent MGS 2040 (I) was the most liquid issue, witnessing a turnover of €2.9 million to close 0.9 per cent higher at €114.38. Three other bonds, namely the 2.3 per cent MGS 2029 (II), 4.45 per cent MGS 2032 (II) and 2.4 per cent MGS 2041 (I) r registered a gain of one per cent or higher to close at €110.08, €137.46 and €102.70 respectively.
The Malta Stock Exchange (MSE) index registered an increase for the third consecutive week, advancing by 0.317 per cent to close at 4,681.516 points. Activity totalled nearly €1.8 million spread across 16 equities, of which seven gained ground, four fell in value and five closed unchanged.
Bank of Valletta plc (BOV) was the only bank to register an increase in its share price. The equity was negotiated in 43 deals of 129,727 shares, closing 0.6 per cent higher at €2.199 – a five-week high.
Conversely, HSBC Bank Malta plc shares erased the previous week’s gain when it slipped by 0.5 per cent as 20 deals of 105,838 shares were struck, to close at €2.08. The bank will publish its six-month financial performance on July 31. The directors are also due to consider the declaration of an interim dividend.
Lombard Bank Malta plc shares traded flat at €2.30 after a sole transaction of 1,279 shares. Last Friday, the bank announced that the board of directors will meet on August 24 to consider and approve the group’s and the bank’s interim financial statements for the half-year ending June 30.
Trade finance bank Fimbank plc registered no change in its share price of $0.77 after being active in four deals of 20,225 shares.
Mapfre Middlesea plc shares declined by a further €0.05, or 2.6 per cent, after eight deals of 9,914 shares, closing at €1.90. The equity has stumbled by 15.5 per cent year-to-date. Last Monday, the company announced that the board of directors is to meet on July 21 to consider and approve the interim financial statements for the half-year ended June 30.
RS2 Software plc shares were the best performers last week after appreciating by €0.09, or 5.9 per cent, after the highest turnover of 47 transactions of 386,181 shares, to close at €1.62. Last Tuesday, the company’s annual general meeting (AGM) was held during which all resolutions, including the special business, were approved.
In the same sector, Loqus Holdings plc shares edged 2.9 per cent higher after a sole deal of 1,212 shares, closing at €0.175.
GO plc shares extended their recent losing streak after falling by 0.4 per cent as 28,508 shares changed hands in 11 transactions to close at €3.455. Conversely, Malta International Airport plc (MIA) shares added to their previous week’s gain by gaining 0.5 per cent after 31 deals of 68,870 shares to close at a two-week high of €4.15.
Grand Harbour Marina plc (GHM) rose by three per cent as 12 deals of 9,308 shares were executed, to close at a three-month high of €0.896. Last Tuesday the company’s AGM was held, where all the resolutions were approved.
PG plc shares appreciated by a further 0.7 per cent after nine deals of 60,990 shares, closing at €1.299.
In the property management sector, Malita Investments plc was the only positive performer by advancing by 0.7 per cent as 22 deals of 178,735 shares were struck, to close at €0.74.
On the other hand, Plaza Centres plc shares headed the list of fallers when it slid 3.9 per cent. The equity was active in five transactions of 13,800 shares, closing €0.04 lower at €1.00. Last Monday, the company announced that its board of directors will meet on July 19 to consider and approve the interim financial statements for the half-year ended June 30.
Midi plc shares closed unchanged at €0.31 as six deals of 15,700 shares were struck. The company’s AGM was held last Tuesday. All five ordinary resolutions, as well as three extraordinary resolutions (special business) on the agenda, were approved.
Tigné Mall plc shares traded unchanged at €1.02 after one deal of 1,960 shares. Meanwhile, Malta Properties Company plc shares closed unchanged at €0.52 as nine transactions of 9,393 shares were negotiated.
In the corporate bond market, 31 issues were active, of which 14 gained ground, seven decreased and 10 closed unchanged. Turnover amounted to €1.2 million. The four per cent International Hotel Investments plc (IHI) Unsecured € 2026 headed the list of gainers after advancing by 1.2 per cent to close at €103, while the five per cent Hal Mann Vella Group plc Secured Bonds € 2024 was the worst performer, declining by 1.2 per cent, also closing at €103.
Last Monday, GHM announced that it had applied to the Malta Financial Services Authority’s listing authority requesting the admission to listing of €15 million unsecured bonds redeemable in 2027. It has also applied for the new bonds to be listed on the MSE.
Furthermore, the company announced that its board of directors has resolved to redeem all the outstanding seven per cent GHM 2017-2020 in full on August 22. Subject to regulatory approval, the company plans to reserve a fixed amount of the new bonds for holders of the existing bonds, who will be given the opportunity to surrender and cancel all or part of their existing bonds in exchange for new bonds. The company also intends to reserve a fixed amount of the new bonds for investors holding shares of the company.
Last Thursday, Tumas Investments plc announced that the issue of €25 million 3.75 per cent Unsecured Bonds 2027 guaranteed by Spinola Development Co. Ltd was oversubscribed. Consequently, the intermediaries’ offer scheduled for tomorrow will not take place.
Anchovy Studios plc 5.5 per cent 2027 Unsecured Bonds and Orion Finance plc 4.75 per cent 2027 Unsecured Bonds were admitted to Prospects on June 16 and last Monday respectively. Trading in both issues started last week.
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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