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Minimal decline in MSE index as banks fall

Last week the Malta Stock Exchange (MSE) index registered a slight decline for the first time after recording five consecutive weekly gains, falling by 0.162 per cent to close at 4,720.527 points.

Turnover amounted to €1.7 million spread over 16 equities, of which seven fell in value, five gained ground and four closed unchanged.

In the property management sector, Plaza Centres plc shares rose by a substantial 14.9 per cent after 13 deals of 199,300 shares, closing €0.149 higher at €1.149. Meanwhile, Midi plc shares traded flat at €0.31 after three deals of 54,000 shares.

On the other hand, Malta Properties Company plc (MPC) shares fully erased the previous week’s gain stumbling by 4.5 per cent after five transactions of 1,984 shares, to close at €0.51. Similarly, Malita Investments plc shares slipped by 1.4 per cent as six deals of 39,150 shares were struck, closing at €0.73.

Last Tuesday, Simonds Farsons Cisk plc (SFC) shares advanced by €0.05, or 0.7 per cent, on a single deal of 1,381 shares, to close last week at yet another record high of €7.75. The food and beverage equity has recorded a year-to-date rally of 10.7 per cent.

Investors shied away from the banking sector as all active equities registered a loss for last week. Bank of Valletta plc (BOV) shares slipped by 0.7 per cent after the highest turnover of last week of 71 deals of 199,271 shares, to close at a six-week low of €2.175. Similarly, HSBC Bank Malta plc shares edged 0.1 per cent lower as 82,493 shares were traded in 15 deals, closing at €2.068.

Fimbank plc shares declined by 3.3 per cent after five transactions of 21,000 shares, to close at a 15-month low of $0.745. Last Wednesday, the trade finance bank announced that the board of directors will be meeting on August 9 to consider and approve the consolidated financial statements for the half-year ended June 30 and to consider the payment of an interim dividend, if any.

In the oil and logistics sector, Medserv plc shares decreased by 1.9 per cent as a sole deal of 7,500 shares was negotiated, closing at a two-week low of €1.275. Last Friday, the company announced that Eni Cyprus Ltd has extended the contract for provision of operational base support services in Cyprus for another two years. The contract extension includes the provision of dedicated facilities and services in the port of Limassol while still maintaining the base facilities in the port of Larnaca.

The company has secured the areas in the Limassol port and is in the process of setting up the facility to meet the stipulated timelines for the upcoming exploratory drilling programme. During the past two years Eni has increased its exploration portfolio in the strategic area of eastern Mediterranean Sea.

RS2 Software plc shares halted their recent winning streak when they slipped by a minimal 0.5 per cent as 173,485 shares changed ownership, to close at €1.84.

On a positive note, Santumas Shareholdings plc shares headed the list of gainers, appreciating by €0.13, or 6.5 per cent, after two deals of 4,888 shares, closing at a record high of €2.13.

Go plc shares followed suit, advancing by 2.9 per cent as 42,330 shares were traded in 23 transactions, to close €0.099 higher at €3.569 – a five-month high.

Mapfre Middlesea plc shares increased by 0.5 per cent as six transactions of 7,592 shares were negotiated, closing at €1.87.

Malta International Airport plc (MIA) shares closed the week unchanged at €4.15 as 50,260 shares were negotiated in 24 deals. The local airport operator announced that it welcomed 578,827 passengers in June, translating into a growth of 17.5 per cent over the same month last year. June’s growth partly resulted from MIA’s recently launched summer schedule, which is its busiest yet, featuring an average of 130 flights a day.

The airport’s top five markets in June were the United Kingdom, Italy, Germany, France and Spain. These markets all registered varying degrees of growth, with the Spanish market experiencing the most marked increase, at 38.2 per cent. June’s numbers bring the total number of passengers for the first half of the year up to 2,639,712.

International Hotel Investments plc (IHI) shares witnessed 14 transactions of 131,112 shares but remained unchanged at €0.60. Likewise, PG plc shares closed unchanged at €1.30 as 10 deals of 33,780 shares were executed.

In the corporate bond market turnover amounted to €1.75 million spread across 30 issues, of which 10 advanced, 12 declined and eight closed unchanged. The six per cent Mediterranean Investments Holding plc euro 2021 was the top performer, increasing by 1.1 per cent to close at €102.10, while the six per cent Pendergardens Developments plc Secured € 2022 Series II headed the list of fallers, slipping by 4.4 per cent to close at €109.

Negative sentiment towards the sovereign debt market continued as out of 26 active issues 17 fell and nine increased.

The four longest-maturing bonds all gained in value, while the fallers were scattered across maturity dates.

Turnover totalled to €9.4 million. The 4.65 per cent MGS 2032 (I) was the most liquid issue, witnessing a turnover of €3.85 million to close 2.5 per cent higher at €136.63.

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 [email protected].

www.jesmondmizzi.com

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