The MSE Equity Total Return Index fell by a further 0.51 per cent to close at 8,936.276 points. Turnover amounted to €944,730.16 spread across 17 equities, of which nine decreased, five gained ground and three closed unchanged. The index fell by 1.3 per cent last month.
Global Capital plc shares soared by €0.099, or 32.9 per cent, as two deals of 4,090 shares were struck, to close at an eight-month high of €0.40. Last Wednesday, the company’s board of directors approved the report for the six months ended June 30. The company said that it had made a pre-tax profit on a consolidated basis for the six months ended June 30, totalling €2.4 million, compared to the prior period equivalent to €1.9m. Global Capital Life Insurance Ltd’s contribution to the profit amounted to €1.3 million, compared to €696,352 for the same period in 2016. The company said efforts to register sustained levels of new business had resulted in a rise in the value of in-force business for the period under review of €1.2 million (June 2016: €1.2m).
Global Capital Financial Management Ltd registered an higher level of activity and an increase in operational costs. This, together with enhancements to the company’s provisioning policy, led to a pre-tax profit of €131,607 compared to €7,169 for the period ended June 2016. The health insurance agency’s commission income improved marginally compared to the first six months of 2016. The directors did not recommend the payment of an interim dividend.
Fimbank plc shares rose 1.3 per cent after one deal of 6,000 shares, to close at $0.76. Conversely, Bank of Valletta plc shares fell 1.1 per cent after the highest turnover of 62 deals of 162,766 shares, closing at €2.097. The equity traded at a low of €2.05 but recovered in the last two days of trading.
HSBC Bank Malta plc shares oscillated between a weekly high of €1.93 and a low of €1.90, to close at €1.92. The equity was active in 12 deals of 25,890 shares.
Simonds Farsons Cisk plc shares advanced by €0.20, or 2.6 per cent, as 715 shares changed ownership in four deals, closing at a record high of €8. SFC’s share price rose 3.1 per cent in August.
Malta International Airport plc shares rose by 0.7 per cent after 11 deals of 16,850 shares, closing up €0.03 at €4.20. Similarly, PG plc shares rose by 0.7 per cent as seven transactions of 38,965 shares were negotiated, to close at €1.40.
Midi plc shares traded flat at €0.31 in seven deals of 185,000 shares. Last Monday, the company’s board of directors approved the report for the six months ended June 30. The company made a pre-tax loss of €1.5 million compared to €1.1m in the same period last year.
The results are in line with the company’s projections and are due to having practically no apartments that it could hand over to their respective owners. Q2 apartments are expected to be delivered in 2018 and hence profits from these sales will be accounted for in the company’s 2018 financial statements. The company is projecting an overall loss for 2017 financial year.
As a result, revenue during the period fell by 52.3 per cent from the €3.91 million in the same period in 2016, to €1.87m in 2017. Earnings per share fell from -€0.004 in the first six months of 2016 to -€0.0078 in the same period last year.
Plaza Centres plc shares stumbled by 3.5 per cent as 60,663 shares were traded in eight deals, closing down €0.038 at €1.04.
Malta Properties Company plc shares erased the previous week’s minimal gain after falling 4.3 per cent after four deals of 25,023 shares, to close at €0.51. On a similar note, Tigné Mall plc shares slipped by 0.2 per cent as 10 deals of 157,828 shares were executed, closing at a two-week low of €0.975.
Malita Investments plc shares traded flat at €0.75 on a single deal of 2,000 shares. The equity price fell two per cent in August.
The other non-movers were RS2 Software plc shares, which closed unchanged at €1.78, registering 3.5 per cent loss in August. Last week the IT equity was active in seven deals of 19,420 shares.
GO plc shares fell by 0.8 per cent as seven transactions of 22,623 shares were negotiated, closing at €3.57, recording a minimal 0.6 per cent rise in August. Last week the equity traded at a low €3.506.
International Hotel Investments plc shares slipped by 0.8 per cent after five deals of 19,812 shares, to close at €0.61, registering a 1.5 per cent decline in August.
Mapfre Middlesea plc shares sank by three per cent on one deal of 3,000 shares, closing €0.059 lower at €1.88 – a three-week low.
Santumas Shareholdings plc shares decreased by 0.5 per cent as 4,000 shares changed ownership in two transactions, to close at €2.141.
Last Wednesday, the board of directors of Grand Harbour Marina plc approved the company’s report for the six months ended June 30. The combined revenues of GHM and IC Cesme fell from €3.1 million in the first six months of 2016 to €2.9m in the same period this year. Group pre-tax profit for the period ended June 30, which includes the 45 per cent share of the profits of IC Cesme, amounted to €0.23 million, compared to €0.35m in the same period last year. The equity was not active last week.
In the corporate bond market, activity was spread across 33 issues, of which 11 rose, eight declined and 14 closed unchanged as turnover amounted to €1.327 million. In the sovereign debt market, turnover totalled €15.426 million as 27 issues were active, of which 10 rose, 15 fell and two were unchanged.
Tomorrow application for 62+ Malta Government Savings Bond will open to the public. The bonds will be offered at a coupon of three per cent per annum and will be issued at the price of €100 per bond and mature on September 13, 2022. Eligible investors can apply for between €500 and €10,000 in multiples of €100. Applications close on Wednesday or earlier.
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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