Following a marginal decrease last week, the MSE Equity Total Return Index was back in the black as a 0.253 per cent gain was registered, to close at 8,655.699 points. Turnover was less than half of that generated last week, as it stood at €893,394.
MIDI plc was the week’s top performer, as the property company’s share price appreciated by 6.7 per cent, to close at €0.448. The equity traded on 11 occasions, over which 259,344 shares exchanged hands. The positive market sentiment came as a result of information released on Thursday, where the company announced that it has entered into preliminary discussions with Tumas Group Company Limited to explore the possibility of establishing a joint venture with respect to the development of Manoel Island.
The discussions are at a preliminary stage and may or may not result in a transaction. Any eventual agreement will be subject to the Company’s contractual obligations and any necessary regulatory and shareholder approvals in terms of law. Throughout the process, the Company will communicate material updates, if any, in accordance with regulatory requirements. The company’s forthcoming Annual General Meeting will be held June 27, 2018.
Mixed fortunes were experienced in the banking industry, as Bank of Valletta plc (BOV) declined, HSBC Bank Malta plc registered gains, while FIMBank Malta plc and Lombard Bank Malta plc, albeit active, closed unchanged. BOV was active over 29 trades worth a total of €164,000. These yielded a fall in price of 0.3 per cent, to close at €1.745. Contrarily, eight transactions in HSBC pushed the equity’s price up by 1.1 per cent, to settle at €1.83. FIMBank Malta plc traded twice, while Lombard Bank Malta plc traded once, as both closed unchanged at $0.52 and €2.28, respectively.
Insurance firm GlobalCapital plc and property company Santumas Shareholdings plc experienced the week’s heaviest losses as both equities traded on mere turnover. The former registered a 14.7 per cent sell-off, while the latter slipped by 12 per cent to settle at its one-month low. The respective prices at the end of the week read €0.29 and €1.32. Malta Properties Company plc fell once again – this time by 3.7 per cent over three deals of 12,418 shares, closing at €0.52.
Sector counterparts Main Street Complex plc and Tigné Mall plc also headed south. The former declined by 0.7 per cent, to close at €0.675, while the latter slipped by 1.6 per cent, to close at €0.935 – its lowest point in almost 10 months. Despite similar outcomes, turnover levels differed between the two. Main Street Complex plc traded only once on thin volume, while Tigne` Mall plc featured in nine trades worth a total of €90,100.
At the other end of the spectrum, Malita Investments plc appreciated by three per cent, to reach a fresh 19-month high and closing the week at €0.855. Nine trades in this equity generated a total turnover of €43,500. Plaza Centres plc and Trident Estates plc were both active but closed unchanged at €1.04 and €1.31, respectively. Turnover levels for both companies were slightly over €14,000 for Plaza Centres and just under €50,000 for Trident Estates.
Grand Harbour Marina plc shares decreased by 5.1 per cent over a single trade of 1,250 shares, to close at €0.75 – a fresh one-month low.
PG plc shares moved further up, having advanced by 1.5 per cent, to close at a fresh one-month high of €1.32. The retail conglomerate’s shares featured in six separate transactions of 25,550 shares. GO plc shares appreciated by a minimal 0.6 per cent across four deals of 13,500 shares, closing at €3.42.
International Hotel Investments plc shares were once again in the red, as a 0.7 per cent decline was registered, to close at €0.68. The equity traded on seven occasions, in which a total of 39,194 shares exchanged hands.
Mapfre Middlesea plc and Simonds Farsons Cisk plc both had a positive week. The former registered a 2.1 per cent gain, to €1.94, while the food and beverage company appreciated by 0.8 per cent, to close the week at €6.75 – a fresh two-month high.
On Thursday, Mapfre Middlesea plc announced that the board is scheduled to meet on July 20, 2018, to consider and approve the interim financial statements for the half-year ended June 30, 2018.
Yesterday, Simonds Farsons Cisk plc announced that all ordinary resolutions had been approved during their Annual General Meeting on Thursday. Among them, a final net dividend of €2,600,000 paid out of tax exempt profits equivalent to a net dividend of €0.0866 per ordinary share as recommended by the directors.
This article, compiled by Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice, and the contents 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 Limited at 67, Level 3, South Street, Valletta or on 21224410 or email info@jesmondmizzi.com.
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