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Total Return Index marginally up

The MSE Equity Total Return Index partially erased the previous week’s 0.487 per cent loss, having recouped by 0.079 per cent, to close at 8,570.088 points.

Activity was spread across 20 equities, of which gainers and losers tallied at five. Turnover fell from the previous week’s €2 million, to €1.4 million.

FIMBank plc shares registered the best performance, having advanced by $0.045 or 8.7 per cent – erasing the previous week’s 5.5 per cent loss. The equity managed to close at $0.56 as a result of last-minute deals on Friday.

Bank of Valletta plc (BOV) shares recorded a decline for six consecutive weeks. The banking equity fell by 1.3 per cent, after having witnessed the highest turnover of 386,201 shares, spread across 88 transactions and closing the week at €1.50, also a result of a last-minute deal during the week’s final session.

Lombard Bank Malta plc (Lombard) shares appreciated by €0.10, as 29,839 shares changed ownership on 12 transactions, closing at a five-month high of €2.40.

The group registered a profit before tax of €6.1 million for the first six months of 2018, translating to a significant 29.7 per cent increase. This was in line with a 32 per cent increase in operating income, which reached €35.4 million during the period, as activity remained strong in all significant business lines.

The group’s performance was positively impacted by higher volumes of commercial credit activity during the past year.

Loans and advances to customers were up by 10.7 per cent to €474.7 million, backed by a 2.5 per cent increase in customer deposits to €751.8 million.

This resulted in the Bank Advances to Deposits Liquidity Ratio to rise from the 58.2 per cent recorded at the end of year 2017, to a still healthy 62.7 per cent. The Capital ratio was registered at a solid 13.6 per cent, well above the 8 per cent regulatory minimum requirement. All of this resulted in an improved earnings per share figure of €0.084, compared to the €0.06 registered during the same period last year.

HSBC Bank Malta plc shares closed unchanged at €1.80, despite having reached a weekly low of €1.78. The banking equity was negotiated across 14 trades of 28,024 shares.

The investments and insurance services provider Mapfre Middlesea plc registered no change in its €1.89 share price, as three deals of 5,365 shares were negotiated.

Malta International Airport plc shares decreased by 0.9 per cent as 12,036 shares changed hands on 10 deals, to close €0.05 lower at €5.60.

GO plc shares added to the previous week’s 0.6 per cent increase. The telecommunications services provider’s shares were executed across 13 transactions of 46,848 shares, and closed at €3.44.

International Hotel Investments plc shares partially reversed the previous week’s gain, having slipped by 3.9 per cent. The hoteliers’ equity was negotiated across two trades of 2,057 shares, closing at €0.615.

Last Thursday, Santumas Shareholding plc’s board approved the audited financial statements for the year ended April 30, 2018.  These statements will be submitted for the approval of the shareholders at the forthcoming Annual General Meeting which is scheduled for October 23, 2018. The equity was not active last week.

RS2 Software plc shares closed unchanged at €1.19 for the third consecutive week, despite having traded at a weekly low of €1.15.

The I.T. equity was active on seven deals of 10,155 shares. The Board of RS2 is scheduled to meet on Tuesday to consider and if thought fit to approve the interim financial statements for the six-month period ended June 30.

Lombard Bank Malta plc shares appreciated by €0.10

In the same sector, Loqus Holdings plc shares fell by 2.7 per cent, as one transaction of 10,000 shares was concluded, closing the week at €0.092.

Simonds Farsons Cisk plc shares managed to recoup from their weekly low of €7.40, having closed at €7.50. The food and beverage supplier’s shares witnessed four trades of 3,070 shares.

SFC’s spin-off Trident Estates plc shares closed unchanged at €1.33, as nine deals of 10,300 shares were executed. 

Plaza Centres plc reversed the previous week’s loss, having gained 2 per cent. The shopping mall owner’s shares witnessed three transactions of 12,625 shares, and closed at €1.02.

In the same sector, Main Street Complex plc shares traded flat at €0.665 on one trade of 3,000 shares. The company recorded a profit before tax of €196,256 for the first half of 2018, which is 10.5% lower than the corresponding period last year.

Revenues were marginally down at €353,860 while operating expenses increased from €20,391 to €31,241 as a result of lower recoveries of Common Area and Building Maintenance costs, higher management fees, additional depreciation on a new lift installation, and governance costs. Finance costs on the other hand decreased by 25.3 per cent following the full repayment of banking facilities following the company’s listing, as envisaged.

Shareholders on Tigne Mall plc’s register as at August 17, 2018 will receive a net dividend payment of €0.0128 per nominal €0.50 share on Friday August 31.

Medserv plc shares swayed between an eight-week low of €1 and a weekly high of €1.09 – at which it closed. The oil and gas logistics services provider’s shares declined by 1.8 per cent across 17 transactions of 61,320 shares.

Malta Properties Company plc shares traded unchanged at €0.51 on six trades of 88,245 shares. Meanwhile, Malita Investments plc (Malita) shares closed unchanged at €0.87 as 11 deals of 119,600 shares were concluded.

Last Tuesday was the cut-off date for Malita’s interim net dividend of €0.00858 per share. The interim dividend will be paid on September 7, 2018.

MIDI plc shares closed in positive territory for the third consecutive week. The property management equity was executed across eight transactions of 123,099 shares, and closed at a record high of €0.535. The board is scheduled to meet on Thursday to consider and approve the interim unaudited financial statements for the six-month period ended June 30.

MaltaPost plc shares closed unchanged at €1.65 for the second consecutive week as PG plc shares traded flat at €1.37 on two deals of 5,750 shares.

The retail and supermarkets owner announced that, if approved at the board’s meeting, an interim dividend will be distributed on September 5 to all registered shareholders as at August 24. The amount of the dividend, if any, will be communicated to the market at a later stage, after the board meeting is held on Tuesday, August 28.

In the corporate bond market, 39 issues were active of which 18 increased and nine fell. Turnover more than doubled, from €1.4 million, to €3.6 million. The 4% Exalco Finance plc Secured 2028 headed the list of gainers, having advanced by 4.75 per cent, to close at €104.75, while the 5% Mediterranean Investments Holding plc Unsecured € 2022 registered the worst performance, closing at €102.20.

In the sovereign debt market turnover increased to €1.8 million from €1.3 million. Activity was spread across 21 issues, of which four appreciated and 15 declined. The 2.1% MGS 2039 (I) was the most liquid issue, having witnessed a turnover of €350,980, closing at €101.05.

This article, compiled by Jesmond Mizzi Financial Advisors Limited, 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 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 – tel: 2122 4410.

http://www.jesmondmizzi.com/

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