The MSE Equity Total Return Index continued to trade in positive territory, with another substantial gain of 1.397 per cent to reach 9,165.303 points. Investor participation was more or less in line with the previous week, as €3.2 million worth of shares traded over 272 deals.
Activity in the equities market was spread across 19 equities, as gainers amounted to eight, double the number of fallers. The main driver was GO plc which was one of the companies which published results last week.
GO plc issued its preliminary financial statements for the year ended December 31, 2018. The group generated a revenue of €171.8 million, which translates to a 3.2 per cent increase over 2017.
This increase was the result of a 2.2 per cent improvement in the group’s operations in Malta, as well as a 7.8 per cent upsurge in Cablenet’s revenues. The group intends to continue investing in the latter’s operations in Cyprus, to be able to service a larger client base. This strategy has proved fruitful so far, as Cablenet’s EBITDA was up 12.2 per cent last year.
The board is recommending that the Annual General Meeting approves the payment of a final net dividend of €0.14 per share.
The board has also resolved to approve the payment of a special net interim dividend of €0.41. The latter dividend will be made in view of the profits generated from the sale of the company’s 49 per cent shareholding in BMIT Technologies plc. Both dividends will be paid on May 30, 2019, to all shareholders on the register as at April 26, 2019.
The Annual General Meeting shall be held on May 28.
The banking industry had a predominantly positive week as no equity posted a loss.
HSBC Bank Malta plc registered mixed sessions as it oscillated between €1.60 and €1.65, before ultimately closing 0.62 per cent higher at €1.63.
Traded volume amounted to 162,379 shares across 17 deals.
Bank of Valletta plc also recorded contrasting performances throughout the week, which ultimately cancelled each other out and closed unchanged at €1.26.
In the same sector, Lombard Bank Malta plc published its financial results for 2018, showing an impressive increase in profit before tax of 55.3 per cent to €13.77 million. This was mainly driven by a 13.5 per cent increase in net interest income to €17.51 million, as a result of increase customer lending, transactions banking and prudent treasury management.
Net fee and commission income also increased by a substantial 14.1 per cent, reaching €4.72 million while Postal Sales and other revenues rose by five per cent.
The board of directors has resolved to recommend a final net dividend of €0.0325 per share to all registered shareholders as at March 12, 2019.
In the aftermath of the announcement, the share price reversed earlier losses to close 2.46 per cent higher at €2.50.
FIMBank plc was also active, as four deals of 59,352 shares had no impact on the share price of €0.70.
The bank announced that its Annual General Meeting has been scheduled for May .
Elsewhere, BMIT Technologies plc (BMIT) traded 45 times along the week as 555,581 shares were exchanged.
As a result, the equity drifted 1.89 per cent to a price of €0.52.
BMIT published its financial statements for 2018, which will be laid before the members at the Annual General Meeting to be held on May 27, 2019. The results show an 8.1 per cent increase in revenue to €21.3 million over the previous year. This was driven mainly by a 23 per cent upturn in the sale of connectivity services, an 11 per cent increase in colocation services, as well as a nine per cent improvement in cloud and managed services.
The worst performer of the week was in the food and beverage sector, as Simonds Farsons Cisk plc dropped 2.86 per cent to settle at €8.50.
MaltaPost plc followed suit with a 2.31 per cent price decline to €1.27, as two deals of 5,000 shares were executed.
International Hotel Investments plc extended its positive streak to four straight weeks, as it posted another strong gain of 5.71 per cent to €0.74. A volume of 175,630 shares changed hands over 18 deals.
In the insurance sector, no price movements were recorded as the only active equity, Mapfre Middlesea plc traded flat at €2.00 on slim volume. Similarly, RS2 Software plc surrendered a gain registered early during the week to close unchanged at €1.42.
Malta International Airport plc published the traffic results for the month of February, showing that the positive trend has persisted.
In fact, the traffic figure was 2.9 per cent higher than the already-impressive figure of the corresponding month in 2018, to reach 359,395 passenger movements.
The market seems to have reacted well to this announcement, as a gain of 1.54 per cent was recorded. The share price closed at €6.60 as 12,818 shares were exchanged over 14 trades.
Retail conglomerate, PG plc, traded somewhat heavily, as 16 transactions of 368,373 shares were executed. However, the share price closed unchanged at €1.36.
Similarly, a sole deal on very slim volume had no bearing on the price of €0.70 of Grand Harbour Marina plc.
The property sector was also a positive driver of the index performance, led by Malita Investments plc which hiked 6.67 per cent to €0.96. This was the outcome of two deals of 6,724 shares. The company announced that its Annual General Meeting shall be held on May 6.
On Friday, after the market closed, the company published its financial statements for the year ended December 31, 2018. The statements show a profit before tax of €13.7 million, 38.9 per cent lower than the previous year’s figure of €22.5 million.
The directors shall be recommending to the Annual General Meeting the payment of a net dividend of €0.01417 per share, to be paid on May 10 to all shareholders on the register as at April 5.
Malta Properties Company plc soared 5.45 per cent to reach an 11-week high of €0.58. A substantial volume of 605,652 shares traded across 30 deals.
MIDI plc announced on Thursday that the board of the Planning Authority has approved the revised Masterplan and the revised Outline Development Permit for the restoration and redevelopment of Manoel Island.
The company is now looking forward to move into the next phase of the project. In spite of this announcement, and a turnover of €46,737, the share price closed unchanged at €0.63.
Tigne Mall plc was the only negative mover in the sector, as it edged 1.08 per cent to €0.92.
Conversely, a couple of transactions of 17,855 Plaza Centres plc shares pushed the share price 0.98 per cent higher to €1.03.
In the sovereign debt market, yields were lower as 18 issues headed north, while only six issues lost ground.
Meanwhile, in the corporate debt market, 21 securities posted losses while 14 increased in value.
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 the Atlas Group.
For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or on Tel: 21224410, or email info@jesmondmizzi.com.