The MSE Equity Total Return Index continued on its positive trend, further extending its positive streak to nine weeks. The index climbed another 0.90 per cent to close at 9,453.883 points. Despite being a four-day week, investors’ participation was higher compared to the previous week, as €1.9 million worth of shares were exchanged across 261 transactions. Activity was spread across 18 equities, as the negative movements of six equities, were outweighed by five positive performers.

The main driver of the positive performance was the banking industry, as two equities posted significant gains. Bank of Valletta plc continued to be dominated by buying interest, as it was once again among the top performers with a 6.02 per cent price hike. At one point, the share price reached a weekly high of €1.48, before settling at €1.41. The equity was the most liquid as 395,730 shares traded across 108 deals.

The best performer however, was FIMBank plc as its share price soared 8.82 per cent, in anticipation of the publication of its financial results. The equity closed at the highest price in 12 weeks of $0.74, as a result of eight trades of 143,934 shares.

In the same sector, HSBC Bank Malta plc was also active on ten deals of 42,056 shares. However, contrasting sessions cancelled out each other to ultimately close unchanged at €1.63.

Meanwhile, Lombard Bank Malta plc, which was inactive this week, announced that its Annual General Meeting shall be held on April 11, 2019.

Telecommunications company, GO plc, partially erased the previous week’s gain with a 1.21 per cent loss, to close at €4.90. This was the outcome of 16 trades of 50,150 shares.

Its spin-off, BMIT Technologies plc maintained the €0.52 price level, despite generating a substantial turnover of €198,770 over 30 deals.

International Hotel Investments plc also traded heavily as 311,239 shares changed hands over 13 transactions. Consequently, the equity erased most of the previous week’s gains, as its share price declined by 3.85 per cent to €0.75.

Malta International Airport plc registered five deals of a combined 1,700 shares, all of which were executed at an unchanged price of €6.55.

In the insurance sector, Mapfre Middlesea plc put on a modest 0.86 per cent to close at €2.34. Trading volume amounted to 3,600 shares over three deals.

Its peer, GlobalCapital plc announced that its board of directors is scheduled to meet on March 25 in order to consider and approve the company’s financial statements for the year ended December 31, 2018.

In the property sector, Malta Properties Company plc published its financial statements for 2018, showing a profit before tax of €12.78 million, more than double the figure for 2017. This translates to an Earnings per share of €0.10, compared to an EPS of €0.05 for 2017.

The best performer was FIMBank plc as its share price soared 8.82 per cent

In 2018, the newly refurbished offices at Floriana were fully rented out by year end, resulting in a 6.4 per cent increase in rental income to €3.3 million.

The group also recorded a €2.1 million gain on the disposal of the old Sliema Exchange. Administrative expenses were down 20.77 per cent to €1.04 million. The main driver of the group’s positive performance however, was an €9 million appreciation on the fair value of property, which is 80 per cent higher than the previous year’s figure of €4.9 million.

During this year, the company is expecting to continue its works on the Żejtun Exchange which is being redeveloped into a state-of-the-art technical and data centre for GO, as well as the new Birkirkara Exchange, which is expected to be completed early 2019.

In view of these results, the board of directors has resolved to recommend the payment of a final net dividend of €0.01 per share, which shall be paid on June13 to all registered shareholders as at May 13. The company’s Annual General Meeting shall be held on June 11.

The share price climbed to the highest price in over three years of €0.64, but eventually returned to the previous week’s closing price of €0.58. A total of 185,478 shares traded across 34 deals.

The only positive mover in the sector was Tigne Mall plc, as a single transaction of 8,200 shares pushed the price 2.22 per cent higher to €0.92.

Conversely, Malita Investments plc continued to trade in negative territory with another decline of 1.69 per cent, to €0.87. This was the outcome of six trades of 34,800 shares.

Plaza Centres plc followed suit with a 0.97 per cent price drop to €1.02, as 24,595 shares changed ownership over four deals.

In the same sector, Main Street Complex plc traded six times as 44,600 shares were exchanged. The share price however, closed unchanged at €0.63.

MIDI plc announced that its board of directors is set to meet on April 25 in order to consider and approve the audited financial statements for 2018. The directors shall also consider the recommendation of a dividend to the Annual General Meeting, which shall be held on June 11. The equity recorded no deals during the week.

Elsewhere, Medserv plc was the worst performer of the session, as a sole deal of 9,000 shares dragged the price downwards by 4.27 per cent to €1.12.

Meanwhile, another single deal on slim volume of Santumas Shareholding plc shares, had no impact on the share price of €1.42.

Retail conglomerate, PG plc, also closed unchanged, at €1.38, despite generating a turnover of €69,201 over seven trades.

In the food and beverage sector, Simonds Farsons Cisk plc completed its recovery by climbing 0.57 per cent to recapture the €8.75 price level. A volume of 2,000 shares traded over a couple of deals.

RS2 Software plc registered six deals of a combined 111,500 shares throughout the week. All transactions were executed at a price of €1.40, translating to a loss in value of 1.41 per cent.

Yields in the sovereign debt market drifted lower last week, as the price of 12 issues increased, while seven securities headed south. In total, €2.8 million worth of Malta Government Stocks traded over 141 deals. The short-term issues continued on the previous week’s negative trend, while the longer-dated issues closed higher. The 3% MGS 2040 (I) topped the list of gainers with a 1.07 per cent increase to close at a price of €122.80.

Meanwhile, in the corporate debt market, from 36 active securities, 14 posted losses while eight gained ground. Total turnover amounted to €1.4 million over 133 transactions. The best performer was the 4.5% Hili Properties plc Unsecured € 2025, which fully recovered the previous loss with a 2.93 per cent appreciation, to €105.50. At the other end of the spectrum, the 6% International Hotel Investments plc Unsecured 2024 was down 2.46 per cent to close at €105.

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.

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 2122 4410, or email info@jesmondmizzi.com.

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