Last Friday, after market close, Bank of Valletta plc (BOV) provided an update on the proceedings instituted against it by the curators of the bankruptcy of the Deiulemar case, taking place in front of the Courts of Torre Annunziata in Italy. BOV announced that it has now filed proceedings against Italy before the European Court of Human Rights, in order to safeguard its fundamental right to a fair hearing in this matter, in line with the European Convention on Human Rights.
The MSE Equity Total Return Index continued on the previous week’s recovery as it posted another substantial gain of 0.85 per cent to reach 9,483.885 points. In spite of the positive performance, from the 18 active equities, nine equities retracted while seven advanced.
Activity in the equity market reached €1.8 million worth of shares traded double that of last week, over 183 transactions. Turnover in both weeks was spread over four days.
Despite a fall in price of 4.56 per cent, GO plc was one of the main positive contributors to the index, which is calculated on a total return basis. The reason for this is that the equity turned ex-dividend on Thursday, as both the final net dividend of €0.14 and the special interim net dividend of €0.41, shall be paid to shareholders on the register as at last Friday, April 26. The dividends shall be paid on May 30. The share price closed at €4.60, as 39,284 shares traded over 24 deals.
MaltaPost plc was one of the best performers last week, as it soared 6.84 per cent to return to last month’s closing price of €1.25. In total, 42,200 share were exchanged over six deals.
The two largest equities in the banking industry posted falls last week, led by HSBC Bank Malta plc with a decline of 0.57 per cent to €1.73. The equity was the most liquid as 248,459 shares traded over 12 trades.
Its peer, Bank of Valletta plc also edged 0.37 per cent to settle at a price of €1.335. A substantial turnover of €170,012 was generated across 40 deals.
In the same sector, Lombard Bank Malta plc was the only positive mover, climbing a solid 4.39 per cent to €2.38, the highest closing price in seven weeks. Over the course of the week, three transactions of 14,520 shares were executed.
Malta International Airport plc traded somewhat heavily, as €250,589 worth of shares changed hands across 18 trades. The share price oscillated between €6.60 and €6.70 throughout the week, eventually closing at the higher end of the range, translating to a 1.52 per cent appreciation.
International Hotel Investments plc closed unchanged at €0.73, as four deals of just 5,290 shares were struck. Its board of directors is scheduled to meet on April 30 in order to consider, and if thought fit, approve, the audited financial statements for 2018. The directors shall also consider the recommendation of a final dividend, subject to approval at the Annual General Meeting on June 13.
BMIT Technologies plc presented the ordinary resolutions which shall be considered at the first Annual General Meeting scheduled for May 27. The resolutions include the approval of the Annual Report and Financial Statements. The equity traded 14 times last week, as 92,116 shares changed ownership. The outcome of this activity was a 1.87 per cent drop in price to €0.525.
Last Friday, Mapfre Middlesea plc held its Annual General Meeting, in which all resolutions on the agenda were approved. This includes the payment of a final gross dividend of €0.097826, as well as the payment of a special interim dividend of €0.08696 gross as recommended by the directors. Investors who hold shares on the register as at next Friday, May 3, shall be eligible for both dividends. The equity was down 1.67 per cent to €2.36 last week, as five transactions of 9,000 shares were recorded.
RS2 Software plc enjoyed a positive week, climbing 4.29 per cent to a two-month high of €1.46. A total turnover of €164,388 was generated across 14 deals.
Conversely, in the retail sector, PG plc decreased 1.28 per cent in value, to a price of €1.54. Trading volume amounted to 57,500 shares over nine transactions.
Meanwhile, a sole deal of 10,000 Medserv plc shares had no impact on the price of €1.06.
On the other hand, a single deal worth just €1,000 Loqus Holdings plc shares pushed the price upwards by 12.5 per cent to €0.09.
The property sector registered mixed performances last week among the five active equities. The best performer was Malita Investments plc which put on 1.75 per cent to €0.87 as a result of a couple of deals of 45,000 shares.
Malta Properties Company plc followed suit as it partially recovered the previous week’s loss, with a 1.72 per cent gain. The share price reached €0.59, as 23,321 shares traded across six deals.
On the other hand, the worst performer was MIDI plc, which sank 4.07 per cent to €0.59, across 13 deals of 290,845 shares. The company published its audited consolidated financial statements for 2018, showing a profit before tax of €17.8 million, compared to the €21.2 million registered in 2017. The profit figure for 2017 was largely attributable to the €26.3 million revaluation gain of the company’s shares in Mid Knight Holdings Ltd. However, the figure for 2018 was reflected in the operating profit. In fact, the group’s operating profit during the past year stood at €17.3 million, compared to an operating loss of €3.1 million in 2017.
This was driven by a drastic increase in revenue from €4.6 million to €52.5 million. Over 92.6 per cent of total revenue was attributable to the sale of Q2 apartments, which were delivered to their owners during the year. Earnings per share was registered at €0.054, down from the previous figure of €0.097. The group’s net asset value increased from €86.6 million, to €97.4 million in 2018.
The board has resolved to recommend the payment of a final net dividend of €0.008 per share. Subject to approval at the Annual General Meeting, the dividend shall be paid on June 28 to all registered shareholders as at close of business May 10.
Tigne’ Mall plc recorded mixed sessions throughout the week, ultimately closing 1.56 per cent lower at €0.945. In total, nine deals of 33,150 shares were executed.
Similarly, Plaza Centres plc drifted 0.96 per cent lower to €1.03. This was the outcome of a couple of deals of 48,000 shares.
Performances in the sovereign debt market were mixed, as gainers and fallers amounted to ten-a-piece. The gainers however, registered larger movements, as the MSE MGS Total Return Index recovered the previous week’s loss with a 0.41 per cent gain to 1,049.043 points. Activity in the market picked up, as a turnover of €6.9 million was generated, compared to the previous figure of €1.4 million. The 2.1% MGS 2039 (I) recorded the most notable gain of 2.24 per cent, to reach a price of 108.50.
In the corporate debt market, 50 bonds were active, generating a similar turnover to the previous week of €1.8 million. Fallers amounted to 17 issues, while 24 issues headed north. The MSE Corporate Bonds Total Return Index closed the week at 1,077.071 points, translating to a 0.61 per cent increase. The top performer was the 6% Pendergardens Developments plc Secured € 2022 Series II, which was up 2.83 per cent to €109.