The MSE Equity Total Return Index fully erased the previous two weeks’ losses, as it rallied a substantial 2.3 per cent to reach 9,839.40 points. In the equities market, 19 securities were active, as gainers amounted to nine, while only five drifted lower.
Turnover in the market was higher than the previous week’s figure of €1.7 million, as €2.2 million worth of shares changed hands over 278 deals.
Two of the main drivers of the positive performance set new all-time highs, namely Malta International Airport plc (MIA) and Simonds Farsons Cisk plc (SFC). Medserv plc and Trident Estates plc were also catalysts as all these four equities posted double-digit gains.
The top performer of the week was MIA, as its share price set a new all-time high at €7.95, before marginally retracting to €7.90, translating to a weekly gain of 14.49 per cent. Traded volume amounted to 28,910 shares across 33 transactions.
In the food and beverage sector, SFC was one of the most liquid equities, as 20 transactions worth a combined €248,264 were executed. As a result, the price soared 13.23 per cent higher to €10.70.
On the other hand, the banking sector was one of the main drags on the index, as three of the four active equities declined. Losses in the sector were led by FIMBank plc, which slumped 7.69 per cent to the lowest closing price in over eight months of $0.60.
The equity traded somewhat heavily as 234,770 shares were exchanged over 12 deals.
HSBC Bank Malta plc followed suit with a 2.86 per cent price decline to €1.70, fully surrendering the previous weekly gain. In total, 61,818 shares changed hands over 17 trades.
In the same sector, Lombard Bank Malta plc continued to trade in negative territory, as it also posted a modest loss of 0.86 per cent. The equity closed at €2.30 as a result of three deals of 4,135 shares.
Bank of Valletta plc was also active over 27 deals of 108,997 shares. However no change was recorded to the weekly closing price of €1.33.
Elsewhere, BMIT Technologies plc (BMIT) also closed unchanged over eight deals of 104,302 shares, at a price of €0.54. The company, announced that it has entered into a promise of sale agreement with regards to a building in Qormi. The property is being acquired with all of the rights and appurtenances for a consideration of €4 million.
The highest turnover was generated by GO plc, as 37 transactions worth €305,354 were recorded. As a result, the equity fully recovered the previous week’s loss, climbing 1.42 per cent to recapture the €4.28 price level.
International Hotel Investments plc announced that its Annual General Meeting has been scheduled for June 13, 2019. During the week, the equity was up 1.25 per cent to €0.81, the highest closing price in three and a half years. A total of 200,771 shares exchanged hands over 14 deals.
Back in April 2018, Medserv plc had announced that its two major shareholders, Anthony S. Diacono and Malampaya Investments Limited, whose beneficial owner is Mr Anthony J Duncan, had the intent to source a strategic purchaser to acquire their shareholding in the company. Last Monday, the company an-nounced that these major shareholders have now received non-binding offers from interested offerors.
The top performer was MIA as its share price set a new all-time high
The potential sellers are in the process of evaluating the said offers, and it is anticipated that the company will shortly grant the offerors access to further information as part of the process.
The company also issued an interim report, showing a turnover of €12.5 million in the first quarter of 2019, a 51 per cent increase from the corresponding period last year. This led to an improved EBITDA of €3.6 million, compared to the previous year’s figure of €1.4 million.
The positive start is likely to continue throughout the year, as all of the company’s subsidiaries have the opportunity to increase their earnings as a result of discoveries or new contract awards.
The company’s operations in Libya have continued without any disruption, despite the conflict in the country.
The equity traded 19 times throughout the week, as 79,322 shares changed ownership. Subsequently, the share price posted an impressive gain of 12.82% to reach €1.10, in what was a volatile week for the share price.
Insurance company, Mapfre Middlesea plc closed unchanged at €2.26 despite four trades of 4,200 shares.
Meanwhile RS2 Software plc appreciated 1.45% to €1.40, as a result of ten transactions of 76,006 shares.
In the retail sector, PG plc edged 0.61 per cent, down to a price of €1.64. A total of 7,000 shares traded over three transactions.
The property sector was dominated by buying pressure, led by Trident Estates plc which set a one-year high of €1.68. This translates to an impressive rally of 12 per cent, the result of six deals of 15,220 shares.
Malta Properties Company plc also added 2.5 per cent in value to €0.615. A substantial volume of 356,303 shares traded across 14 deals.
MIDI plc followed suit with a 1.69 per cent gain to €0.60. This was the outcome of five deals of 118,500 shares. The company presented the resolutions which shall be considered at the Annual General Meeting which shall be held on June 11, 2019.
Among the ordinary resolutions, the AGM shall consider the 2018 audited financial statements, as well as the final net dividend of €0.008 per share. If approved, the dividend shall be paid on June 28, 2019, to all shareholders who were on the register as at May 10, 2019.
The only exception in the property sector was Tigne Mall plc, which lost 2.17 per cent in value to close at €0.90. The equity traded 17 times, as 171,500 shares changed hands.
Malita Investments plc generated a significant turnover of €103,702, however the price closed at an unchanged €0.84.
Similarly, Plaza Centres plc erased earlier gains during the week, to close unchanged at €0.99.
Performances in the sovereign debt were predominantly negative, as 13 issues headed south, while only seven gained ground. The negative movements however were more severe, as the MSE MGS Total Return Index closed relatively unchanged at 1,054.152 last week. Investor participation was higher than the previous week, as €2.7 million worth of Malta Government Stocks were exchanged, compared to the previous figure of €2.3 million.
The longest-dated issue, the 2.4% MGS 2041 (I) posted the largest price movement, as it put on 0.44 per cent to €113.00.
Similarly, in the corporate debt market fallers outnumbered gainers, as 10 issues advanced while 19 drifted lower. Activity in the market was lower than the previous week, as turnover amounted to €1.7 million, compared to the previous weekly figure of €2.2 million. The MSE Corporate Bonds Total Return Index retracted by 0.24 per cent to settle at 1,073.497 points.
The most notable price movement was recorded by the 5.3% United Finance Plc Unsecured € Bonds 2023, as it was down 3.29 per cent to €103.
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 tel: 2122 4410, or email info@jesmondmizzi.com.