The Malta Stock Exchange (MSE) Equity Total Return Index partially recouped the previous week’s 0.166 per cent loss, having advanced by 0.15 per cent, to close at 8,661.208 points. Turn­over increased to €2.7 million from the previous week’s €1.7 million and was spread across 19 equities, of which gainers and losers tallied at six.

In what was another recovery week for RS2 Software plc, the equity’s share price managed to extend the previous week’s 1.6 per cent gain, having rallied by €0.10, or 7.7 per cent, as 89,069 shares were traded in 17 deals, closing at €1.40.

In the banking sector, Lombard Bank Malta plc shares sagged by €0.40, or 16.7 per cent, after one deal of 505 shares, to close at a 20-month low of €2.

Last Tuesday, Global Capital plc announced that it had submitted a binding offer to the Special Administrator of Cyprus Popular Bank Public Co. Ltd for the purchase of its 49.01 per cent stake in Lombard Bank Malta plc, subject to all necessary regulatory and corporate approvals. Global Capital Life Insurance Ltd, a fully-owned subsidiary of Global Capital plc, is already the second largest shareholder of Lombard Bank, after the Cyprus Popular Bank with a 5.54 per cent stake.

In the announcement, the company said this offer is supported financially by York Capital, a leading private equity fund. However, various local media sources reported that the director of York Capital has since denied that such an agreement had been reached by the time of the announcement. Thereafter, the company issued an announcement confirming that its non-binding offer for the 49 per cent stake in Lombard Bank Malta plc still stands. Global Capital shares were not active last week.

Bank of Valletta plc (BOV) shares closed unchanged at €1.83 as 85 transactions of 443,055 shares were negotiated. Last Thursday, BOV announced that the board is scheduled to meet on Friday to consider and approve the group and the bank’s audited financial statements for the 15-month period from October 1, 2016, to December 31, 2017. The board will also consider the declaration of a final dividend to be recommended to the bank’s annual general meeting (AGM).

In another company announcement the bank stated that after taking legal advice, and following careful consideration, the board of directors of the bank and BOV Asset Management Ltd have filed an appeal before the Court of Appeal (Inferior Jurisdiction) from the decision given by the Arbiter for Financial Services on February 23, 2018, in relation to a number of La Valette Multi Manager Property Fund claims.

Fimbank plc shares were the other non-movers in the banking sector, having closed unchanged at $0.605. The trade finance bank’s shares were active on four deals of 23,466 shares.

Last Wednesday, Fimbank published a preliminary statement of the group’s results for 2017, which showed a 43.98 per cent increase in profit for 2017 over 2016. This amounts to a profit of $7.7 million, compared to a positively restated profit of $5.4 million for the previous year. Operating income before net impairment increased by 12 per cent from $46.1 million to $51.7 million, backed by a rise in net interest income of $3 million, and also a $3.7 million improvement in net fee income. The board will not be recommending the payment of a dividend to the AGM of shareholders.

HSBC Bank Malta plc shares extended the previous week’s one per cent loss, having declined by 4.1 per cent across 38 transactions of 349,474 shares, to close €0.08 lower at €1.86, as the equity turned ex-div last Monday.

Insurance and investments services provider Mapfre Middlesea plc fully recouped the previous week’s 0.5 per cent drop in its share price, having advanced by 3.8 per cent as 56,046 shares changed hands  in 15 deals, closing €0.07 higher at €1.91 – an 18-week high.

Simonds Farsons Cisk plc (SFC) shares traded flat at €6.95. The food and beverage supplier’s shares were active in four transactions of 751 shares. SFC’s spin-off company Trident Estates plc managed to partially erase the previous week’s 4.2 per cent drop in its shares, having appreciated by 1.7 per cent, to close €0.03 higher at €1.85. The equity witnessed two deals of 3,499 shares.

In the property management sector, Midi plc shares reversed the previous week’s 1.8 per cent loss, having advanced by 3.6 per cent as two deals of 68,600 shares were concluded, closing at €0.346.

Last Wednesday, the company announced that the previously announced guardianship deed with the Manoel Island Foundation and the Gżira local council in respect of Manoel Island is now in effect. The development will start once the necessary planning approvals of the master plan are received. The terms of the agreement bind Midi to work in line with certain commitments governing the Manoel Island Public Park, the foreshore, the swimming zones, Fort Manoel, and building heights on the island.

Malta Properties Company plc shares extended the previous week’s 3.8 per cent gain, having increased by a minimal 0.4 per cent across five transactions of 23,100 shares, to close at €0.50.

Meanwhile, Malita Investments plc shares erased the previous week’s 2.4 per cent advance, having slipped by 4.1 per cent as 45,500 shares changed ownership in six deals, closing €0.035 lower at €0.82.

Last Tuesday, Plaza Centres plc announced that the board is scheduled to meet on Tuesday to consider and approve the group’s financial statements for the financial year ended December 31, 2017. The board will also consider whether to declare and recommend the payment of a dividend to shareholders. The equity was not active last week.

The telecommunications services provider GO plc partially reversed the previous week’s 1.7 per cent increase in its share price, having declined by 1.1 per cent as168,360 shares were negotiated in 12 deals, to close €0.04 lower at €3.56.

Medserv plc added to the previous week’s five per cent loss, having decreased by 2.6 per cent, closing €0.03 lower at €1.12. The oil and gas logistics services provider’s shares were traded in five deals of 26,060 shares.

The retail and supermarkets owner PG plc extended its previous 1.5 per cent increase, having climbed by 2.2 per cent as four deals of 34,350 shares were negotiated, to close €0.03 higher at €1.38 – a one-month high.

Malta International Airport plc shares closed unchanged at €4.94 as 16 deals of 33,325 shares were concluded.

Grand Harbour Marina plc (GHM) shares traded unchanged at €0.73 after one trade of 9,400 shares.

International Hotel Investments plc shares oscillated between a weekly high of €0.62 and a low of €0.58, to ultimately close unchanged at its high. The hoteliers’ equity was active in six transactions of 19,927 shares.

Maltapost plc shares closed unchanged at €1.90, despite having reached a weekly high of €1.95 as five deals of 16,334 shares were negotiated.

Loqus Holdings plc shares registered the week’s worst performance, having stumbled by 28.2 per cent as 7,500 shares changed ownership in two deals, to close €0.053 lower at €0.135.

In the corporate bond market, turnover increased to €1.6 million from €1.3 million. A total of 35 issues were active, of which 14 gained ground and 10 fell. The four per cent Stivala Group Finance plc Secured € 2027 was the best performer, having advanced by 2.2 per cent, to close at €104.25, while the 4.5 per cent Grand Harbour Marina plc Unsecured € 2027 headed the list of fallers, having declined by 2.3 per cent, closing at €104.51.

In the sovereign debt market, 27 issues were active, of which 15 increased and nine declined. Turnover increased substantially to €8.3 million from the previous week’s €2.5 million. The 2.1 per cent MGS 2039 (I) r was the most liquid issue, having witnessed a turnover of €1.7 million, to close 0.3 per cent higher at €102.10.

This article, which was compiled by Jesmond Mizzi Financial Advisors Ltd, 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 a member 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 Ltd at 67, Level 3, South Street, Valletta, or on Tel. 2122 4410, or e-mail info@jesmondmizzi.com.

www.jesmondmizzi.com

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