The MSE Equity Total Return Index last week added to the previous week’s 0.597 per cent loss, declining by 1.842 pr cent to close at 8,372.257 points. Turnover increased to €952,670 spread over 19 equities, of which 10 fell and four gained ground.

Bank of Valletta plc (BOV) shares edged €0.06 or 3.4 per cent lower as 216,114 shares changed hands in 68 deals, closing at €1.71. The banking equity traded between a weekly high of €1.77 and a low of €1.70.

Meanwhile, HSBC Bank Malta plc shares recouped the previous week’s 0.6 per cent decline, advancing by 1.2 per cent as 27 deals of 66,536 shares were negotiated, to close at €1.72. On Friday the equity’s price touched a weekly high of €1.74.

Fimbank plc shares slipped by 3.6 per cent as 49,940 shares changed ownership in eight deals, to close at $0.53. The trade finance bank announced last Wednesday that during the rights issue, a total of 180,108,494 shares were subscribed for and these will be admitted to listing on the Malta Stock Exchange tomorrow.

This means that lapsed rights amount to 29,578,934 shares, which will now be offered through an intermediaries offer, at a minimum price of $0.55. Any lapsed rights not subscribed for in the intermediaries offer will be subject to the underwriting agreement with United Gulf Holding Company BSC.

The insurance and investments services provider Global Capital plc was last week’s best performer, rallying by 10 per cent after one transaction of 6,300 shares, to close at €0.33.

The company announced last Thursday that the group registered a pre-tax profit of €4.6 million during 2017, up by 64 per cent from the previous year’s figure of €2.8m. An important component of this increase was a €2.1 million fair value gain, compared to €1.6m in 2016. No dividend payment will be recommended at the annual general meeting.

In the same sector, Mapfre Middlesea plc shares extended their previous week’s 2.9 per cent loss, dipping by 6.9 per cent, to close €0.14 lower at €1.90 – a six-week low. The equity witnessed five deals of 4,000 shares. Last Thursday, the equity started trading without the entitlement to the upcoming dividend.

Trident Estates plc shares were the worst performers for the second consecutive week, stumbling by 12.5 per cent to add to the previous week’s 3.2 per cent loss. The equity was active in one transaction of 425 shares, closing €0.23 lower at €1.61 – an 11-week low.

Malta Properties Company plc (MPC) shares increased by 2.6 per cent as eight deals of 128,330 shares changed ownership, closing at €0.47. Meanwhile, Malita Investments plc shares closed unchanged at €0.83 as five transactions of 37,500 shares were negotiated.

In the same sector, Midi plc shares partially erased the previous week’s 1.7 per cent gain by decreasing by 0.6 per cent as five deals of 14,450 shares were negotiated, closing at €0.354.

Last Monday, the company announced that the group’s profit after tax for 2017 was €20.8 million, compared to a loss of €2.5m in the previous financial year. However, during 2017, the company recorded an operating loss of €2.8 million, down from a €1.6m profit in 2016. This difference was the result of a 47 per cent decrease in turnover year-on-year, mainly due to a reduction in sale of properties from €5.6m to just €0.2m during the past year. The board of directors resolved to recommend to the AGM a final net dividend of €0.007 per share.

Tigné Mall plc shares traded flat at €0.95 after three deals of 20,800 shares were struck.

Meanwhile, Plaza Centres plc shares increased by 1.9 per cent, adding to the previous week’s two per cent gain as two deals of 1,500 shares were concluded, to close at €1.06.

Simonds Farsons Cisk plc’s shares registered a loss for the fifth consecutive week, slipping by 0.7 per cent after three transactions of 608 shares, closing €0.05 lower at €6.70.

Medserv plc shares fell by 0.9 per cent after one deal of 5,000 shares, to close at €1.10.

Last Monday, the oil and gas logistics services provider announced that the board meeting to approve the company’s annual financial statements has been rescheduled to take place tomorrow.

Maltapost plc announced last Monday that the board of directors is scheduled to meet on May 16 to consider and approve the interim financial statements for the six months ended March 31, 2018. No deals were recorded in the equity of the postal operator.

Malta International Airport plc (MIA) shares closed unchanged at €4.86, despite having reached a weekly high of €4.92. There were 10 deals for a total of 14,666 shares in the local airport operator.

Telecommunications provider GO plc registered a 1.7 per cent drop in its share price as 10 transactions of 22,400 shares were executed, closing €0.06 lower at €3.44.

International Hotel Investments plc (IHI) shares extended the previous week’s 0.8 per cent slip by declining by a further 2.4 per cent after one deal of 1,018 shares, to close at €0.60.

In the IT sector, Loqus Holdings plc shares traded unchanged at €0.10 after one deal of 900 shares.

Meanwhile, RS2 Software plc shares fell by 9.3 per cent, adding to the previous week’s 2.1 per cent loss. The equity was negotiated in 22 transactions of 104,382 shares, closing €0.13 lower at €1.27.

Last Wednesday, the board of RS2 approved the financial statements for 2017. The group’s profit after tax was €614,796, up by 35.7 per cent from 2016. Operating profit for the year increased by 92 per cent to over €1.6 million. A major drag on the net profit was the fact that finance costs more than tripled throughout the year, to €466,616. Earnings per share were up to €0.005, from €0.003 in 2016.

The board of directors has resolved to recommend for approval at the AGM the payment of a final net dividend of €0.0146 per share to all shareholders on the register as at close of business of May 18.

Supermarkets and retail owner PG plc recorded no change in its €1.30 share price after 8,570 shares changed ownership in four deals.

In the corporate bond market, activity was spread across 38 issues, of which gainers and losers tallied at 12. Turnover fell to €1.1 million, from €1.3m the previous week. The five per cent Dizz Finance plc unsecured € 2026 was the worst performer, slipping by 3.5 per cent to close at €105, while the six per cent Mediterranean Investments Holding plc euro 2021 registered the best performance, advancing by 2.8 per cent to close at €104.10.

In the sovereign debt market, turnover amounted to €2.5 million. A total of 24 issues were active, of which 14 declined and nine appreciated. The 5.2 per cent MGS 2031 (I) was the most liquid issue witnessing a turnover of €314,770, closing 0.7 per cent higher at €143.65.

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.

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