As global equity indices experienced a correction, this week the MSE Equity Total Return Index fell by a marginal 0.78 per cent closing at 9,443.594 points as global equity markets experienced their worst week since 2008. A total of 20 equities were active, of which six headed north while another 10 closed in the opposite direction. Nearly €1.8 million were traded across 267 deals. The index ended the month of February down by a minimal 0.64 per cent, while the Euro Stoxx 50 fell by just over eight per cent.
On Monday, Malta International Airport plc announced the financial results for 2019 in which they reported a profit before tax of €62.6 million, translating into an 11.7 per cent growth when compared to €47.1 million recorded in 2018.
The company’s revenue also increased by €8 million as both aviation and non-aviation activities generated a total revenue of €100.2 million, translating into an 8.7 per cent increase from the previous year. In 2019, 20 new routes were introduced while MIA reached a new record of over 7.3 million passenger movements and solid results were posted from the retail and property segment. Earnings before Interest Tax Depreciation and Amortisation (EBITDA) increased by 16 per cent, having reached €63.2 million until end of 2019 while the EBTIDA margin was up from 59 per cent to 63 per cent.
In addition to the net interim dividends paid of over €4 million, the board recommended a final net dividend of €0.10 per share, for shareholders on the register as at April 13, 2020. Dividends shall be paid on May 27, 2020 if approved at the Annual General Meeting (AGM).
The share price of MIA reached a 10-month low of €6.55 on Monday but managed to recoup part of the loss as it ended the week at €6.85. This translated into a weekly decline of 0.72 per cent, as a result of 52 deals involving 48,490 shares.
In the banking industry, HSBC Bank Malta plc registered the highest liquidity for the week, as it generated a total turnover of €404,041. A total of 382,639 shares changed hands over 34 transactions, dragging the price 1.87 per cent lower to €1.05 after having traded at a weekly high of €1.08
Its peer, Bank of Valletta plc, closed flat all week at €1.05 after having traded at a weekly low of €1.04. The bank traded 24 times over a spread of 65,633 shares.
Meanwhile, Lombard Bank Malta plc ended the week in positive territory with a 2.78 per cent increase, to close at €2.22. Three deals involving 7,634 shares were executed.
Telecommunications Company, GO plc, ended the week at a seven-week high at €4.24. A total of 19,134 shares were executed over nine deals. Its subsidiary, BMIT Technologies plc reached the €0.54 price level, translating into a 2.86 per cent increase as demand for the equity increased to nearly €0.3m over 50 transactions.
RS2 Software plc ended the week in the red as 35 deals involving 109,574 shares were executed. The equity reached an all-time-high of €2.56 but lost ground by Friday having closed 1.59 per cent lower at €2.48.
On Wednesday, MaltaPost plc held its AGM. The company’s audited financial statements for the year ended September 30, 2019, were approved. Moreover, a final ordinary net dividend of €0.04 per nominal €0.25 share was declared, translating into a net cash payment of over €1.5 million.
The equity was active yesterday as three deals involving 5,500 shares pulled the equity 1.54 per cent in the red, to close at €1.28.
MIA reached new record of over 7.3 million passenger movements
Retail conglomerate, PG plc, registered a two per cent decline as 10 deals involving 37,320 shares were executed. The equity closed at €1.96. Similarly, Simonds Farsons Cisk plc traded 0.91 per cent lower at €10.90. This was the result of five deals worth €25,000.
International Hotel Investments plc ended the week in negative territory as 64,737 shares changed ownership over 13 transactions. The share price was down by 3.75 per cent, reaching the €0.77 price level.
In the property sector, one trade of 20,000 MIDI plc shares were executed on Wednesday. This resulted into a 2.04 per cent decline, to close at €0.48. Similarly, Trident Estates plc traded twice on Thursday on slim volume, as the equity traded lower by 6.55 per cent, ending the week at €1.57.
On the other hand, 7,100 Malta Properties Company plc shares resulted into a positive 0.75 per cent change in price. The equity closed at €0.67 as three transactions were executed.
Loqus Holdings plc was active on Monday but closed unchanged at €0.08. Five deals involving 48,000 shares were executed.
On Thursday, Grand Harbour Marina plc announced that its custodian and trustee, HSBC Bank Malta plc, disposed of its entire 1,397,216 shares, on behalf of its clients, carrying voting rights held in the company. This represents an aggregate 6.98 per cent of the total issued share capital of the company carrying voting rights. As a result, HSBC disposed of its entire shareholding in the company.
The equity headed the list of gainers with a 19.05 per cent rise in price, reaching the €0.55 price level. A total of 121,658 shares changed ownership over two transactions.
A single deal in Main Street Complex plc’s left the equity’s price unchanged at €0.57.
On a similar note, Medserv plc traded eight times but closed unchanged at €1.03. A total of 71,100 shares were executed.
Mapfre Middlesea plc reached €2.34 this week as a total of 8,772 shares changed hands over six deals. This translates into a 2.63 per cent increase in price.
The worst performance was recorded by GlobalCapital plc as it closed 25.52 per cent lower at €0.216. The equity traded once over 3,000 shares.
In the Corporate Bonds market, the MSE Corporate Bonds Total Returns Index registered a decline of 0.033 per cent as it closed at 1,090.10 points. A total of 42 issues were active, of which 17 traded higher while 13 closed in negative territory. The 3.75 per cent AX Group plc Unsecured 2029 S2 traded 1.51 per cent lower at €104.50 while the 4 per cent International Hotel Investments plc Unsecured 2026 gained nearly 100 basis points
In the Sovereign Debt market, the MSE MGS Total Return Index advanced by 0.075 per cent, reaching 1,134.96 points. Out of 20 active issues, five registered gains while another 15 lost ground. The 2.4% MGS 2041 (I) headed the list of gainers as it closed 1.74 per cent higher at €132.26. On the other hand, the 5% MGS 2021 (I) lost 0.61 per cent, ending the week at €107.00.
In the Prospects MTF market, 11 issues were active. The 5% The Convenience Shop Holding plc Unsecured Callable €2026-2029 was the most liquid as total turnover stood at €35,400 as it closed at €100.
This article, which was 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 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 Limited at 67, Level 3, South Street, Valletta, or on 2122 4410, or e-mail info@jesmondmizzi.com.