The MSE Equity Total Return Index advanced by a further 1.93 per cent following last week’s 3.8 per cent gain, as it closed the week at 8,224.722 points. A total of 18 equities were active, of which 15 registered gains while another two lost ground. A total weekly turnover of €1.9 million was generated across 293 transactions.

In the banking sector, all three active equities closed in positive territory. Bank of Valletta plc continued its recent recovery, as it advanced by four per cent, ending the week at €1.06. The equity has thus regained all losses incurred in 2020, having closed 2019 at the said price. During the week, a total of 82,248 shares changed hands over 34 deals.

Similarly, its peer, HSBC Bank Malta plc was up by three per cent, as 22 deals involving 135,973 shares were executed, worth €134,201. The equity traded at a low of €0.97 on Monday but managed to gain ground as it closed the week at the €1.00 price level.

Lombard Bank plc ended the week at €2.12 – translating into an increase of around 1 per cent. This was the result of 84,574 shares spread across nine transactions.

On Thursday, FIMBank plc announced that Fitch Ratings has downgraded its long-term Issuer Default Rating (IDR) and Viability Rating (VR) to B+ from BB-. At the same time, Fitch has confirmed the bank’s short-term IDR at B. Fitch Ratings is expecting a severe decline in this year’s global economy, particularly resulting from the disruption on operations caused by the COVID-19 outbreak.

During an extraordinary board meeting held on Wednesday, Malta International Airport plc conducted a comprehensive assessment of the impact that the COVID-19 outbreak has had on the company. The directors have reconsidered their original recommendation for the payment of a final net dividend to shareholders of €0.10 per share. In order to manage the company’s cash reserves and maintain the organisational set-up to be able to recover immediately once the situation normalises, it is prudent to withdraw its recommendation for the declaration of a dividend, over and above the interim dividend already paid by the directors in September 2019.

The company is also implementing several strict cost-cutting measures to preserve liquidity, targeting an initial reduction in operating costs of 30 per cent. The equity registered the highest liquidity, as total turnover stood at €440,162. Price was up by one per cent to €5.05, as 87,923 shares changed hands over 54 deals.

On Monday, International Hotel Investments plc announced that although the audit work on the finalisation of the audited financial statements of IHI Magyarország Zrt for 2019 is ongoing situation has put logistical constraints on the guarantor’s human resources and those of its auditors. IHI Magyarország Zrt is now expecting to publish the audited financial statements for the year ended December 31, 2019, by end of June, 2020. Eight deals involving 29,984 IHI shares pushed the equity’s price 0.84 per cent higher, to close the week at €0.60.

On Monday, RS2 Software plc and Grand Harbour Marina plc announced the board is scheduled to meet on April 27, 2020, to consider and approve the company’s financial statements for the financial year ended December 31, 2019.

RS2 Software plc was trading flat until Wednesday but registered gains over the following days. The price increased by 5.3 per cent, ending the week at €2.00, as 33 deals involving 100,654 shares were executed. Grand Harbour Marina plc shares traded three times over a mix of 4,749 shares but closed unchanged at €0.75.

Bank of Valletta plc continued its recent recovery, as it advanced by four per cent

Telecommunications company, GO plc, traded five times over a mix of 15,893 shares. As a result, the price advanced by 1.03 per cent, to close at €3.92. Malta Post plc logged the best performance registering a 33 per cent increase in price, as seven deals involving 13,499 shares were executed. The equity closed at €1.20.

On Friday, Simonds Farsons Cisk plc announced that the board shall meet on May 27, 2020, to consider and approve the audited financial results for the year ended January 31, 2020. The board shall also consider the declaration or otherwise of a final dividend, to be recommended to the forthcoming AGM.

On a year-to-date basis, the equity recorded a 29.13 per cent drop in price, as it reached the €8.15 price level. A total of 15,644 shares changed ownership over 25 deals this week, dragging the price by 4 per cent.

Retail conglomerate, PG plc, advanced by 1.11 per cent, as 16 deals involving 77,573 shares were executed. The equity ended the week at €1.82.

Medserv plc headed the list of fallers with a double-digit decline of 11 per cent. The equity closed at a low of €0.89, as 8,805 shares were spread across four transactions.  On Monday, Plaza Centres plc announced the board shall meet on April 27, 2020, to consider, and if deemed fit, approve, the Group’s financial statements for the financial year ended 31 December, 2019. The equity registered a three per cent increase in the price, as it ended the week at €0.97. Five deals involving 9,200 shares were executed.

On Tuesday, Main Street Complex plc published its financial statements for the year ended December 31, 2020. The company registered a 10.4 per cent increase in revenue, as it amounted to €819,540. Such increase was the result of new concessionaries contracted and an annual concession fee increase during the financial year under review. Operating expenses remained broadly flat while administrative expenses increased.

In the property sector, all four active issues closed in the green. On Thursday, MIDI plc announced that the board has approved the audited consolidated financial statements for the year ended December 31, 2019. These shall be submitted for shareholders’ approval at the AGM. The group registered a turnover of €27.7 million, compared to €52.5million in 2018. Midi’s jointly controlled entity, Mid Knight Holdings Limited (MKH), had a positive impact on the financial results. The group’s 50 per cent share of MKH profits for the year 2019 stood at €1.6 million.

The equity reached the €0.45 price level during the week but closed slightly lower at €0.396, which translates to a weekly gain of 10 per cent. A total of 180,750 shares were executed over 10 deals.

Malita Investments plc saw the price increase by five per cent, as 10 deals involving 45,013 shares were executed. The equity closed at €0.84. Similarly, a sole deal of 9,000 Trident Estates plc shares pushed the price 2.27 per cent higher to €1.35.

On Monday, Tigne’ Mall plc announced the board has approved the audited financial statements for the year ended December 31, 2019. These are to be approved by shareholders during the next Annual General Meeting (AGM). The company’s revenue has increased by 7.5 per cent from the previous year to €7 million, which also brought with it a corresponding increase in direct costs. Operating profit increased by 6.5 per cent over 2018 to €4.4 million.

During 2019, a distribution of €1,481,350 was made to the shareholders covering the final dividend attributable to 2018 (€740,675) and an interim dividend in 2019 (€740,675). The equity was not active during the week.

On Wednesday, Harvest Technology plc announced that the board is scheduled to meet on April 24, 2020, to consider and, if deemed appropriate, approve the company’s audited financial statements for the year ended December 31, 2020. The board shall also be consider whether to declare a dividend. No trading activity was recorded during the week.

 

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