The MSE Equity Total Return Index closed almost flat at 9,875.384 points having edged down by 0.06 per cent. In the equities’ market, a total of 21 equities were active, 12 of which gained ground while seven declined. A turnover of €2.4 million was generated across 353 transactions.
International Hotel Investments plc was one of the best performers this week, with a 5.88 per cent gain, to reach a price of €0.90. A total of 46,700 shares traded across 16 transactions.
Conversely, in the banking sector, Bank of Valletta plc (BOV) logged a price drop of 3.97 per cent to €1.21 after trading between a weekly low of €1.20 and a high of €1.27.
The equity traded heavily, as 96 trades of 331,203 shares were recorded.
The bank announced that it has been informed that its USD correspondent bank shall be terminating its correspondence relationship with BOV with effect from December 14, 2019.
BOV has intensified its endeavours to engage alternative correspondents to minimise any possible operational disruption to its business and its clients.
The bank also informed the market that the application period for the 3.75 per cent Bank of Valletta plc 2026-2031 has now been closed since the bond has been fully subscribed for.
Its peer, HSBC Bank Malta plc registered contrasting performances throughout the week, ultimately closing unchanged at €1.62, over 14 transactions of 27,618 shares.
In the same sector FIMBank plc traded three times, as 35,000 shares changed hands, resulting in a gain of 1.67 per cent to reach $0.61. On Friday trading commenced in 16,853,044 FIMBank shares emanating from the bank’s bonus issue, after being admitted to the official list last Thursday.
Similarly, a sole deal of 2,400 Lombard Bank Malta plc shares pushed the price up by 1.77 per cent to €2.30. The bank announced that its board will be meeting on August 21, 2019 to consider and approve the group’s interim financial statements for the first half of 2019.
In the telecommunications sector, GO plc (GO) closed unchanged at €4.58, as 28,007 shares changed hands over 20 trades.
GO announced that further to the promise-of-sale agreement signed on August 2, 2018, it has now acquired from Mercury Exchange Limited, the property situated within the first level below road level from Triq San Gorg consisting of a net floor area of 303 square metres for a nominal price of €100.
This was one of the conditions imposed on Mercury Exchange Limited for its acquisition of the Saint George’s Exchange from SGE Property Company Limited, a fully owned subsidiary of Malta Properties Company plc (MPC).
Should the purchaser not have transferred the property to GO, MPC’s subsidiary would have had the right to withdraw from the promise of sale agreement and retain the €1 million paid on account of the price. In terms of trading, MPC posted a solid gain of 4.76 per cent to reach €0.66, as 33 deals of a combined 141,831 shares were executed.
The best performer, however, was Trident Estates plc, as it hiked 6.74 per cent to €1.90. A total of ten transactions of 43,920 shares were executed.
MIDI plc also performed well, as it soared 4.92 per cent to reach €0.64. A substantial turnover of €258,120 was generated across 16 transactions.
BOV intensifies endeavours to engage alternative correspondents to minimise any possible operational disruption to its business
Malita Investments plc was up 1.75 per cent, reaching a price of €0.87. The equity traded eight times as 30,250 shares were exchanged.
A single transaction of 5,700 Plaza Centres plc shares pushed the equity 1.52 per cent higher, closing at €1.00.
The only negative performer in the industry was Tigne Mall plc, as it lost 1.1 per cent to close at €0.90. The company held its Annual General Meeting last Thursday, during which the 2018 audited financial statements were approved, as well as the final net dividend of €0.0131 per ordinary share. The dividend shall be paid on July 5, 2019 to all shareholders who were on the register last Thursday.
Elsewhere, BMIT Technologies plc sank 0.92 per cent to a price of €0.54, as 157,654 shares traded over 27 deals.
Malta International Airport plc also traded in negative territory, as it shed 2.68 per cent in value to a price of €7.25. Turnover amounted to €166,944 over 21 deals.
Meanwhile, MaltaPost plc put on 0.68% to close at €1.49 as a result of four deals of a combined 9,100 shares.
The worst performer of the week was Mapfre Middlesea plc, as it kicked off with successive weak performances, losing a total of 10.71 per cent in value. The equity closed at €2.00 following eight deals of 20,359 shares.
RS2 Software plc held its Annual General Meeting on June 18, during which the 2018 financial statements were approved.
The AGM also approved the bonus issue of one share, for every eight held, which shall be issued to all shareholders who were on the register as at May 17, 2019. The equity was the most liquid this week, as 579,045 shares traded across 52 transactions, closing 3.57 per cent higher at €1.45.
Meanwhile, in the retail sector, PG plc appreciated 3.8 per cent to €1.64, over ten deals of 29,925 shares.
Medserv plc followed suit with a 1.79 per cent gain to €1.14 over a couple of transactions of 18,648 shares.
Santumas Shareholdings plc also traded twice during the week, as it declined 2.37 per cent to €1.65.
Grand Harbour Marina plc held its Annual General Meeting on June 1 where all resolutions on the agenda were approved, including the audited financial statements for the financial year ended December 31, 2018.
No trades were recorded during the week.
The local Sovereign debt traded in positive territory for yet another week, as 16 Malta Government Stocks traded higher, while only seven shorter-dated issues lost ground.
In fact, the MSE MGS Total Return Index closed 0.58 per cent higher at 1,082.33.
The longest-dated issue, the 2.4% Malta Government Stocks 2041(I) registered the largest gain of 1.29%, to close at €119.69.
Performances in the corporate debt market were somewhat balanced, as from the 43 active issues, 19 headed north and 15 drifted lower. The MSE Corporate Bonds Total Return Index erased the previous weekly gain, as it was down 0.27 per cent, over a turnover of just over €2 million.
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 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. The company is acting as co-sponsor to the Bank of Valletta plc, Bonds Issue referred to in this article.
For details contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, phone 2122 4410 or email info@jesmondmizzi.com.