The MSE Index shed 1.7%, as losses in five equities outweighed gains elsewhere to close the week at 8,172.64 points. Total turnover reached €0.5m, as 119 deals were executed.

Double digit losses on slim volumes in International Hotel Investments plc (IHI) and PG plc weighted heavily on performance, as gains in several large caps were not enough to make up for these losses. Since the beginning of the year, the local equities index is down by 3.5%.

In the banking sector, Bank of Valletta plc shares gained 1.7% to close at €0.915 after trading at a weekly low of €0.89.

Turnover declined heavily from €0.2m last week to €0.05m. Since the beginning of the year, the banking equity’s price is down by 3.7%.

Its peer HSBC Bank Malta plc shed just over 1% to end the week at €0.82. Thirteen deals worth €47,000 were executed.

FIMBank plc shares gained 5%, as the equity’s price closed the week at €0.376. The share price of the trade finance company is down by nearly 25% since the beginning of the year.

BMIT Technologies plc (BMIT) closed the week higher by 2%, as the equity finished at €0.51. BMIT shares were the most liquid, as turnover totalled €78,000 across 15 deals.

On a year-to-date basis, BMIT shares are up by 6%.

Last Thursday, the company announced the performance for the first quarter of 2021.

The company continued the same trend of 2020, as it recorded good performance across all business lines. Despite the unprecedented times, the financial results achieved by the company during the first quarter of the year were positive.

As at end of the first quarter, the unaudited accounts show that the company generated revenues of €6.6 million, against €5.8 million during the same period last year.

The trend experienced in prior months persisted, whereby revenue from cloud and connectivity services continued growing steadily.

Revenue derived from managed services showed encouraging signs, thus this segment is successfully overcoming the challenges brought about by the pandemic.

Cost of sales and administrative expenses amounted to €3.6 million, slightly up from €3.4 million in 2020. The slight increase is mainly the result of more hardware and software sales, which has driven up the cost of goods sold.

Administrative expenses were lower during the quarter.

This resulted in an EBITDA of just below €3 million up to quarter one, which is €0.5 million more than that recorded during the same period last year.

One deal of 450 shares in Simonds Farsons Cisk plc left the equity’s price intact at the €9.45 price level

In its announcement, the company added that while economic recovery post pandemic, both locally and globally, is yet uncertain and may have an unexpected adverse impact on performance, the results are encouraging, and the company remains cautiously optimistic for the rest of the year.

During the first quarter, the company increased its liquidity in preparation for the payment of dividend towards the end of May.

Harvest Technology plc shares posted a 1.3% gain, as the equity’s price traded bet-ween a weekly high of €1.54 and a low of €1.52, this week’s closing price. Three deals worth €37,000 were executed.

Meanwhile, RS2 Software plc ordinary shares shed 5.3% to end the week at the €1.80 price level, while the company’s preference shares posted a 1.7% increase to end the week at €1.78.

Total turnover amounted to €44,000 across eight transactions.

Go plc ended a volatile week higher at €3.56, after trading at a weekly low of €3.50 and a high of €3.68.

Total turnover stood at just over €16,000 across 18 trades, with the number of trades jumping during yesterday session, as investors acquired shares in the company to be able to gain preference for the upcoming bond issue, for which the company is awaiting approval.

In fact, on Thursday the company announced that it has applied for the authorisation for admissibility to listing to the Listing Authority, requesting the approval of a prospectus in relation to the issue of €60m in a 3.5% unsecured bond.

The company will be allocating a portion of the bond to shareholders and employees. For shareholders to gain preference they should hold Go plc shares by close of business on May 21, 2021 which includes trades which take place up to May 19, 2021.

In the hospitality sector, IHI declined by 11% or €0.075 to end the week at €0.605, as one trade of a mere 370 shares was executed. Since the beginning the year, the share price of IHI is down by 16%.

One deal of 450 shares in Simonds Farsons Cisk plc left the equity’s price intact at the €9.45 price level.

Malta International Airport plc shares gained 3.2%, as the share price of the airport operator finished the week at €6.40. The equity was active only over two sessions, during which 9,600 shares changed ownership over 13 deals.

PG plc shares headed the list of fallers with a 16% or €0.40 decline. The equity succumbed to selling pressure, as during the week one single deal worth €2,000 was executed.

PG plc shares finished the week at €2.10. Since the beginning of the year the equity is still up by 5%.

In the property sector, MIDI plc shares headed south, as they dropped by 5.3%. The equity closed the week at €0.36, as trading volume stood at nearly 166,000 shares over 12 deals.

Plaza Centres plc was active only on Thursday over two deals worth €3,300.

The property company closed the week higher by 2.3%. Meanwhile, Malta Properties Company plc closed flat at €0.545. Similarly, muted activity in Tigne’ Mall plc shares left the equity’s price unchanged at €0.75.

In the same sector, the Board of Directors of Malita Investments plc announced that the annual general meeting of the Company was held on May 11, 2021 and that all resolutions put forward for the shareholders’ approval were approved. No trading activity took place in the company’s shares.

Last Wednesday, Trident Estates plc announced that the Board of Directors approved the annual reports and consolidated financial statements for the financial year ended January 31, 2021.

During its financial year, the Group registered profit before tax of €741,000 compared to €328,000 in 2020.

The results include net fair value gains on investment property of €562,000. This was primarily driven by the increase in the market value of the Trident House property in Marsa.

As at end of the financial year, shareholders’ equity amounted to €53 million, up from €52.5m in the previous financial year.

The board of directors believe that it is not prudent to recommend the declaration of a final dividend to the forthcoming annual general meeting.

In the sovereign debt market 18 issues were active. Two issues gained and ten closed lower, as the Central Bank of Malta revised lower its bid prices in line with the increasing yields in international markets. Activity was mainly concentrated across the long-dated issues.

The 2.1% MGS 2039 (I) shed 4.7% to close at €122.

In the corporate bond market, the 4.85% Melite Finance plc Unsecured 2028 declined by 12.5% to finish at €70, while the 10-year 4.25% Mercury Projects Finance plc Secured 2031 headed the list of gainers with a 3.2% movement in price.

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 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, tel: 2122 4410, or email info@jesmondmizzi.com.

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