Movements in equity and bond indices

The MSE Equity Total Return Index closed the week in negative territory with a 0.6% decline, to close at 7,874.099 points. A total of 17 equities were active, of which five headed north, while another five closed in the red. A four-fold increase in weekly turnover was recorded from €0.2m to €0.8m, generated across 135 transactions.

The MSE MGS Total Return Index declined further by 1.2%, to settle at 865.509 points. Out of 24 active issues, four posted gains while another 20 lost ground. The 3.50% MGS 2028 (VI) was the best performer, closing 2.5% higher at €101.80. The 2.60% MGS 2047 (I) headed the list of fallers, as it closed 26.7% lower at €74.23.

The MSE Corporate Bonds Total Return Index closed the week 0.2% up to 1,159.761 points. A total of 61 issues were active, of which 19 registered gains, while another 22 declined. The top performer was the 4.3% Mercury Project Finance plc Secured € 2032, with a 4.8% increase in price, to close at €99.59. On the other hand, the 4% Merkanti Holding plc Secured € 2026 declined by 3.5%, to close at €96.

Top 10 market movements

HSBC Bank Malta plc had a challenging week, closing at a weekly low of €1.13. This translated into a decline of 5.8%. Nine deals involving 16,211 shares worth €19,012 were registered. Since the beginning of the year, the share price is still up by 59%.

Bank of Valletta plc’s share price declined by 1.6%, ending the week at a low of €1.24. Seventeen trades took place, as 89,819 shares exchanged hands. The banking equity registered €112,408 in turnover.

FIMBank plc (USD) finished the week at $0.22, reflecting a decline of 18.5%. A total of 54,585 shares changed hands across three deals, generating $11,804 in turnover.

On the other hand, Lombard Bank Malta plc (LOM) witnessed a double digit increase of 18.4% in its share price during the week, to close at €0.9. LOM was the most liquid equity, recording a significant €266,870 in turnover. A total of 46 trades involving 302,749 shares were executed. A probable reason for this performance stands in the announcement of a possible rights issue coming up of two for every three shares held.

PG plc’s share price fell by 2%, ending the week at €2. A total of 12,800 shares worth €25,600, were traded across three deals.

Three transactions for a total of 2,000 Simonds Farsons Cisk plc shares pushed the share price 1.5% higher. The equity closed the week at €6.70.

The share price of GO plc fell slightly by 0.7%, ending the week at a low of €2.90.  A total of seven trades saw 55,120 shares changing hands, generating €160,881 in turnover.

Plaza Centres plc enjoyed a positive week, after three deals of 132,201 shares pushed the share price 4% higher. The equity closed the week at €0.65.

AX Real Estate plc registered a double digit increase of 11.1%, ending the week at €0.50. Three trades involving 94,749 shares worth €46,930 were negotiated.

LifeStar Holding plc registered the best performance throughout the week, gaining a massive 194%. This was the outcome of 10 trades involving 6,124 shares, worth just €5,001. The equity closed at the €1 price mark – the highest point since February 2022.

Company announcements

The board of AX Group plc announced that it has submitted an application to the MFSA requesting admissibility to listing of €40m unsecured bonds 2033. The new bonds will be used to redeem the €40m 6% AX Investments plc bonds 2024.

The board of Trident Estates plc has approved for publication the unaudited financial statements of the company for the six months ended July 31. The group recorded revenue of €1.8m for the six months ended July 31, amounting to approximately double the revenue recorded in the same period last year. The group registered a profit after tax of €67,000.

Lombard Bank Malta plc announced that the board has submitted an application to the MFSA requesting approval of a prospectus in relation to a two-for-three rights issue of new ordinary shares to be admitted to listing and trading on the MSE. Shareholders eligible for the rights issue shall be entitled to subscribe to the new ordinary shares at a price of €0.75 per share. These shares shall form part of the same class, have equal rights and rank pari passu with the bank’s existing shares.

As previously announced, International Hotel Investments plc reiterated that, subject to obtaining regulatory approval of the new bonds, the company will be granting preference to holders of the 5.8% unsecured bonds 2023 and the 6.0% unsecured bonds 2024 to subscribe to the new bonds by surrendering the corresponding nominal value of bonds so held. Yesterday, it was announced that the cut-off date for such eligibility will be September 22, 2023 (trading session of September 19). The 2023 maturing bonds shall cease trading on the MSE on close of business of September 19, while trading in the 2024 maturing bonds shall be suspended on close of business of September 19, 2023, until further notice.

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 e-mail info@jesmondmizzi.com.