The MSE Equity Total Return Index’s positive start to the week was short lived, with declines being registered during the first four trading days of September. A total of 17 equities were active, of which three headed north while another 11 closed in the opposite direction. A total weekly turnover of €0.56 million was generated across 123 transactions.
This week’s top performance was recorded by PG plc as it registered a double-digit gain of 10.5%. The equity was the most liquid with a total turnover of €126,563. The equity enjoyed a positive week throughout at the €1.85 level, to then extend gains even further on Friday, having reached the €1.90 price mark.
A total of 68,350 shares were spread across 11 deals. On a year-to-date basis, the equity is up by 3.3%.
On Wednesday, Bank of Valletta plc announced that the Annual, General Meeting (AGM) shall be held remotely on November 26, 2020. Shareholders on the company’s register as at close of business of October 26, 2020 will receive notice of the AGM.
The bank issued another announcement with reference to a claim from the Swedish Pension Agency (SPA), being the sole investor in the Falcon Fund SICAV, for damages claimed to have been suffered by SPA in an alleged amount exceeding €71 million.
The Bank advises that it has settled the claim for €26.5 million. The settlement arrangements will not result in the Bank incurring a loss in excess of that already provided for, with some release back to P&L expected in due course.
The Bank’s total provisions for all contingent liabilities will also be reduced significantly once the transaction is completed.
The bank reached a weekly high of €0.914 on Wednesday, but ended the week slightly lower at €0.90 – equivalent to a 0.7% increase on the week. This was the result of 47,508 shares spread over 20 deals.
Its peer, HSBC Bank Malta plc, traded 3.75% higher on Monday, but did not manage to sustain the gain, as it closed flat at €0.80. A total of 69,922 shares changed hands across 20 transactions.
On Tuesday, the board of International Hotel Investments plc approved the half-yearly financial report ended June 30, 2020. The group registered a total revenue of €51.7 million, of which approximately 30% is derived from the non-hotel businesses such as rental income. This translates into a 58% drop when compared to the previous half-year’s figure.
During the first six months of 2020, a negative EBITDA of €2.1 million was registered, whereas during the same period last year, a positive EBITDA of €28 million was recorded. A loss before tax of €36.7 million was recorded versus a profit before tax of €5.2 million during the same period of the previous year.
Malta International Airport plc started the week in the green as it reached €4.98 on Monday, to then lose steam by end of week, having closed at €4.84 - A 1.2% decline from the previous week’s closing price, as six deals worth €18,174 were executed.
Telecommunications company GO plc traded eight times spread over 5,812 shares. As a result, the price declined by 0.6% to €3.30. Its subsidiary, BMIT Technologies plc lost 3.4% as 233,766 shares changed ownership over 17 deals. The equity ended the week at the €0.46 price level.
RS2 Software plc shares closed 0.9% lower at an almost three-month low price of €2.26. Eight deals involving 29,699 shares were executed. Meanwhile, on a year-to-date basis, the equity is still up by 5.6%.
In the property sector, MIDI plc was active but closed unchanged at €0.368. Five deals involving 85,300 shares were executed. Similarly, a sole deal of a mere 160 shares did not impact Malta Property Company plc’s share price, closing flat at €0.51.
Tigne’ Mall plc traded twice over 15,000 shares, resulting into a negative 3.1% movement in price. The equity ended the week at the €0.795 price level.
On Friday, Malita Investments plc announced that during the annual general meeting, held on Thursday, all the resolutions put forward for approval by shareholders were approved. The financial statements for the year ended December 31, 2019, and the directors’ and auditors’ reports were received and approved.
Bank of Valletta plc announced that the AGM shall be held remotely on November 26
The payment of a final gross dividend of €0.035 per share (€5,183,782), consisting of an interim dividend which was paid on September 6, 2019, and an additional gross dividend which was paid on May 12, 2020, equating to a final net dividend of €0.02711 per share, was also approved and ratified.
The equity was not active during the week.
Last week, Trident Estates plc announced that the board is scheduled to meet on Wednesday, September 16, 2020, in order to consider and approve the unaudited financial statements for the six months ended July 31, 2020.
No trading activity was recorded during the week.
Similarly, Simonds Farsons Cisk plc announced that the board is scheduled to meet on September 23, 2020, to consider and approve the interim accounts for the half-year period ended July 31, 2020, and the publication of the group’s 2020 financial analysis summary. The board shall also consider the declaration or otherwise of an interim dividend on all ordinary shares.
MaltaPost plc traded once on Friday over 3,636 shares, resulting into a 4.6% decline in price. The equity ended the week at €1.05.
Meanwhile, three deals involving 20,480 GlobalCapital plc shares pushed the price higher by 3.8% to €0.55.
Medserv plc traded four times over a spread of 61,360 shares. As a result, the price declined by 4.6% to €0.62. Similarly, Plaza Centres plc lost 0.5% as it traded twice over a spread of 5,055 shares, reaching the €0.935 price level.
A sole deal of 501 Grand Harbour Marina plc shares dragged the price by 2.8%, to close at €0.70. On a similar note, Harvest Technology plc ended the week 0.7% lower at €1.46, as 15,780 shares changed hands across eight transactions.
The MSE MGS Total Return Index gained ground as it closed 2.07% higher at 1,135.06 points – in line with the broader European sovereign debt market.
A total of 20 issues were active, of which 14 advanced while another four traded lower. The best performance was recorded by the 2.5% MGS 2036 (I) as it closed at €133.00 – translating into a 7.3% change in price. On the other hand, the shorter dated 5.5% MGS 2023 (I) issue lost 0.36%, ending the week at €115.60.
The MSE Corporate Bonds Total Return Index declined by 0.35% as it reached 1,078.21 points. Out of 48 active issues, 15 registered gains while another 21 lost ground. The 5% GlobalCapital plc Unsecured € 2021 headed the list of gainers as it closed 2.1% higher at €98.00. Conversely, the 4% MIDI plc Secured € 2026 traded 3.3% lower, reaching the €100.51 price level.
In the Prospects MTF market, seven issues were active. The 5% Luxury Living Finance plc € Secured Bonds 2028 was the most liquid, as total turnover stood at €17,796.
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 Tel: 21224410, or email info@jesmondmizzi.com.