Minimal impact on local index as global equities dragged lower

MSE Trading Report for week ending February 9, 2018

Notwithstanding the volatile week witnessed across the global equity market, which dragged most indices substantially in the red, the MSE Equity Total Return Index was barely impacted – having declined marginally by 0.021%, to close the week at 8,597.116 points. Major global indices lost as much as six per cent over five days as concern that inflation would pick up at a greater pace and as a result central banks would up interest rates faster than previously anticipated.

Locally, turnover increased to €1.9 million from €1.4 million and was spread across 22 equities of which 11 fell and eight gained ground.

FIMBank plc shares headed the list of fallers having slipped by 8.8% as 34,163 shares changed ownership over five trades, closing $0.06 lower at $0.62. Last Friday, the trade finance bankannounced that the Board is scheduled to meet on March 13, 2018 to consider and approve the group’s and the bank’s audited accounts for the financial year ended December 31, 2017 and consider the declaration of a dividend, if any, to be recommended to the Annual General Meeting of shareholders.

Bank of Valletta plc shares increased by a marginal 0.6% across 75 deals of 252,191 shares, to close at €1.82. Meanwhile, HSBC Bank Malta plc shares added to the previous week's 1.7% gain, having advanced by 1.7% over 17 transactions of 48,848 shares, closing €0.03 higher at €1.82 – as investors await the announcement of the financial result for 2017 due later this month.

Lombard Bank Malta plc shares traded flat at €2.30 on 10 deals of 55,217 shares. The bank's subsidiary MaltaPost plc registered no change in its share price of €1.91 having been active on two transactions of 240 shares.

The investments and insurance services provider, Mapfre Middlesea plc fully recovered the previous week's loss having increased by €0.07 or 3.9% last week as one trade of 250 shares was executed, closing at €1.85.

Malta International Airport plc shares appreciated by €0.14 or 2.9% across 15 deals of 18,618 shares, to close at €4.90. Last Tuesday,the local airport operatorannounced that it has started 2018 with an upswing of 16.7% in passenger numbers. A number of route developments and increased flight frequencies during the winter season contributed to a 15.2% increase in aircraft movements and 16.8% increase in seat capacity. Seat load factor however, decreased by a marginal 1.1 percentage points and stood at 71.6% for January.

In the I.T. sector, Loqus Holdings plc shares rallied by 70.9% on one trade of 3,700 shares, closing €0.078 higher at €0.188. Meanwhile, RS2 Software plc shares registered a drop in its share price for the sixth consecutive week, having declined by €0.07 or 5%, to close at €1.33. The equity witnessed 37 deals of 159,238 shares.

Simonds Farsons Cisk plc shares added to the previous week's 3.9% loss having declined by €0.05 or 0.7%. The food and beverage supplier's shares were active on two deals of 1,650 shares and closed at €7.45. The company's spin-off Trident Estates plc registered a further 20.9% rally, extending the previous week's 23.4% gain. The equity was negotiated across 31 transactions of 84,799 shares and closed €0.32 higher at €1.85.

Malta Properties Company plc shares dropped by 8% as 186,244 shares changed ownership across 18 trades, closing €0.041 lower at €0.474.

In the same sector, Malita Investments plc shares extended the previous week's loss of 0.6%, having decreased by 2.4% as three trades of 66,550 shares were concluded, to close at €0.82.

MIDI plc shares partially erased the previous week's 2.4% gain, having slipped by 0.6% across 12 transactions of 517,006 shares, closing at €0.346.

Tigne Mall plc shares fell by 1.9% over one deal of 2,000 shares, to close at €1.03. Meanwhile, Plaza Centres plc shares decreased by 1% on seven trades of 38,200 shares, closing at €1.01.

PG plc shares advanced by €0.05 or 3.7% as 63,670 shares changed ownership over 19 transactions, to close at a two-week high of €1.40. Last Monday, the board of the retail and supermarkets owner announced that its recently incorporated fully-owned subsidiary, PG Developments Limited, acquired the property in Qormi Road, Marsa, commonly known as the United Macaroni Factory. The full consideration for the 3,200 square metre property was €3.5m, of which €1m was paid on signing the deed of sale, while the remaining balance of €2.5m shall be paid over 30 months from the date of the deed of sale. The company intends to develop the site into commercial premises, comprising principally of office space for rent. Development applications are expected to be submitted to the Planning Authority in the near future.

The telecommunications provider GO plc recorded a €0.06 or 1.7% decrease in its share price as 16 trades of 51,985 shares were executed, closing at a one-month low of €3.50.

Grand Harbour Marina plc shares recouped by 1.4% from the previous week's 5.3% loss. The equity was negotiated across two transactions of 38,947 shares and closed at €0.73.

Medserv plc extended the previous week's 3.2% loss having declined by €0.04 or 3.3%, to close at €1.16. The oil and gas logistics services provider's shares were active on 13 deals of 52,870 shares.

International Hotel Investments plc shares partially erased the previous week's 3.2% increase having decreased by 1.6% last week across four trades of 40,356 shares, closing at €0.63.

Santumas Shareholdings plc shares traded unchanged at €1.51 on two transactions of 10,000 shares.

In the corporate bond market turnover declined to €1.3 million, from the previous week's €1.5 million and was spread over 43 issues of which 20 gained ground and 14 fell. The 5% GlobalCapital plc Unsecured € 2021  headed the list of gainers having advanced by 1.4%, closing at €98.90, while the 4.4% Von der Heyden Group Finance plc Unsecured € 2024 was the worst performer having declined by 1.3%, to close at €98.51.

The Board of Directors of 6pm Holdings plc approved the Interim Financial Statements for the period between January 1, 2017 and June 30, 2017. Loss after taxation amounted to £4.6 million compared to a loss of £1.3 million registered in the corresponding period in 2016.

In the sovereign debt market 23 issues were active of which11 increased and 10 lost ground. Turnover increased to €4.7 million from the previous week's €3.3 million. The 2.1% MGS 2039 (I) was the most active issue as 22 deals worth €1.7 million were executed, to close unchanged at €102.








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

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