MSE Index ends week 0.9% lower
MSE Trading Report for week ending December 5, 2014
The MSE Index registered a decline for the third consecutive week as it fell by a further 0.9 per cent, to close at 3,244.919 points. Activity was spread across 20 equities of which nine advanced, six slipped and five closed unchanged.
Despite the decline registered in the index, three equities managed to close at their all-time highs, namely, Maltapost plc, Malita Investments plc and Tigne Mall plc. MaltaPost plc shares appreciated by 1.7 per cent as five deals of 21,087 shares were struck, closing at €1.22. Likewise, Tigne Mall shares rallied by 4.5 per cent as two trades of 19,000 shares were negotiated, to close at €0.585. Furthermore, Malita Investments plc shares managed to add to last week’s record price as it appreciated by 1.64 per cent to close at €0.62. The equity was active on seven deals of 58,200 shares.
Bank of Valletta plc shares shed €0.03 as 46 trades of 114,856 shares were executed, closing 1.4 per cent lower at €2.20. Likewise, the share price of FIMBank plc shares fell by 4.8 per cent over four deals of 18,589 shares, to close at $0.60 – thus accumulating a 32.3 per cent decline year-to-date. On the other hand, HSBC Bank Malta plc and Lombard Bank Malta plc shares registered an increase of 0.5 per cent and 1.2 per cent respectively. HSBC witnessed 16 transactions of 27,130 shares, closing at €1.915, while Lombard was negotiated across seven trades of 72,884 shares, to close at €1.75.
Crimsonwing plc shares oscillated between a weekly high of €0.85 and a low of €0.77, at which it closed. The company reported that the Board of Directors met last Wednesday to discuss the offer received from KPMG Investments Malta Limited (Offeror) for a voluntary public bid in respect of all the issued shares in Crimsonwing with the intention of acquiring the entire issued share capital of the company. The voluntary bid is conditional and subject to the fulfillment, or waiver by the offeror, attaining at least 90 per cent of the issued share capital of Crimsonwing.
The offer document declares the offeror’s intention to propose to the Board of Directors and the general meeting of the company to apply to the Listing Authority for the delisting of the shares in the company from the official list of the MSE. Based on the representations made in the offer document and the content of the expert’s report, the Board of Directors of Crimsonwing is of the opinion that the acquisition will be beneficial to the company, will create greater business opportunities identified within the company’s existing markets and increase the likelihood that the Maltese delivery centre will develop as a centre of excellence. Mr David Walsh and Mr Philip Crawford both directors and shareholders of Crimsonwing who hold approximately 42.98 per cent and 21.03 per cent respectively of the issued share ordinary share capital of the company have informed the board of their intention to accept to sell all the shares held by them as part of the bid.
In the same sector, Loqus Holdings plc shares rose by 4.4 per cent over two trades of 11,500 shares, closing at €0.12. RS2 Software plc shares declined by a marginal 0.03 per cent as three deals of 650 shares were active on Thursday. The I.T. equity closed at €2.929. Meanwhile, 6pm Holdings plc shares traded flat at £0.70 on a sole transaction of 5,512 shares.
Simonds Farsons Cisk plc shares traded unchanged at €3.02 across a single deal of a mere 200 shares. In its Interim Directors’ Statement the company reported that the performance to date, particularly for the core business, has been positive and in line with expectations. The construction works on the new beer packaging hall are progressing according to schedule and the board is confident that this project shall be delivered as per established project plan and on budget. Works on the concept and design for the initial phases of the development should be finalised by mid-2015.
The other non-movers for the week were Grand Harbour Marina plc, Island Hotels Group Holdings plc and MIDI plc as they closed the week at €1.87, €0.85 and €0.21 respectively.
Malta International Airport plc (MIA) shares stumbled by €0.07 as five trades of 7,340 shares were processed, closing 2.9 per cent lower at €2.33. The local airport operator announced that it hosted 256,305 passengers in November, marking a 2.9 per cent increase compared to the same month last year – an all-time record for November. These results occurred despite aircraft movements having decreased by 1.8 per cent. The rise in passenger numbers was largely due to a record seat load factor of 80.4 per cent, up from 76.4 per cent last November. Between January and November this year, MIA saw an increase of 6.5 per cent when compared to last year’s figures, hosting a total of 4,063,836 passengers.
GO plc edged one per cent lower as eight trades of 13,368 shares were executed, closing at €2.515. Similarly, International Hotel Investments plc shares edged 2.8 per cent lower across three transactions of 8,101 shares, to close at €0.52. On a positive note, Medserv plc shares soared by 1.5 per cent as ten deals of 45,000 shares were struck, to close at its 14-month high of €1.39. Furthermore, Plaza Centres plc shares increased by 1.6 per cent over six trades of 174,700 shares, closing at €0.63.
In the corporate bond market turnover amounted to €1.3 million spread across 33 issues of which 21 increased in value, 11 closed unchanged and the 7.15% Mediterranean Investments Holding plc Euro 2015-2017 declined by 2.7 per cent to close at €90.00.
PTL Holdings plc announced the allocation policy for its €36 million 5.1% unsecured bond issue due in 2024. The issuer reserved €2 million for subscription by Hili Ventures Group preferred applicants. All applications in this reserved portion were satisfied in full with the exception of one application with a spill over to the general public offer of €46,200. Meanwhile, €5 million were reserved for Premier Capital bondholders. Each applicant was guaranteed an amount of €1,500 and 23.418 per cent on the remaining balance rounded to the nearest 100. A further €19 million was reserved for the preplacement offer, 38.3371 per cent of the value subscripted for was allotted. Excess amounts received from the preferred applicants and Premier Capital bondholders automatically participated at the general public stage. Meanwhile, participants to the preplacement offer could also opt to include any unsatisfied application amounts in the general public stage. The applications from the general public were allotted a minimum of €1,000 with an additional 15.282 per cent on the remaining balance rounded up to the nearest 100. Refunds of unallocated amounts will be made by next Tuesday.
In the sovereign debt market 26 issues were active of which long term issues gained ground, while short-dated issues fell marginally. The 4.1% MGS 2034 (I) was the best performer as it climbed by 0.6 per cent, closing at €111.00.