MSE Trading Report for week ending June 01, 2018

The local sovereign and corporate debt markets registered contrasting performances this week. Yields in the Malta Government Stocks market continued on their recent upward trajectory as 14 issues traded in negative territory, while only seven issues closed higher.

The largest declines were registered by the longer-dated issues, as manifested by the 0.82% loss in the value of the 2.4% MGS 2041 (I), which closed at €105.17. Similarly, the 2.3% MGS 2029 (II) extended its negative streak by a further week, as it shaved off another 0.65% from its price.

One of the few exceptions was the 2.1% MGS 2039(I) as it advanced 0.58%, to close at €101.33.

Conversely, in the corporate debt market, yields were down as gainers amounted to 17 while only six securities traded lower.

The top performer this week was the 4.4% Von der Heyden Group Finance plc Unsecured € 2024, as it gained 2.24% to close at €102.75.

The 4% International Hotel Investments plc Unsecured € 2026 also had a positive week as it fully recovered the previous week’s loss, advancing 1.46% to regain the €104 level.

On a negative note, the 3.75% Bortex Group Finance plc Unsecured € 2027 continued on last week’s marginal loss, by falling a substantial 1.98%, to close at €101.55.

In the equities market, the MSE Equity Total Return Index partially recovered from the previous week’s negative performance, as it regained 0.107%, to close at 8,489.028 points. In total, 22 equities were active during the week, of which eight headed north and six lost ground. Total turnover was nowhere near last week’s figure of €2.9 million, as less than €1.2 million worth of shares were negotiated this week across 193 deals.

Bank of Valletta plc (BOV) reversed last week’s performance as it recouped 0.29% in value, to recapture the €1.75 price level. A total of 80,330 shares were exchanged over 44 transactions.

On Thursday, BOV informed its shareholders that following the admission to the official list of the 5,772,064 shares issued through the Scrip Dividend program, the total number of voting rights has increased to 530,772,064 votes.

The only other equity in the banking industry to record a price movement was HSBC Bank Malta plc, as it repeated last week’s negative performance, losing 1.17%, and retreating to €1.69. A volume of 69,696 shares traded over 21 deals.

FIMBank plcwas rather liquid this week, as 215,000 shares traded over five deals. However, the share price closed unchanged at $0.52.

Similarly, Lombard Bank Malta plc closed the week flat at €2.30, having traded lower mid-week but recovery by Friday, on a turnover of 7,850 shares over two deals.

Telecommunications company GO plc kicked off the week with a 0.58% loss in price to a 16-month low of €3.40, and continued to trade flat at this level throughout the whole week. Overall, eight deals were executed in which 21,282 shares were exchanged.

International Hotel Investments plc traded 11 times during the week as 44,355 shares changed hands. This trading activity however had no bearing on the closing price of €0.63. The company shall hold its Annual General Meeting next Tuesday, June 5, 2018.

Malta International Airport plc climbed 0.81% to return to its record high of €5.00. Trading volume amounted to 16,380 shares over ten deals.

MaltaPost plc bounced back from the previous week’s loss, as it was up 2.86% to reclaim the price of €1.80. The only three trades registered this week were all executed on Monday, with a combined volume of 5,500 shares.

In the insurance sector, a couple of deals of 4,800 Mapfre Middlesea plc shares had no effect whatsoever on the equity’s price of €2.04.

A single trade of just 253 GlobalCapital plc shares was executed at €0.34, thus pushing the price up by 6.25%, to fully recover last week’s loss.

RS2 Software plctraded in negative territory early during the week before bouncing back to an unchanged closing price of €1.17 mid-week. A total of 88,405 shares traded over 16 deals.

Simonds Farsons Cisk plc continued on a negative trend as it drifted 0.76% further to a price of €6.50. This was the outcome of five trades of 5,298 shares. On Thursday, Simonds Farsons Cisk plc announced that the Annual General Meeting will be held on June 21, 2018.

In the retail sector, a gain in value of PG plc shares registered on Tuesday proved unsustainable, as the equity retracted to an unchanged price of €1.28 later on during the week. A total of 11 trades were recorded as 74,490 shares changed ownership.

Oil and gas logistics specialists, Medserv plc started the week with a plunge in share price to a new low of €1.00. During mid-week, the equity partially recovered to settle at €1.05, translating to a weekly loss of 6.25%. Traded volume over the six recorded deals was 24,930 shares. On Monday, the company held its Annual General Meeting in which all resolutions on the agenda were approved.

The best performer of the week was SanTumas Shareholdings plc as it continued last week’s recovery to regain an impressive 44.23% to the €1.50 price level on this week’s first day of trading. The equity kept trading close to this price throughout the week as a substantial 38,000 shares traded over ten deals.

Similarly, Loqus Holdings plc hiked a considerable 31.58% to €0.10 as a result of a couple of transactions on slim volume.

In the property market, MIDI plc surrendered a small portion of last week’s gains as it was down 0.91% to €0.436. In total 65,000 shares were exchanged over five deals.

On Wednesday, Plaza Centres plc announced that during the Annual General Meeting the financial statements for 2017, the reappointment of the auditors, and the directors’ remuneration were approved. The net dividend of €0.0294 per share as recommended by the directors was also approved. The dividend shall be paid next Wednesday, June 6, 2018. This announcement had no effect on the share price as the only two recorded trades of 54,800 shares were executed at an unchanged price of €1.04.

Likewise, Malita Investments plc closed unchanged at €0.84 despite generating a turnover of €34,500 over five trades.

Tigne Mall plc posted solid gains of 4.17% this week to reach a three-month high of €1.00 as a result of nine transaction of a combined 74,395 shares. The Annual General Meeting of Tigne Mall plc shall be held on June 25, 2018. During the meeting, all ordinary resolutions, including the financial statements, the proposed final net dividend of €0.0128 per share shall be considered and approved.

On the other hand, Trident Estates plc extended its negative streak to three straight weeks, as it declined by a further 7.14% to a new low of €1.30. Trading volume totalled 54,520 shares over 12 deals.

Main Street Complex plcannounced, on Thursday, that the recent combined offer of over 7.5 million shares in the company offered for sale by Embassy Limited, and over 5.2 million newly issued shares have been subscribed in full. As a result, the Malta Stock Exchange declared that its shares of a nominal value of €19,384,619 has been admitted to trading. Trading in the security commenced on Thursday, May 31, 2018. During its first two days of trading, three trades of 2,700 shares were executed, resulting in a 6.15% increase over the issue price of €0.65.