Tigne Mall surges by five per cent
The Malta Stock Exchange (MSE) Index upheld its recent upbeat tone with a further 0.4 per cent gain to close at 3,425.428 points. The first three sessions of the week emerged bullish, whilst in the last two sessions the index succumbed to selling pressure. As opposed to the recent trend, sellers took over the trading desk as from 15 active stocks; eight fell, two remained unchanged, while five garnered support. Banking equities experienced a sour week as they all registered declines in their share price, while Tigne Mall plc closed remarkably higher, in addition to International Hotel Investments plc which managed to fully recoup last week’s losses.
Meanwhile from the local sovereign debt market, activity was spread over 141 deals of over EUR14.3m, with minimal price movements throughout. The most liquid issue for the week was the 7.8% MGS 2018 as total trading volume amounted to 5.2m nominal. Furthermore, the corporate bonds market witnessed 48 transactions of a total value of EUR479,046; dealt across 18 different bonds.
From the equity front, the main headliners for the week were banking equities as they all partially reversed last week’s positive returns. HSBC Bank Malta plc was the primary laggard as it stumbled by 1.8 per cent on Wednesday, resulting in a weekly decline of 1.5 per cent. The banking equity was negotiated over ten trades of 18,040 shares, to close the week EUR0.04 lower at EUR2.69.
Similarly, both Bank of Valletta plc and Lombard Bank Malta plc closed the week lower as they slipped by 0.4 per cent and 0.6 per cent respectively. The former was negotiated over 34 transactions of 53,946 shares, to close at EUR2.27, while the latter was executed across four deals of 5,000 shares, closing at EUR1.74.
Likewise, FIMBank plc drifted lower as it shed 0.4 per cent of its share price as 55,600 shares exchanged hands over six trades, closing at USD1.021. On Thursday, the bank announced that Burgan Bank is now the owner of 35m Ordinary Shares, whilst UGB is the owner of 17,948,867 Ordinary Shares, 24.5 per cent and 12.6 per cent respectively of the total Ordinary Shares of the bank.
From the IT industry, RS2 Software plc cancelled last week’s winning strike as it declined by two per cent over 15 deals of 61,733 shares to close at EUR1.25. Meanwhile, on Wednesday the company announced that a major European bank has expressed its interest in acquiring a significant shareholding in the company of not less than ten per cent. On the other hand, 6PM Holdings plc appreciated by 1.7 per cent as it witnessed four trades of 38,500 shares, to close at GBP0.61.
The best performer for the week was International Hotel Investments plc with a 5.8 per cent appreciation which was gathered across 18 trades of 48,647 shares, to close EUR0.05 higher at EUR0.92. From the same industry, Island Hotels Group Holdings plc contracted by 4.4 per cent, despite touching a weekly high of EUR0.545. The company witnessed the highest turnover for the week of 142,600 shares.
On a positive note, Tigne’ Mall plc spiked five per cent higher across a single deal of 1,000 shares, to close at a record high of EUR0.53. Similarly, Middlesea Insurance plc soared by 1.1 per cent as eight deals of 54,535 shares took place, closing at EUR0.82. Likewise, Malta International Airport plc increased gradually by 0.3 per cent over 13 trades of 23,337 shares, to close at EUR2.045.
Conversely, Malita Investments plc dropped by two per cent as a sole transaction of 3,000 shares pressured the equity to close at EUR0.50. Likewise, the telecommunications service provider, GO plc, swayed from a weekly high of EUR1.53 to weekly low of EUR1.50, to finally close 0.5 per cent lower. The equity was exchanged over eight deals of 13,000 shares.
Meanwhile, the other non-movers for the week were Grand Harbour Marina plc and Plaza Centres plc as they both traded unchanged at the EUR1.95 and EUR0.57 respective price levels. The former was active across a single trade of 2,000 shares, while the latter was negotiated over a sole transaction of a mere 901 shares.