MSE Index at a seven-year high
MSE Trading Report for week ending September 25, 2015
The MSE Index closed the week at a seven-year high of 4,344.035 points as activity was spread over 15 equities of which six gained ground, four lost in value while five remained unchanged. Total turnover stood at €988k, a decrease of 11 per cent over last week.
In the financial services sector, HSBC Bank Malta plc shares recovered from last week’s 0.3 per cent loss as it gained 0.5 per cent over six deals of 23,241 shares to close at €1.849. Meanwhile, Bank of Valletta plc shares added on a further 1.7 per cent to last week’s 2.2 per cent gain, to close at €2.349. Activity in this equity was spread over 22 trades of 99,569 shares worth €233k – the second highest turnover for the week. In the same sector, Mapfre Middlesea plc shares advanced by 1.3 per cent to close at €2.279 – a fresh six and a half year high – on low volume as 4,692 shares changed hands over four deals.
On the other hand, FIMBank plc shares retracted from last week’s 11.1 per cent gain as it drifted one per cent lower over seven transactions of 45,204 shares to close at $0.495.
Meanwhile, International Hotel Investments plc shares headed the list of gainers as it recouped last week’s loss to close 2.6 per cent higher at €0.80 as 19,000 shares changed hands over five deals. During the week the company announced that a three per cent bonus share issue has been approved in favour of shareholders appearing on the company’s register as at close of business on October 15, 2015. The bonus share distribution is to be made out of capital reserves of the company and shall be issued on a pro rata basis.
The highest turnover for the week was recorded by GO plc as 34 deals of 135,048 shares amounting to a total turnover of €458k were executed – representing 46 per cent of total turnover – to close 0.1 per cent higher at its weekly high of €3.455.
The other gainer for the week was Medserv plc as its share price closed at an all-time high for the sixth successive week as six transactions of 12,800 shares pushed its price up by 1.6 per cent to close at €3.10.
Elsewhere, Tigne Mall plc shares declined by 2.1 per cent over three deals of 8,500 shares to close at €0.91. Meanwhile, Malta International Airport plc shares shed 0.5 per cent after five trades of 7,400 shares pushed its price down to €3.88.
In the IT sector, RS2 Software plc sharesfailedto sustain last week’s €2.52 price level as it lost 0.4 per cent over two trades of 3,700 shares to close at €2.51. Meanwhile, 6pm Holdings plc did not record any price change as they were traded over thin volume to close at £0.70.
The other non-movers for the week were Simonds Farsons Cisk plc, MIDI plc and Malita Investments plc having closed the week at €5.60, €0.36 and €0.93 respectively.
The Board of Directors of Loqus Holdings plc approved the financial statements for the year ended June 30, 2015 recording a profit before tax of €56k, compared to a loss of €247k registered in 2014. Revenue for the period under review amounted to €4.2m, a rise of 19 per cent from 2014. Earnings per share increased to €0.002. The improved performance by Loqus Holdings plc is a result of the re-organisation of the different departments into standalone units. This will allow the Group to sell/merge the units in an efficient and transparent manner to provide cash inflows and enhance growth in key areas.
In the corporate bond market, 24 issues were traded of which nine closed higher, seven lost ground while eight closed unchanged. The 5.5% Mediterranean Investments Holding plc Unsecured € 2020 headed the list of gainers as it increased by 1.9 per cent to close at €106 on a turnover of €111k. On the other hand, the 4.5% Izola Bank plc € Unsecured 2025 closed 3.5 per cent lower on thin volume as two trades of 10,000 nominal were concluded. Meanwhile, the 5.1% 6PM Holdings plc Unsecured € 2025 recorded the highest turnover for the week worth €222k to close unchanged at €109.01. Total turnover stood at €582k, 47 per cent down on the previous week.
This week, Hili Properties plc announced that it will be offering €37 million 4.5% Unsecured Bonds due in 2025. The Bonds are unsecured but guaranteed jointly and severally by Hili Estates Limited (HEL) and Harbour (APM) Investments Limited (HIL). The Guarantors shall collectively ensure that their aggregate net asset value will amount to not less than €37m on each Financial Reporting Date. Meanwhile, Premier Capital plc and PTL Holdings plc announced that €16million worth of bonds are being reserved for subscription by holders of Premier Capital plc and PTL Holdings plc, who are listed on the respective registers as at September 11, 2015.
On the local sovereign debt front 22 stocks were active – the long dated bonds gained in value, while the issues that are closer to maturity drifted lower. The 4.3% MGS 2033 (I) put on 1.4% over high liquidity to record the highest turnover for the week which stood at €1m. Total turnover plunged by 89 per cent to €3.7m.
On Friday, the Treasury announced that the Maltese Government will be offering two new stocks to the general public. The two issues shall in the aggregate be of €120 million subject to an over-allotment option of €60 million. The stocks being offered to the general public have a coupon of two per cent and 2.3 per cent and will mature in 2020 and 2029, respectively. The offer price will be announced next Thursday and the issue will open on October 5, 2015 until October 7, 2015 or earlier at the discretion of the Accountant General.