Index flat despite 10 equities closing lower

MSE Trading Report for week ending March 11, 2016

The MSE Index declined by a minimal 0.01 per cent over the week, closing at 4,550.992 points. A total of 21 equities were active of which seven gained ground, 10 fell in value and four closed unchanged. Turnover totalled €2.4m.

RS2 Software plc shares continued to rally as significant gains were registered from Monday through to Thursday. The I.T. equity rallied by €0.262 or 6.9 per cent as 65 trades of 148,733 shares were struck over the week, closing at €4.05 – thus registering a year-to-date of 28.2 per cent.

On a similar note, Tigne Mall plc shares advanced by a significant 16.2 per cent as a sole transaction of 1,000 shares was stuck, closing €0.16 higher at €1.15. In the same sector, Plaza Centres plc shares increased by €0.05 or five per cent across two deals of 1,530 shares, to close at €1.05.

In the banking sector, Bank of Valletta plc shares edged 0.9 per cent higher across 43 trades of 94,724 shares, closing at €2.27. Conversely, HSBC Bank Malta plc shares declined by a further 0.6 per cent over 23 deals of 35,196 shares, to close at €1.62.

Lombard Bank Malta plc shares slipped by 0.9 per cent as 13 transactions of 237,324 shares were negotiated, closing at €2.18. Last Thursday, the bank announced its annual results for the financial year ended 2015. The Group registered profit before tax of €7.8m, compared to €6.2m reported in 2014.  Higher competition and the lower interest rate environment resulted in a decline of 8.16 per cent in the Net Interest Income, to €13.1m. On the other hand, transaction banking revenue remained on a positive trend, contributing to the increase in net fees and commission income. Likewise postal sales and other revenues increased by 8.4% to €24.56 million. Earnings per share rose from €0.077 to €0.10.

The board further resolved to recommend the approval of a final net dividend of €0.026 per share to be paid on May 6, 2016 to shareholders on the company’s register as at March 29, 2016. Upon approval, shareholders will have the option to receive the dividend in cash or by the issue of new shares, at an attribution price of €2.18 per nominal €0.25 share.

FIMBank plc shares rose by 4.8 per cent over 18 trades of 750,641 shares, closing at $0.65. The bank announced that its Annual General Meeting is scheduled on May 10, 2016.

Grand Harbour Marina plc shares headed the list of fallers having stumbled by €0.09 or 9.1 per cent as two deals of 3,700 shares were executed, closing at €0.90. On a similar note, International Hotel Investments plc shares decreased by a further €0.064 or nine per cent over 13 transactions of 49,500 shares, to close at €0.65.

GO plc shares rose by €0.05 or 1.5 per cent across 10 trades of 23,460 shares, closing at €3.39. On the other hand, Malta Properties Company plc shares declined by 0.86 per cent over 11 transactions of 60,990 shares, to close at €0.575.

Simonds Farsons Cisk plc shares oscillated between a weekly high of €6.30 and a low of €6, at which they closed. The equity declined by 3.2 per cent and was active on five deals of 2,527 shares.

Mapfre Middlesea plc shares fell by two per cent as seven deals of 7,950 shares were executed, closing €0.05 lower at €2.50. Likewise, GlobalCapital plc shares declined by 2.2 per cent over two transactions of 4,772 shares, to close at €0.45.

Malita Investments plc shares slipped by 1.7 per cent as 20,800 shares changed ownership over four deals, closing at €0.968. Similarly, MaltaPost plc shares edged one per cent lower across six transactions of 62,236 shares, to close at €1.98.

Santumas Shareholdings plc shares increased by €0.06 or 2.6 per cent as a mere 110 shares changed hands, closing at €2.36.

Malta International Airport plc shares closed unchanged at €4.50 as 14 trades of 28,530 shares were struck. After close of trading of last week, the company announced positive traffic results for the month of February, reporting a month-on-month increase of 13.3 per cent in passengers. This positive result benefitted from February’s leap day and the title of second best European Airport by Region.

The other non-movers for the week were Medserv plc, 6PM Holdings plc and MIDI plc shares having closed unchanged at €1.645, £0.75 and €0.36 respectively.

In the corporate bond market 28 issues were active of which 18 gained ground, nine closed unchanged and the 6% Pendergardens Developments plc Secured € 2022 Series II edged 0.01 per cent lower, to close at €113.99. Turnover totalled €1.2m.

During the week, Corinthia Finance plc announced its application for the admissibility on the official list of the MSE for the listing of €40 million in bonds redeemable in 2026. The proceeds from the new issue will be used to refinance the 6.25% Unsecured Bonds 2016-2019, maturing on September 24, 2016 which will be suspended from trading as from March 14, 2016. Holders of the latter are eligible for preference till March 15, 2016.

In the sovereign debt market turnover amounted to €5.6m spread across 21 issues of which 12 appreciated while nine decreased. The 4.45% MGS 2032 (II) was the most liquid issue having witnessed a turnover of €1.8m.