The MSE Index slumps by almost 1.2 per cent

Following last week’s recovery, the MSE index was back in the red, this time by a staggering 1.181 per cent. The index at the end of the week’s final trading session read 4,644.316 points.

Heightened volatility was once again experienced in the equity market as, out of a total of 17 equities, five headed north, 11 declined and one closed unchanged. Gains and losses ranged from a positive 5.9 per cent to a negative 5.4 per cent. Total turnover in the equity market amounted to €3.56 million.

Malta Properties Company plc shares headed the list of gainers, as seven transactions of a combined value of €5,379, pushed the price up by 5.9 per cent. The price as at the end of Friday’s session read €0.54. Closing in extremely positive territory was once again the equity of PG plc. The equity ticked 5.22 per cent higher, to close at €1.31. It also took the lion’s share of total trading in the equity market, as a total of 1,468,249 shares were exchanged in 104 separate deals.

Banking industry equities all closed in the red, albeit registering different trading volumes. Lombard Bank Malta plc shares registered the biggest decline, that of 5.4 per cent, over mere trading volume. The closing price of €2.30 meant a fresh 8 week low.

On the other hand, the equities of HSBC Bank Malta plc and FIMBank plc experienced identical fortunes, as they both lost 2.4 per cent, to close at €2 and $0.78 respectively. Total trading in HSBC Bank Malta plc shares exceeded €136,000 while that in FIMBank plc shares amounted to $14,200. Intraweek, FIMBank plc settled at a price level which was last seen in May 2016, that of $0.77.

Bank of Valletta plcshares closed the week in negative territory for the second consecutive week, as the price depreciated by 1.6 per cent, to close at €2.205. During the week in which it fell ex-dividend (Wednesday 10), the equity featured in 63 trades, worth €639,700.

In total 11 trades in the equity of telecommunications company, GO plc, resulted in a moderate decline in the price per share of 0.5 per cent. The price at the end of the week read €3.48 while total turnover was just below the €90,000 mark.

Despite not registering any trades during the week, MaltaPost plc was in the news as its Board of Directors approved the Unaudited Condensed Interim Financial Statements for the six month period ended March 31, 2017.

The company registered a profit before tax of €1.82m, compared to €1.66m in the reporting for the same period last year. Revenue for the period under review amounted to €17.65m, an increase of 25.9%, when compared to the same period in 2016. Meanwhile, earnings per share remained at €0.03.

On Tuesday, Malta International Airport plc announced that during the month of April, passenger movements registered an increase of 26.6%, surpassing the half million mark for the first time that month. Malta International Airport welcomed 530,576 passengers on the back of an increase of 17.7% in seat capacity and an improvement of 5.3 percentage points in seat load factor (SLF). The strong performance partly stemmed from the Easter holiday effect, together with the start of new operations and the extension of certain winter routes into the summer period.

Last Wednesday, the Annual General Meeting was held wherein all the resolutions were approved, including a final gross dividend of €0.1538463 per share (net €0.10), which represents a gross payment of €20,815,385.

In light of this, the Company still failed to close in the black as the equity declined to the lowest level in five weeks, that of €4.09, to then climb back and close at €4.095, despite having traded at €4.14. Total turnover in this equity amounted to €200,900.

On the contrary, the equities of Simonds Farsons Cisk plc andRS2 Software plc registered gains. The former reached a fresh all time high of €7.53, following seven trades of 11,886 shares – a week on week increase of 1.2 per cent, while the latter headed 1.9 per cent north, to close at €1.60 – the highest price in two weeks.

Mapfre Middlesea plcclosed at a price per share of €2.01, falling 2.9 per cent – the lowest since October 2016. The equity featured twice for a combined trading value of €4,600.

Similarly, International Hotel Investments plc shares registered a steep decline of 3.1 per cent in price, to close at €0.62. This equity featured in four separate deals which saw 24,500 shares exchanging hands.

Last Monday, IHI plc published its interim statement where, amongst other things, it was announced that CHI has entered into preliminary agreements to provide technical and management services in relation to the development of an iconic hotel and residential tower under construction in Doha, Qatar. The project is owned and is being developed by a leading, local private conglomerate, and was designed by the Zaha Hadid firm of Architects.

In the property sector, Plaza Centres plc, MIDI plc, Malita Investments plc and Tigne Mall plc experienced contrasting fortunes. Plaza Centres plc shares and MIDI plc shares mirrored each other, as the former closed 1.9 per cent lower at €1.04 – a fresh three week low, while the latter gained 2 per cent, to close at €0.31. Total turnover in both equities also differed as Plaza Centres plc registered a total turnover of €17,462 while MIDI plc barely surpassed the €1,500 level.

Malita Investments plc registered a price per share which was last seen in August 2015, following a decline of 2.7 per cent. The price at the end of the week read €0.72. The equity traded nine times, as 114,870 shares changed hands.

On the contrary, albeit registering a total turnover of €104,000, Tigne Mall plc shares closed unchanged at €1.

Medserv plc shares pursued the last weeks’ trend, as they registered a decline in value of 3.5 per cent, to close at €1.35. This price was last seen in August 2015. Total turnover in this equity amounted to €54,607.

On the sovereign debt front, a total of 24 issues were active during the week, with the absolute majority (20) losing ground and four heading north. The largest declines were recorded in the bonds holding a maturity greater than 11 years – ranging from 0.14 per cent to 0.85 per cent, with the exception of the  5.2% MGS 2031, the 3% MGS 2040 and the 2.4% MGS 2041, which closed higher at €143.10, €111.60 and €100.40 respectively.

On the contrary, in the corporate debt market more than half the issues of the 41 active bonds closed relatively higher, with 12 losing ground and six remaining unchanged. The newly issued 4% Eden Finance plc Unsecured € 2027 registered this week’s strongest performance, as the bond closed 2.1 per cent higher at €102.10 while the 4.35% SD Finance plc Unsecured € 2027 was the most liquid, as 44 trades generated a total turnover of €463,785.