Strong turnover in local sovereign debt market
MSE Trading Report for week ending January 17, 2014
The Malta Stock Exchange (MSE) Index erased last week’s positive performance as it fell by 0.23 per cent, to close at 3.670.759 points. Activity was spread across 15 equities of which four slipped, six gained ground and five closed unchanged. HSBC Bank Malta plc (HSBC) was the main contributor to this weeks drag on the index as its share price fell by 1.9 per cent.
This week turnover in the equity market fell drastically to €818,850 from €1.9 million last week. On the other hand, in the local sovereign debt market turnover amounted to over €65.2 million up front €7.9 million. Activity was spread across 18 issues of which two short-dated bonds edged lower, 15 appreciated in value and the 6.1% MGS 2015 traded unchanged at €107.37. The most liquid issue for the week was the 3.75% MGS 2015 (VI) as it witnessed a turnover of just under €32.4 million. Meanwhile,in the corporate bond market ten issues were active of which four rose minimally, five remained unchanged and the 6.75% United Finance plc € 2014-2016 fell by 0.5 per cent, as total turnover amounted to €361,595.
Simonds Farsons Cisk plc ended the week in positive territory as its share price gained €0.04 or 1.4 per cent on three trades of 3,500 shares, to close at €2.89. Similarly, Malita Investments plc shares gained 0.94 per cent to close at a record price of €0.535 – €0.035 above its issue price. On Monday, the equity was active across two transactions of 14,000 shares.
Conversely, Malta International Airport plc slipped 0.9 per cent as 23,175 shares changed ownership across nine trades, closing at €2.18. Likewise, GO plc declined by 0.5 per cent over 13 trades of 33,123 shares, closing at €1.84.
This week, owners of Bank of Valletta plc shares received one bonus share for every 10 shares held. On Wednesday, the equity witnessed an adjustment to its share price to reflect this bonus issue. The highest turnover of 161,327 shares was dealt across 80 trades as a 1.3 per cent increase was registered to close at €2.44. Lombard Bank Malta plc gained a marginal 0.1 per cent on a single trade of 1,574 shares struck on Thursday, closing at €1.851.
HSBC share price sagged by 1.9 per cent as 15 deals of 64,371 shares were struck, to close €0.05 lower at €2.55. The bank appointed Dr Andrew Muscat as a non-executive director on Thursday. Meanwhile, FIMBank plc fell by two per cent over two trades of 2,515 shares, closing at $0.96. The acceptance period for the United Gulf Bank B.S.C. and Burgan Bank S.A.K. joint offer to purchase all issued ordinary shares in FIMBank having a nominal value of $0.50 per share at the offer price of $0.95 per share will expire next Monday.
In the I.T. industry, both Crimsonwing plc and RS2 Software plc traded flat at €0.80 and €2.30. The former witnessed three trades of 50,000 shares on Friday, while the latter was executed over a single transaction of 2,250 shares on Wednesday.
MaltaPost plc traded unchanged at €1.15 on Monday across four deals of 32,615 shares. On Wednesday, the company held its Annual General Meeting and approved all items on the agenda, including the declaration of a final ordinary net dividend of €0.04 per nominal €0.25 share, representing a final net payment of €1,368,702 either in cash or by the issue of new shares at the shareholders option.
The other non-movers for the week were Island Hotels Group Holdings plc (IHG) and MIDI plc (MIDI) as they both traded flat at €0.85 and €0.30 respectively. IHG was negotiated across two deals of 10,000 shares, while MIDI witnessed three transactions of 65,000 shares.
On a positive note, Middlesea Insurance plc recorded gains for the second consecutive week as it appreciated by a further one per cent as 6,252 shares exchanged hands across seven trades, closing at €0.92. Santumas Shareholdings plc, the best performer this week,advanced by 10 per cent over a single deal of a mere 17 shares, to close €0.20 higher at €2.20.