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  • The MSE Share Index opened the week minimally lower at 4,503.907 points as the declines in five equities slightly outweighed the gains registered in another four shares. Meanwhile, FIMBank, MIA and Santumas Shareholdings all closed the day unchanged. Download a copy of today’s Equity Market Summary.
  • Following the issuance of last Friday’s Interim Directors’ Statement, RS2 Software plc advanced by 2.2% to the €1.584 level across 8,900 shares. The Group stated that following the new license and processing agreements already concluded this year, it is currently engaged in progressive discussions with processing and licensing clients in Europe, Asia Pacific and North America. Moreover, RS2 indicated that that processing volumes across its managed services business have quadrupled since the beginning of the year. RS2 also indicated that during 2016 the Group’s revenue remained stable and comparable to 2015. Apart from the negative impact of foreign currency fluctuations, the Group profitability has been affected by the investment in global expansion. Nonetheless, the Directors maintaining their confidence in the Group’s business model, its underlying technology, revenue pipeline and expansionary targets.
  • The share price of Bank of Valletta plc gained 0.4% to the €2.27 level across 13,825 shares while Simonds Farsons Cisk plc recaptured the €6.60 (+0.7%) on trivial volumes.
  • The only other positive performer of the day was Medserv plc with a rise of 1.4% to the €1.49 level also on shallow volumes. This afternoon, Medserv issued its Interim Directors’ Statement in which it stated that despite the tough trading conditions, it is still expecting its revenues for the year to be close to the revised forecasted amount of €38 million. However, Medserv stated that this could improve if the projects earmarked to commence in the last quarter of the year materialise. Medserv indicated that turnover and profitability of METS Oman is expected to surpass forecasts and METS U.A.E is expected to reach the budgeted profit. On the other hand, METS Iraq registered a loss but it has just completed a restructuring plan which allows it to remain fully functional and work at break-even from October 2016. Medserv also indicated that the synergies being created through the acquisition of METS is starting to deliver new revenues for Medserv and the first contract for pipe testing was successfully completed. The outcome of the tender for business offshore Trinidad should be known by the end of the year. Overall, Medserv explained that the initiatives taken to date have not only reduced the shortfall in performance but also placed the Company in a position to perform strongly next year.
  • On the other hand, the worst performing equity today was Malta Properties Company plc which tumbled by 5.0% to its lowest level in a month of €0.57 across 10,700 shares.
  • Amongst the large companies, International Hotel Investments plc moved back to the €0.649 level (-0.2%) on trivial volumes whilst HSBC Bank Malta plc lost 1.1% to the €1.83 level also on weak volumes totalling 5,244 shares. Recently, IHI and its wholly-owned subsidiary Island Hotels Group Holdings plc (IHG) announced that they will be exercising the option of redeeming two of their respective bonds. Furthermore, IHI submitted an application to the Listing Authority requesting the admissibility to listing of €40 million new unsecured bonds maturing in 2026.
  • A single deal of 5,000 shares pulled the equity of Lombard Bank Malta plc marginally lower to the €2.10 level.
  • Lombard’s postal subsidiary – MaltaPost plc – declined by 2.2% to the €1.81 level across 3,878 shares. The Board of Directors of MaltaPost is due to meet on 6 December to consider and approve the financial statements for the year ended 30 September 2016.
  • Meanwhile, Santumas Shareholdings plc maintained the €2.40 level on increased volumes totalling 35,427 shares.
  • FIMBank plc (4,800 shares) and Malta International Airport plc (3,300 shares) also closed flat at USD0.85 and €4.08 respectively.
  • On the bond market, following the notable drop last Friday, the Rizzo Farrugia MGS Index rebounded by 0.18% to 1,142.182 points. Overall, euro zone sovereign yields retreated today with the 10-year benchmark German Bund slipping to the 0.287% level from 0.309% last Friday.

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