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  • The MSE Share Index started this week in positive territory as it edged 0.05% higher to 4,421.029 points as the positive performance of five equities marginally offset the declines of three large equities by market capitalisation, namely BOV, HSBC and MIA. Trading volumes remain strong as approximately €380,000 worth of shares changed hands. Download a copy of today’s Equity Market Summary.
  • On the bond market, the RF MGS Index advanced by a further 0.17% to 1,148.112 points – the highest reading since early June 2015. This occurred despite the uplift in the 10-year German Bund yield from the 0.48% level of last Friday to 0.51% today after better-than-expected data which showed that economic growth and job creation in the euro area reached their highest levels in four-and-a-half years. Additionally, data on Germany’s manufacturing and services sector were also positive. This triggered fresh doubts on the extent of additional stimulus to be announced by the European Central Bank at the next monetary policy meeting to be held in early December.
  • Recently, Bank of Valletta plc published a Prospectus dated 16 October and a Supplement dated 9 November 2015 in connection with the recently announced €150 million Subordinated Debt Issuance Programme. BOV also published the Final Terms confirming the issuance of the first tranche of €75 million 3.50% Subordinated Notes maturing in 2030. Tranche 1 is split into Series 1 (minimum €25,000 per application) and Series 2 (minimum €5,000 per application). €40 million has been reserved for preferred applicants (shareholders, directors and employees) who must submit all information by 30 November. Other investors must apply by 2 December.
  • FIMBank plc extended last week’s surge of 11.1% by a further 5.0% during this morning’s trading session. The equity of the trade finance specialist closed at the USD0.525 level – the highest since late January 2015 – across heightened trading activity totalling 216,717 shares.
  • Yet, the best performer of the day was MIDI plc as the equity completely reversed the declines registered last week to regain the €0.35 level (+9.4%) across 22,000 shares. Last week, MIDI explained that since 1 July 2015, it has started delivering apartments from the recently completed Q1 residential block and thus will be accounting for profits on the sale of such apartments in the 2015 financial statements. In turn, this should lead to an overall profit for the Company this year. The announcement also explained that works on the Q2 residential block and business centre are also progressing well. Furthermore, the Company confirmed that it recently engaged an international consulting firm with the aim of reviewing the design concept of Manoel Island whilst continuing discussions with third parties that have expressed an interest to invest in the project.
  • RS2 Software plc maintained its sharp upward trend as the equity touched yet another all-time high of €3.03 during today’s trading session before easing back to close the session at the €3.015 level that still represents a 1.2% increase over the previous closing price. A total of 20,280 shares changed hands today.
  • The other positive performers were Simonds Farsons Cisk plc and Mapfre Middlesea plc as the equities closed at the €6.10 (+1.7%) and €2.295 (+0.2%) levels albeit across insignificant volumes.
  • On the other hand, Bank of Valletta plc shares registered a decline for the ninth consecutive session as the equity shed a further 1.3% to close at the €2.25 level across 56,251 shares.
  • Also in the banking sector, the equity of HSBC Bank Malta plc slid 0.6% lower to close at the €1.80 level across 29,432 shares. Last week, the Bank issued its Interim Directors’ Statement whereby it reported that since publishing its interim financial results to 30 June 2015, it registered a modest decline in profit before tax compared to the same period in 2014. This decline was primarily attributable to higher costs and a lower contribution from the life insurance business.
  • Malta International Airport plc also performed negatively today as the equity declined by 1.0% from its all-time high of €4.05 back to the €4.01 level albeit on shallow volumes. Last Tuesday, MIA revealed that the Company is expected to register improved profitability in 2015 (compared to a profit after tax of €16.8 million in 2014) on the back of the €1.86 million (pre-tax) gain registered on the disposal of the shareholding in Valletta Cruise Port as well as the 7.4% increase in passenger movements during the first ten months of the year.
  • Meanwhile, both GO plc and Medserv plc closed unchanged at the €3.10 and €2.14 levels on low volumes. Last Wednesday, the oil and gas logistics company issued an upbeat Interim Directors’ Statement as it revealed that the financial results for the third quarter of this year exceeded budgets on the back of the high levels of activity at the Malta base. Medserv will be holding an Extraordinary General Meeting (EGM) on 3 December as it seeks shareholder approval on a number of resolutions including the proposed acquisition of the METS Group.

 

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