IT equities continue to gain

The three IT equities listed on the Official List of the Malta Stock Exchange once again experienced a positive week. The outperformer was RS2 Software plc with a further 2.7% rise during this morning’s session closing at a new all-time high of €1.16 with activity amounting to 42,155 shares today. The equity rallied by 8.4% this week on volumes of 208,455 shares in response to last week’s Interim Statement and the separate announcement revealing the interest of an investor to acquire at least 10% of the company.

Crimsonwing plc edged 1.8% higher to regain its 2013 high of €0.57 across six deals totalling 43,358 shares following yesterday’s announcement revealing a 15% increase in revenue to just under €18 million for the financial year ended 31 March 2013. Furthermore, the Directors also noted that on the basis of the current business pipeline, the Group should manage to reach the targeted €20 million revenue figure during the current financial year ending 31 March 2014. Crimsonwing is due to publish its March 2013 financial statements in July.

6pm Holdings plc continued to trade at the equity’s 2013 high of GBP0.60 representing a 3.5% increase over last week’s close. The shares of 6pm have been supported by the new international contracts awarded to the Group as well as the profit reported for the 2012 financial year as well as the reinstatement of a final dividend after a four year absence.

Elsewhere in the local equity market, Bank of Valletta plc failed to hold on to an intra-day high of €2.24 to close unchanged at the €2.235 level on activity of 11,718 shares. BOV’s equity still ended the week 1.6% higher. HSBC Bank Malta plc also closed in positive territory this week with a 0.6% increase to the €2.645 level which materialised during this morning’s session.

Fresh bids entered the market today helping the share price of International Hotel Investments plc to rise by 2.9% to a new 2013 high of €0.90 across seven trades totalling 18,820 shares. Yesterday, IHI held its Annual General Meeting during which the Chairman reiterated the Group’s commitment to realise the value inherent in its commercial properties including the 12 London luxury apartments.

The equity of Tigné Mall plc was active for the first time since its IPO earlier this month. A deal of 10,000 shares was transacted at the €0.505 level representing a 1% increase over the IPO price.

On the other hand, FIMBank plc eased 1% lower to the US$1.00 on an insignificant deal of 500 shares. The trade finance specialist is still waiting for regulatory approval with respect to the deal with Burgan Bank and United Gulf Bank which will ultimately end up as majority shareholders.

The shares of Island Hotels Group Holdings plc closed in negative territory with a 6.8% decline to the equity’s all-time low of €0.55 on low volumes of 9,000 shares.

Meanwhile, GO plc held on to the €1.57 level on volumes of 6,000 shares.

On the bond market, the Rizzo Farrugia MGS Index eased marginally lower to 1,020.557 points as Eurozone yields raced up to the 1.45% level on the back of an increase in German business confidence. Locally, the Treasury of Malta is expected to publish the results of the Malta Government Stock issue on Monday afternoon following the noon deadline for submission of tenders.