The MSE Index ended the month of April 0.22 per cent lower at 3,767.658 points. Activity was spread across 19 equities of which 11 gained ground, seven declined and one closed unchanged as turnover in the equity market reached €7m.

Bank of Valletta plc shares witnessed high volatility having oscillated between a monthly high of €2.39 and a low of €2.18, to ultimately close at €2.294 and thus registering a decline of 2.8 per cent in April. The banking equity also witnessed the highest turnover of the month worth €2.1m.

The equity decline at the beginning of the month following the company's announced that legal proceedings have been instituted against it before an Italian Court in terms of which the Bank is being requested to pay an amount equivalent to the value of the shares of a company which had been settled on trust with the Bank as Trustee in 2009 and which value the plaintiffs are alleging amounts to €363 million, or such other amount as the plaintiffs have requested the Court to liquidate. On the basis of a legal opinion received, the Board of Directors, having given the matter due consideration, resolved to reject the claims made against it and also decided that there is no justifiable reason for the Bank to make any provisions against the claim. The Board of Directors will carefully monitor these proceedings and will keep the market informed in the event of any significant developments.

However towards the end of the month the share price recovered some ground in anticipation of the interim financial results, which were announced after close of trading on the last trading session of the month. The bank reported that the Group registered a profit before tax of €58.8m for the six months ended March 31, 2015, compared to €50.7m registered in 2014. Operating profits increased by 13 per cent to €51 million for the six month period. An interim dividend of €0.039 gross per share - €0.025 net has been declared by the Board of Directors. The dividend pay-out which is equivalent to the gross interim dividend of March 2014 - as restated for the bonus issue of January 2015 - will be paid on May 27, 2015 to those members appearing on the bank's register as at May 12, 2015.

HSBC Bank Malta plc shares added on to the previous month's gain having registered a 1.4 per cent gain as 116 trades of 345,244 shares were struck, closing at €1.871. Conversely, Lombard Bank Malta plc shares edged 0.5 per cent lower across 25 transactions of 91,026 shares, to close at €1.90. Meanwhile, FIMBank plc shares traded flat at $0.50 over two deals of 4,503 shares.

RS2 Software plc shares closed the month €0.15 or 5.1 per cent higher at a record high of €3.12. The I.T. operator's shares were negotiated across 58 deals of 255,060 shares. The group registered a profit before tax of €4.19m for the financial year ended December 31, 2014, compared to €4.25m registered in 2013. Revenue for the period under review amounted to €15.2m, an increase of 7.9 per cent from 2013. Meanwhile, earnings per share declined minimally to €0.064. The Board resolved to recommend the payment of a final dividend of €0.044 per share. If approved at the AGM, the dividend will be paid on June 15, 2015 to shareholders on the register as at May 8, 2015.

Meanwhile, 6pm Holdings plc shares rallied by 8.6 per cent as 11 deals of 114,340 shares were struck, closing £0.06 higher at £0.76. The Group registered a profit before tax of £938,852 for the year ended December 31, 2014 compared to £637,805 in 2013. Earnings per share increased to £0.041. The Board of Directors is proposing the payment of a net final dividend of £0.02 per share which will be paid to shareholders on the company's register as at May 26, 2015. Furthermore, the Board resolved the recommendation of a bonus share issue of one share for every 50 shares held which will be allotted to shareholders on the company's register as at May 26, 2015.

On a negative note, Loqus Holdings plc shares headed April's list of fallers having declined by 13.6 per cent over a scant 150 shares, closing at €0.121. International Hotel Investments plc (IHI) shares followed suit having declined by 4.2 per cent over 29 trades of 398,218 shares, to close at its monthly low of €0.68.

IHI recorded a loss after tax for the year ended December 31, 2014 of €16.3m, after accounting for movements in fair value of properties, compared to a profit of €0.3m in 2013. In view of the prolonged instability in Libya and economic conditions in the Russian Federation, revenue generated by Corinthia Hotel Tripoli and Corinthia Hotel St Petersburg in 2014, declined by circa €16.1m. This reduction was however principally compensated by increased revenues by the Group's other properties in Europe and therefore the overall decrease in income for the financial year amounted to €7.4m (a reduction of 6%). This reduction in income inevitably impacted the Group's EBITDA, which decreased by 18 per cent.

Simonds Farsons Cisk plc registered its fourth consecutive monthly gain as eight deals of 8,671 shares were negotiated, to close €0.149 higher at €3.35. The Group registered a profit before tax of €8.2m for the year ended January 31, 2015, compared to €6.9m in 2014. Revenue for the period amounted to €79.2m, an increase of 1.1 per cent from 2014. Earnings per share increased to €0.27. The Board has resolved to recommend a final net dividend of €0.0666 per share, to be paid by not later than June 26, 2015, if approved by the AGM.

Elsewhere, Middlesea Insurance plc and Medserv plc shares registered similar gains of seven and 6.8 per cent respectively. The former witnessed 24 trades of 68,681 shares, to close at €1.22, while the latter was active across 19 deals of 111,735 shares, closing at €2.03.

Malta International Airport plc shares swayed between a monthly low of €3.42 and a high of €3.535, to then end the month 0.4 per cent higher at €3.46. The local airport operator's shares were negotiated over 97 transactions of 391,795 shares.

For the first quarter of 2015, passenger movements at the airport registered an increase of 5.6 per cent, while aircraft movements grew by 1.4 per cent. Meanwhile, passenger traffic in March also grew by 4.5 per cent, reaching a record of 275,334 passenger movements. This was brought about by a 1.6 per cent increase in aircraft movements which translated into an increase of 2.2 per cent seat capacity.

Tigne Mall plc shares managed to end the month 6.4 per cent higher at a record high of €0.80. The equity was negotiated across three deals of 5,600 shares.

The company registered a profit before tax of €2.3m for the year ended December 31, 2014, compared to €1.9m in 2013. Revenue for the period under review amounted to €5.2m, an increase of 3.8 per cent from 2013. Meanwhile, earnings per share increased to €0.023. The Board resolved to recommend that the AGM approves the payment of a final net dividend of €0.0125 per share which will be paid on June 16, 2015 to all shareholders on the company's register as at May 11, 2015.

Meanwhile, MaltaPost plc shares added on to their recent winning streak, having gained 0.7 per cent over 22 trades of 48,023 shares, closing at €1.421. Conversely, Malita Investments plc shares fell by 2.2 per cent over 26 deals of 294,540 shares, to close at €0.91.

MIDI plc shares advanced for the third consecutive month - registering a 3.7 per cent gain in April. The equity was negotiated over 16 trades of 652,400 shares and closed at €0.28.

The Group registered a loss before tax of €2.2m for the year ended December 31, 2014, compared to a €1.5m loss registered in 2013. Revenue for the period under review amounted to €13.3m, an increase of 70 per cent from 2013. Revenues from the development and sale of property amounted to €11.8m. This figure mainly relates to the sale of the T14 site located at Tigne Point for a consideration of €11.7m to Mid Knight Holdings Limited, a joint venture company between T14 Investments Limited (a MIDI wholly owned subsidiary) and Benny Holdings Limited. 

GO plc shares slid by €0.04 or 1.4 per cent as 113,224 shares changed ownership, to close at €2.84. Likewise, Plaza Centres plc shares partially erased the previous month's positive performance having declined by 0.5 per cent across 15 trades of 314,670 shares, closing at €0.945.

Grand Harbour Marina plc shares were active on a sole transaction of 1,000 shares, to close 1.1 per cent higher at €1.90. In its annual audited results for the financial year ended December 31, 2014, the Group recorded an 8.3 per cent increase in revenue, from €3.145m in 2013 to €3.404m in 2014. Profit before tax stood at €342k, as opposed to a €12.4k loss registered the previous year. Earnings per share increased to €0.02.

In a notice issued by the MFSA, it was announced that a major shareholder in GlobalCapital plc (GlobalCapital), BAI Co (Mtius) Ltd, which is the owner of 48.45 per cent of the issued share capital of GlobalCapital, has been put under the control of conservators by the Authorities in Mauritius. As a consequence, the Listing Authority suspended the listing and trading of in GlobalCapital p.l.c. - Ordinary Shares and the 5.6% GlobalCapital plc € Bonds 2014/16 until such time that it is able to make a judgement on the effect that the position of BAI CO (Mtius) Ltd will have on the operations of GlobalCapital. The suspensions are being taken to prevent any false market being created in the securities of GlobalCapital. The suspension will be in effect until May 18, 2015.

In another announcement, GlobalCapital announced that EIP plc, a public limited liability company incorporated in Malta, has made a conditional offer to BAI for the acquisition of all the shares held directly by BAI in the company. This conditional offer is subject to conditions which are typical in these types of transactions such as the signing of a binding share purchase agreement, a full due diligence process and all necessary regulatory approvals.

At an extraordinary general meeting of Crimsonwing plc, all shareholders unanimously approved the discontinuance of the listing of all the Company's issued share capital on the Official List of the MSE with effect from such date and time as may be determined in conjunction with the Listing Authority and the MSE.

In the corporate bond market turnover amounted to €2.6m spread across 38 issues of which 28 gained ground, five fell and another five closed unchanged. The 6% Mediterranean Investments Holding plc Euro 2021 was the best performer as it advanced by 3.3 per cent, to close at €93. Meanwhile, the 6.25% Mediterranean Bank plc EUR 2015 registered the worst decline of 1.9 per cent.

Sellers outweighed buyers in the sovereign debt market as out of a total of 28 active issues, eight advanced and twenty declined as turnover totalled €45.7m. The 4.1% MGS 2034 (I) was the top performer as it advanced by two per cent, closing at €132.63, while the 3% MGS 2040 (I) r was the most liquid as it witnessed a turnover €15.1m.

This article, which was compiled by Jesmond Mizzi, Managing Director of Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice and the contents therein should not be construed as such. The Company is licensed to conduct investment services by the MFSA and is a Member Firm of the Malta Stock Exchange and a member of the Atlas Group. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information contact Jesmond Mizzi Financial Advisors at 67 Level 3, South Street, Valletta, or on Tel: 21224410, or email [email protected]