Daily Market Highlights

Jul 20, 2018

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  • The MSE Equity Price Index climbed 0.43% to just above the 4,400 mark today, mainly driven by the gains in the share prices of HSBC, Lombard Bank, IHI and MIA which, in aggregate, outweighed the 2% drop in BOV. Meanwhile, FIMBank and GO closed the day unchanged. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index erased some of yesterday’s decline as it edged 0.05% higher to 1,105.065 points, mostly driven by the movements in the benchmark German Bund yields which trended lower as opposed to those of peripheral countries which moved higher. During the past five days, the RF MGS Index extended the positive performance of the previous two weeks as it gained a further 0.07%, largely on the back of the uncertainties being created in relation to the current trade disputes involving the US and its main trading partners.
  • Most of today’s trading activity took place in the equity of Bank of Valletta plc which closed 2% lower at the €1.725 level after failing to hold on to a three-month high of €1.77. In total, 86,269 shares changed hands. The share price initially edged up to €1.77 but then dropped after the bank announced that the appeal to the precautionary warrant of €363 million instituted against it on 27 March 2018 was rejected. As such, while the bank remains convinced of the strength of its defences on the merits, it also noted that it shall be keeping the litigation in question under constant review and will also keep supervisory authorities and the market updated with any material developments. BOV is soon expected to announce the date for the publication of the interim financial statements as at 30 June 2018.
  • In contrast, HSBC Bank Malta plc surged to its highest level in over four months of €1.88 (+2.2%) across 8,000 shares. HSBC Malta is set to publish its interim results on 6 August.
  • Within the same sector, Lombard Bank Malta plc jumped by nearly 14% to regain the €2.30 level on two deals totalling 4,500 shares. The bank is scheduled to unveil its interim financial results on 23 August.
  • International Hotel Investments plc (4,999 shares) and Malta International Airport plc (1,350 shares) also performed positively today with gains of 1.6% and 1% to €0.635 and €5.05 respectively. MIA is due to publish its interim results next Wednesday 25 July.
  • Meanwhile, FIMBank plc retained the USD0.54 level across 36,599 shares. The trade finance specialist is scheduled to publish its interim financial statements on 14 August.
  • A single deal of just 300 shares left the equity of GO plc at the €3.40 level.
  • Yesterday, Malta Properties Company plc announced that the promise of sale agreement for the sale of the Sliema Old Exchange has been extended from 1 August 2018 to 8 August 2018. The equity remained inactive today.
  • This afternoon, Mapfre Middlesea plc published its interim financial statements covering the six months ended 30 June 2018. The insurance specialist recorded a net profit of €3.77 million. This represents an increase of over 16% when compared to the same period last year, reflecting growth in both life and general insurance businesses. In their commentary, the Directors explained that the company will continue focusing on its strategic actions to deliver improved results. The equity remained inactive today.
  • Yesterday, the Treasury of Malta announced that the amount of issuance of new MGS’s during 2018 will now not exceed €300 million. This is €50 million lower than the amount indicated in the Annual Borrowing Plan dated 30 January 2018. Moreover, following the issuance of a total of €93.53 million in new MGS’s since the start of the year, the Treasury is now envisaging that the remaining balance of approximately €206 million will be spread over two to three issuances of varying maturities.