Daily Market Highlights

Jul 27, 2017

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  • The MSE Share Index retreated by 0.16% from its over four-month high of 4,744.232 points of yesterday to 4,736.850 points today as the declines in the share prices of five equities outweighed the gains in three other shares. Meanwhile, four other equities closed the day unchanged. Download a copy of today’s Equity Market Summary.
  • In contrast to yesterday’s sharp decline, the RF MGS Index rebounded by 0.14% to 1,123.107 points today as euro zone sovereign yields retreated (bond prices went up) after the US Federal Reserve revealed a more cautious outlook for US inflation. This fuelled further speculation that the central bank might not raise interest rates again this year. On the other hand, the Fed reiterated its expectations that it might start reducing the size of its balance sheet “relatively soon”. Meanwhile, in the UK, expectations for an interest rate hike in the coming months were dampened further following the publication of disappointing Q2 GDP growth data. On the economic front, an index gauging the level of consumer confidence in Germany, climbed by more than expected to its highest level since December 2001. Positive news also emerged from Spain as the country’s unemployment rate dropped by more than expected to 17.2% – the lowest in more than eight years.
  • Most of today’s trading activity took place in the equity of Malta International Airport plc which maintained the €4.21 level across 170,746 shares having a total market value of €0.72 million and representing over 80% of the total value of equities traded. Yesterday, MIA published its interim financial statements covering the six months ended 30 June 2017, showing a 26.7% surge in EBITDA to €20.9 million and a net profit of €11 million (+34.8%). The Directors declared an unchanged gross interim dividend of €0.0462 (net: €0.03) per share. Shareholders as at the close of trading on Monday 21 August will be entitled to this dividend which will be paid by not later than Friday 22 September 2017. MIA also announced that it will be issuing an updated guidance for 2017 which will show an improved overall operational and financial performance of the Company.
  • Medserv plc, Tigne’ Mall plc and PG plc also traded unchanged albeit on low volumes. Medserv and Tigne’ Mall retained the €1.25 and €0.97 levels respectively whilst a single deal of just 650 shares left the equity of PG at its record high of €1.34.
  • Shallow low trading activity was also evident across the equities of FIMBank plc and Mapfre Middlesea plc. FIMBank shed 2.7% to drop back to the USD0.71 level on 5,727 shares. Similarly, Mapfre Middlesea edged 2.1% higher to regain the €1.90 level on just 72 shares. On Monday, the insurance specialist published its 2016 half-year results revealing a 24% improvement in pre-tax profits to €7.02 million largely due to a recovery in the Group’s non-life insurance business as well as increased investment income.
  • Among the large companies by market capitalisation, Bank of Valletta plc eased by 0.4% to the €2.161 level across 24,393 shares. This morning, BOV held an Extraordinary General Meeting in relation to changes to its governance structure and the share capital.
  • GO plc retreated by 0.1% to the €3.59 level after partially recovering from an intra-day low of €3.47 (-3.5%) across a total of 16,600 shares. Today, the Company announced that its Board of Directors is scheduled to meet on 4 August to consider and approve the Group’s interim financial statements covering the six months ended 30 June 2017.
  • RS2 Software plc also trended in negative territory with a 0.3% decline to the €1.845 level on volumes totalling 6,000 shares.
  • On the other hand, HSBC Bank Malta plc gained 0.5% to close at the €2.07 level on trivial volumes. HSBC is due to reveal its interim financial results next Monday 31 July.
  • In the property segment, Malta Properties Company plc regained the €0.53 level (+5%) across 28,180 shares whilst five deals totalling 32,517 shares lifted the equity of Malita Investments plc 4.8% higher to the €0.765 level. Today, Malita announced that its Board of Directors is scheduled to meet on Tuesday 8 August to consider and approve the interim financial statements for the half-year ended 30 June 2017. The Directors will also consider the payment of an interim dividend.