Daily Market Highlights

May 26, 2017

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  • The MSE Share Index erased some of yesterday’s declines as it bounced back by a minimal 0.04% to 4,631.342 points. Volumes surged to a two-week high of €0.88 million. However, the bulk of trading activity took place in two equities only (GO and BOV) as they accounted for over 80% of the total value of equities traded today. Download a copy of today’s Equity Market Summary.
  • On the bond market, the RF MGS Index eased by a minimal 0.05% to 1,124.293 points today. Euro zone sovereign yields continued to trend lower today despite heightened expectations that the US Federal Reserve will raise interest rates again during the next monetary policy meeting scheduled for 13 to 14 June 2017. The price of oil declined significantly after the Organisation of the Petroleum Exporting Countries disappointed investors by only agreeing to an extension of the present oil production cuts. Energy prices have an important bearing on inflationary expectations, which in turn influence movements in yields and bond prices. On the economic front, an index gauging the level of confidence among Italian businesses and consumers disappointed.
  • GO plc gained 2.9% to a near two-month high of €3.55 on heightened activity totalling 127,358 shares.
  • Also among the large companies by market capitalisation, HSBC Bank Malta plc advanced by a minimal 0.1% to the €1.981 level across 22,480 shares.
  • In contrast, Bank of Valletta plc slipped 0.9% to the €2.16 level on volumes totalling 125,924 shares. The Bank paid its recently declared net interim dividend of €0.0293 per share today.
  • Medserv plc erased some of last Wednesday’s strong gains as it retreated by 0.8% to the €1.25 level across 53,200 shares. On Monday, the oil and gas logistics specialist issued an Interim Directors’ report in which it explained that its integrated logistic support services business is set to continue facing challenges this year but revenue generated from oil country tubular goods in the Middle East is expected to have a positive impact on the Group’s 2017 results. Medserv is anticipating a strong rebound in performance in 2018 as the oil and gas industry recovers, stabilises and returns to growth. Medserv is due to hold its Annual General Meeting next Wednesday 31 May.
  • Meanwhile, five actively traded equities closed the day unchanged. Malta International Airport plc maintained the €4.13 level after recovering from an intra-day low of €4.09 (-1%). A total of 6,100 shares changed hands. The airport operator paid its recently approved final net interim dividend of €0.07 per share today.
  • Two deals totalling 10,000 shares left Malita Investments plc at its two-year low of €0.72.
  • PG plc maintained the €1.299 level across 12,000 shares.
  • RS2 Software plc and Mapfre Middlesea plc remained flat at €1.55 and €1.951 respectively on light volumes. This morning, RS2 issued an Interim Directors’ Statement updating the market on its financial performance since the start of 2017. The Company explained that it continued with its strategy of intensively growing its managed services business. Indeed, in addition to the three major agreements concluded last January, RS2 has now also concluded letters of intent and is in an advanced stage of contract negotiations for delivery of managed services to clients in Argentina, Australia, UK and Portugal. The company explained that when these implementations are concluded by the end of 2017, the number of live clients for the managed services business will multiply threefold.
  • After yesterday announcing that it will be convening an Extraordinary General Meeting on Friday 23 June during which shareholders will be asked to consider and approve a number of resolutions mainly related to its capital and balance sheet structures, today GlobalCapital plc revealed its intention of conducting a rights issue exercise later on this year, subject to regulatory approval. The equity remained inactive today.