Daily Market Highlights (03.09.2018)

  • The MSE Equity Price Index was almost unchanged at 4,279.180 points as trading activity across local equities slowed down to €0.12 million – significantly below the average daily value traded of €0.34 million. Download a copy of today’s Equity Market Summary.
  • Last Friday’s rebound in the RF MGS Index was short-lived, as the local MGS benchmark eased back into negative territory today with a 0.1% decline to 1,086.127 points as eurozone yields opened higher than last Friday. However, yields across the eurozone have receded throughout the day amid weak trading activity as US markets are closed for Labor Day.
  • GO plc shed 2.4% to close at the €3.32 level on very low volumes of 1,900 shares.
  • Likewise, in the property segment, MIDI plc dropped 2.6% to €0.555 and Malita Investments plc slipped 2.3% to €0.87, both on minimal volumes. Last week, MIDI reported a net profit of €10.5 million for the first six months of 2018, largely reflecting the delivery of various Q2 apartments to their respective owners. In their commentary, the Directors explained that the company continued to move forward with its masterplan for Manoel Island. As such, MIDI is now forecasting that the outline development permit will be approved by the Planning Authority later on this year and that construction works should commence early in 2019. Moreover, MIDI reiterated that discussions with Tumas Group Company Limited in connection with the development of Manoel Island are at a preliminary stage. In this respect, MIDI also stated that any eventual agreement will be subject to the company’s contractual obligations and any necessary regulatory and shareholder approvals.
  • On the other hand, FIMBank plc rebounded by 2.7% to regain the USD0.575 level on a single deal of 18,954 shares.
  • Positive movements were also registered in Malta Properties Company plc as a single trade of a mere 1,000 shares was executed at the €0.49 level, representing a 0.4% uplift.
  • Likewise, a deal of 1,000 shares was also executed in Trident Estates plc as the equity edged 0.8% higher to recapture the €1.33 level.
  • Medserv plc opened 4.8% lower at the €1.00 level before rebounding to end today’s session at the €1.09 level, representing a 3.8% increase over the previous closing price, albeit on insignificant volumes of 550 shares.
  • The only other positive performing equity was RS2 Software plc with a 0.8% increase to €1.20 on just 100 shares. Last Thursday, the company reported a net profit of €4.81 million for the first half of 2018. The Directors explained that during 2018, RS2 continued with its business strategy of implementing more clients into its managed services business. Moreover, RS2 is in extensive discussions with Tier-1 banks and e-wallet providers in Asia Pacific and the US to roll out Global Acquiring services to their merchants; partnering with a smart terminal supplier to deliver acquiring/payment services to merchants around the globe targeting 11 countries in Asia Pacific; and engaged in a potential project to provide Payment Services for merchants using digital assets on a Blockchain technology.
  • Meanwhile, both Bank of Valletta plc and HSBC Bank Malta plc held on to their previous closing of €1.51 and €1.71 (3-month low) respectively.
  • Similarly, PG plc and Malta International Airport plc ended today’s session unchanged amid weak trading activity.