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  • The MSE Share Index extended yesterday’s gains as it rose by a further 0.25% to 4,678.037 points, mostly reflecting the strong gains in the share price of PG on its first day of trading. Meanwhile, seven other equities finished the day in negative territory whilst only MIDI traded flat. Trading volumes spiked as €1.14 million worth of shares changed hands mostly in PG. Download a copy of today’s Equity Market Summary.
  • Following yesterday’s sharpest uplift in a month, the RF MGS Index retracted by 0.08% to 1,122.340 points today. The 10-year and 20-year benchmark German Bund yields rose significantly after the US Federal Reserve yesterday kept its key interest rate unchanged in a range between 0.75% and 1% (as widely expected) but expressed confidence in the strength of the economy. The President of the Federal Reserve Janet Yellen said that the economic softness registered in the first three months of the year was “likely to be transitory” whilst she emphasised that inflation is “running close” to the central bank’s target, the job market looks healthy, levels of consumer spending levels are solid and business investment had firmed. Many international financial analysts are now expecting the Fed to raise its key interest rate a further two times this year – first during the next monetary policy meeting to be held on 14 June 2017 and again on 20 September 2017. On the economic front, an index gauging the level of activity among purchasing managers in the manufacturing and services sectors within the single currency area rose to its highest level since April 2011. Equally positive, euro zone retail sales grew by a more than expected 2.3% year-on-year in March and by 0.3% month-on-month.
  • On its first day of trading, the equity of PG plc opened 27% higher at €1.271, touched an intra-day high of €1.30 (+30%) before closing at the €1.20 level – representing a 20% gain from the Initial Public Offering (IPO) price of €1.00. A total of 717,029 shares (having a market value of €0.9 million) traded. PG plc is the first new equity listing on the Borza since 2013 and is principally involved in the operation of the PAVI Shopping Complex and PAMA Shopping Village as well as the local franchisee for Zara® and Zara Home®.
  • The other positive performing equity today was RS2 Software plc which advanced by 0.3% to the €1.555 level after recovering from an intra-day low of €1.501 (-3.2%). A total of 29,000 shares changed hands. Shareholders as at close of trading on 17 May 2017 are eligible to a final net dividend of €0.01 per share as well as bonus share issue of one share for every twelve shares held.
  • Also among the large companies by market capitalisation, Bank of Valletta plc, GO plc and Malta International Airport plc all registered declines today. The worst performer among these three equities was BOV which lost 0.4% to the €2.23 level across 50,301 shares. Shareholders as at 9 May 2017 will be eligible to receive a net interim dividend of €0.0293 per share. Last week, the Bank confirmed its intention of seeking to raise €150 million in fresh equity capital within a 12-month period.
  • GO plc eased minimally lower to the €3.498 level after recovering from an intra-day low of €3.45 across 17,500. Yesterday, GO held its Annual General Meeting (AGM) during which shareholders approved a number of resolutions including the payment of a final net dividend of €0.11 per share which will take place tomorrow.
  • Malta International Airport plc slipped 0.2% to the €4.14 level albeit on trivial volumes. MIA is soon expected to reveal the traffic statistics for the month of April.
  • Low trading activity also took place in the equities of MaltaPost plc (3,103 shares) and Mapfre Middlesea plc (2,000 shares) which eased by 2.4% and 1.4% to the €2.00 and €2.07 levels respectively.
  • Medserv plc extended its recent downward trend as it dropped by a further 1.7% to a fresh 2017 low of €1.425 across 11,047 shares. The oil and gas logistics specialist is due to hold its AGM on 31 May 2017.
  • In the property segment, Malta Properties Company plc retracted by 1% back to the €0.515 level whilst MIDI plc maintained the €0.31 level. Trading activity in both equities was weak.
  • The MSE today announced the listing of the €65 million 4.35% SD Finance plc unsecured bonds maturing in 2027. Trading is expected to commence as from tomorrow, Friday 5 May 2017.

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