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  • The MSE Share Index moved higher for the third consecutive trading session as it rose by a further 0.47% to 4,699.820 points. Today’s gains reflect the increases in the share prices of PG (+3.7%), HSBC (+2.5%), RS2 (+1%) and BOV (+0.4%) which in aggregate saw their combined market capitalisation increase by nearly €30 million. On the other hand, another four equities ended the day in negative territory whilst only GO traded flat. Trading volumes shrunk from yesterday but still remained encouraging as €0.44 million worth of shares changed hands, nearly half of which took place in PG. Week-on-week, the local equity index halted a two-week negative streak as it gained 0.5% on robust volumes. Download a copy of today’s Equity Market Summary.
  • On the bond market, the RF MGS Index advanced by 0.15% to an over one-week high of 1,124.029 points. Whilst the 10-year and 20-year benchmark German Bund yields continued to rise (Bund prices went down), the corresponding yields of the two largest peripheral countries – i.e. Spain and Italy – declined (prices of Spanish and Italian government bonds gained). On the economic front, Spanish industrial production grew by a less-than expected 0.4% in March year-on-year which is much less than the +2.5% growth registered in the previous month. Meanwhile, a member of the European Central Bank’s (ECB) Executive Board was yesterday reported as saying that euro zone growth may accelerate further in the second quarter of this year and that, going forward, the ECB’s monetary policy guidance could change as economic recovery picks up. The influential ECB Executive Board member also added that “the balance of risks has improved” and that he expects inflation to fluctuate around 1.5% this year before a “gentle” rise in the coming years to reach close to the ECB’s target of just under 2% by 2019.
  • The recently issued 4.35% SD Finance plc 2027 commenced trading today. A single deal of €10,000 nominal lifted the bond 199 basis points higher to 101.99%.
  • The equity of PG plc remained volatile on its second day of trading. Indeed, after opening slightly lower at €1.199, it slipped to an intra-day low of €1.161 (-3.3%) before closing at the €1.245 level – representing a 3.7% gain from yesterday’s closing price of €1.20. A total of 170,315 shares (having a market value of €0.21 million) traded.
  • Eight deals totalling 30,056 shares lifted the equity of HSBC Bank Malta plc 2.5% higher back above the €2.00 mark to the €2.049 level.
  • Within the same sector, Bank of Valletta plc continued to trade within a tight range as it advanced by 0.4% to the €2.24 level across 30,603 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.
  • Also among the large companies, RS2 Software plc managed to recover from an intra-day low of €1.515 (-2.6%) to end the day 1% higher at the €1.57 level across a total of 17,500 shares. 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.
  • In contrast, GO plc maintained the €3.498 level on trivial volumes. The Company paid a net dividend of €0.11 per share today.
  • In the property segment, Tigne’ Mall plc, MIDI plc and Malta Properties Company plc all registered declines today. The worst performer among these three equities was Tigne’ Mall which slumped 9.1% to an eight-month low of €1.00 across 55,000 shares. The equity is still trading with the entitlement to a final net dividend of €0.0125 per share.
  • A single deal of 13,000 shares pulled the equity of MIDI plc 1.9% lower to the €0.304 level whilst Malta Properties Company plc lost 1% back to the €0.51 level across 13,610 shares. Shareholders of MIDI as at close of trading on Wednesday 17 May are eligible to receive a net dividend of €0.007 per share.
  • Medserv plc extended its recent downward trend as it dropped by a further 1.8% to its lowest level since 1 September 2015 of €1.399 across 6,500 shares. The oil and gas logistics specialist is due to hold its AGM on 31 May 2017.

 

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