Daily Market Highlights (08.02.2019)

  • The MSE Equity Price Index retracted by 0.2% from its four-week high of 4,480.777 points to 4,471.629 points as the declines in HSBC and MIA weighed negatively on the performance of the local equity benchmark. On the other hand, GO and Trident moved higher whilst BOV ended the day unchanged. Activity remained subdued as only €0.13 million worth of hands changed hands. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index recovered most of yesterday’s decline as it rebound by 0.08% to 1,104.105 points. Euro sovereign bond yields trended mostly lower following yesterday’s publication of new economic forecasts by the European Commission which largely painted a subdued outlook. On the other hand, yields of Italian government bonds continued to climb as the Commission highlighted the country’s dim prospects. In fact, the Commission slashed its GDP growth estimate for Italy to just 0.2% compared to the previous estimate of +1.2%.
  • GO plc reached a new multi-year high of €4.32 (+0.9%) on continued positive sentiment. Yesterday, GO announced the allocation policy in respect of the IPO of BMIT Technologies plc. Applications received from ‘preferred applicants’ and the general public amounted to €25.1 million compared to €10 million available on offer. GO explained that any refunds will be made by Thursday 14 February 2019. The shares are expected to be admitted to listing on the Official List of the Malta Stock Exchange on Friday 15 February 2019 and trading is expected to commence as from Monday 18 February 2019.
  • The equity of Malta International Airport plc failed to hold on to yesterday’s new record level of €6.50 as the share price eased by 0.8% to the €6.45 level on activity totalling 5,026 shares. Yesterday, the airport operator published the January 2019 traffic results showing an increase of 4.1% in passenger movements. The slower growth rate was due to a decline in the seat load factor to 69% compared to 71.6% in the same period last year. On the other hand, aircraft movements increased by almost 10% whilst seat capacity rose by nearly 8%. MIA will be publishing its annual financial statements on 20 February.
  • Also among the large companies, HSBC Bank Malta plc lost 1.1% to the €1.74 level albeit on trivial activity. The bank will kick-start the 2018 full-year reporting season on 19 February 2019.
  • Low trading activity also took place in the equity of GlobalCapital plc which plunged by almost 22% to an all-time low of €0.216.
  • In the property segment, Tigné Mall plc traded for the first time in over three weeks. The equity shed 2.1% to the €0.94 level after opening at a low of €0.90 (-6.3%). A total of 30,606 shares changed hands.
  • On the other hand, Trident Estates plc surged by 3.1% to regain the €1.35 level across 20,200 shares.
  • Meanwhile, two deals totalling 5,020 shares left the equity of Bank of Valletta plc unchanged at the €1.28 level.