Daily Market Highlights (08.05.2019)

The MSE Equity Price Index erased the gains recorded over the previous four days as it slid by 0.93% to 4,747.427 points. Six companies trended lower, including FIMBank, RS2 and BOV. On the other hand, only three equities ended the day higher whilst a further four shares closed unchanged. Trading volumes improved slightly to just above €0.3 million, the majority of which took place in BOV. Download today’s Equity Market Summary.

The RF MGS Index resumed its upward trend as it rebounded by 0.11% to 1,116.060 points. Volatility across international financial markets remained very high amid lingering uncertainties over the current trade dispute between the US and China, as well as the emergence of new geo-political tensions between the US and Iran.

Bank of Valletta plc moved back to the €1.32 level (-1.5%) on activity totalling 119,617 shares. Tomorrow, the bank is due to hold its AGM.

Also in the banking sector, FIMBank plc plummeted by nearly 8% to the USD0.65 level albeit on much lower volumes amounting to 30,950 shares. Yesterday, the trade finance specialist held its AGM during which shareholders approved all items on the agenda including the issuance of a 1-for-30 bonus share.

Lombard Bank Malta plc also performed negatively today with a drop of 0.8% to the €2.36 level on light trading activity totalling 3,756 shares.

Mapfre Middlesea plc traded for the first time since the equity turned ex-div on 2 May, with the share price adjusting 5% lower to the €2.26 level on a single deal of just 2,000 shares. The company is due to pay total net dividends amounting to €0.18476 per share on 22 May.

RS2 Software plc retracted back to the €1.58 level (-2.5%) on activity totalling 23,433 shares. Shareholders as at close of trading on 15 May will be entitled to a 1-for-8 bonus share.

In the property segment, Malita Investments plc dropped by 1.2% to the €0.84 level across 2,000 shares.

Conversely, Malta Properties Company plc (1,747 shares) and Tigné Mall plc (12,790 shares) traded unchanged at €0.605 and €0.925 respectively. Shareholders of MPC as at close of trading tomorrow will be eligible to receive a net dividend per share of €0.01.

Malta International Airport plc held on to its record high of €7.00 across 4,300 shares. Yesterday, the airport operator published its traffic results for the month of April revealing a 10.5% increase in passenger movements as well as an improvement in the seat load factor to 83.3%. Since the start of the year, MIA welcomed a total of 1.86 million passengers, representing an increase of 5.3% over the corresponding period last year. MIA’s AGM is due to be held on 15 May.

Three deals totalling 2,499 shares left the equity of GO plc at the €4.40 level. GO’s AGM is scheduled for 28 May.

Meanwhile, International Hotel Investments plc added 1.3% to regain the €0.76 level across 24,000 shares. IHI is due to hold its AGM on 13 June. Shareholders as at close of trading on 26 June will be entitled to receive a net dividend of €0.02 per share.

MIDI plc surged 3.3% to the €0.63 level albeit on shallow volumes. MIDI’s AGM is scheduled for 11 June.

Low trading activity also took place in the equity of MaltaPost plc which continued to recover with a further gain of 0.8% to the €1.28 level.

Today, Trident Estates plc published its financial statements for the year ended 31 January 2019. The company reported a 14% increase in EBITDA to €0.3 million reflecting the renewal of a lease agreement at superior rates. With respect to Trident Park, the company noted that works are progressing on time and it is envisaged that the project will welcome its first tenants in early 2021. Trident Estates is also proposing its first dividend payment of €0.0067 per share to shareholders as close of trading on Wednesday 22 May. The equity remained inactive today.

GlobalCapital plc published its 2018 Annual Report & Financial Statements yesterday evening. The company reported a considerable drop in profitability, largely due to lower fair value gains on investment property as well as a net loss of €2.2 million on financial investments. In their commentary, the Directors of GlobalCapital reiterated the company’s intention of raising €6 million in fresh capital through a rights issue. Following the publication of the 2018 Annual Report & Financial Statements, the Listing Authority terminated its suspension of listing and trading on the shares of GlobalCapital and on the  5% unsecured bonds maturing in 2021.