Daily Market Highlights (09.05.2019)

The MSE Equity Price Index erased some of yesterday’s sharp drop as it rebounded by 0.23% to 4,758.167 points. The gains in five equities marginally outweighed the decline in BOV whilst a further five shares closed the day unchanged. Trading volumes contracted notably to €0.22 million. Download a copy of today’s Equity Market Summary.

The RF MGS Index rose 0.06% to a six-week high of 1,116.768 points as movements in Malta Government Stock prices continued to be largely dominated by the various uncertainties related to the current trade dispute between the US and China.

Trident Estates plc soared 4.3% to reach the €1.47 level (the highest since mid-January 2019) on activity totalling 27,200 shares. Yesterday, Trident published its Annual Report & 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 is also proposing its maiden dividend payment of €0.0067 per share to shareholders as close of trading on Wednesday 22 May.

Within the same segment, Malta Properties Company plc recaptured the €0.61 level (+0.8%) across 30,780 shares. Tomorrow, the equity turns ex-dividend.

MaltaPost plc extended its recent positive performance with a further gain of 3.1% to the €1.32 level on activity totalling 20,269 shares. Today, the postal operator announced that its Board of Directors is scheduled to meet on Thursday 30 May to consider and approve the interim financial statements for the six-month period ended 31 March 2019.

RS2 Software plc moved back to the €1.60 level (+1.3%) albeit on just 5,000 shares. Shareholders as at close of trading on 15 May will be entitled to a 1-for-8 bonus share.

A single deal of 3,586 shares lifted the equity of International Hotel Investments plc 1.3% higher to the €0.77 level. 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.

Low trading activity also took place in HSBC, FIMBank, BMIT and Tigné Mall, all of which closed the day unchanged. HSBC Bank Malta plc maintained the €1.72 level across 2,926 shares. Today, HSBC issued an Interim Directors’ Statement explaining the performance of the bank in the first three months of 2019. The bank said that pre-tax profits were in line with management expectations but lower than the corresponding period last year due to a higher level of expected credit loss releases registered in Q1 2019 compared to Q1 2018. Moreover, the growth in Retail Banking was offset by lower revenue in the Commercial Banking segment. Meanwhile, the bank registered further expected credit loss recoveries whilst its costs contracted on the back of operational efficiencies through digitalisation and process optimisation. HSBC noted that loans and advances to customers increased when compared to the end of 2018 whilst capital ratios remained strong and above regulatory requirements.

A single deal of 15,000 shares left the equity of FIMBank plc at the USD0.65 level.

BMIT Technologies plc and Tigné Mall plc maintained the €0.54 and €0.925 levels respectively on trivial trading volumes.

Malta International Airport plc held on to its record high of €7.00 across 9,096 shares. On Tuesday, 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.

Meanwhile, Bank of Valletta plc eased 0.4% to the €1.315 level across 32,054 shares. This morning, the bank held its AGM during which shareholders approved all resolutions placed on the agenda including the issuance of a 1-for-10 bonus shares.