Daily Market Highlights (10.04.2019)

  • The MSE Equity Price Index trended lower for the fourth consecutive day as it eased by a further 0.03% to 4,670.744 points. Today’s drop was largely driven by the decline in the share price of IHI which, coupled with the negative performances of BMIT and Main Street Complex, slightly outweighed the gains in four other shares. Trading volumes improved to €0.41 million largely reflecting heightened activity in MIA and HSBC. Download today’s Equity Market Summary.
  • The RF MGS Index trended higher for the fourth consecutive day as it added a further 0.06% to 1,114.765 points. Bond yields in the euro area remained under pressure following the issuance of an updated IMF report yesterday indicating that the single currency block is expected to experience slower economic growth this year. Meanwhile, during a monetary policy meeting held today, the ECB left interest rates unchanged but warned of a “slowing growth momentum” as global issues are denting sentiment across Europe. ECB President Mr Mario Draghi also added that the central bank is now ready to consider whether it needs to mitigate any of the side-effects that commercial banks suffer from its negative interest rates.
  • International Hotel Investments plc shed another 2.7% to the €0.71 level on two deals totalling 37,169 shares.
  • BMIT Technologies plc moved back to the €0.525 level (-1.9%) albeit on just 4,000 shares.
  • In the property segment, Main Street Complex plc lost 1.5% to the €0.64 level on trivial activity. On Monday, the company reported a 5.5% increase in pre-tax profits in 2018 to €0.44 million as the company’s commercial property located in central Paola benefitted from a record footfall. The Directors are recommending the payment of a final net dividend of €0.00981 per share. Shareholders as at close of trading on 15 April will be entitled to receive the dividend on 22 May 2019. In their commentary, the Directors highlighted that the company is now debt-free and that they look forward to another successful year on the back of the robust economic environment, strong footfall levels and full occupancy.
  • In contrast, Malta Properties Company plc added 0.9% to the €0.565 level on insignificant volumes.
  • Both Bank of Valletta plc (32,992 shares) and GO plc (8,560 shares) gained 0.4% to the €1.34 and €4.84 levels respectively. The equity of GO is still trading with the entitlement to total net dividends of €0.55 per share.
  • Malta International Airport plc climbed 1.5% to regain the €6.65 level after opening at its all-time high of €6.70 (+2.3%). Activity in MIA was particularly encouraging today with a total of 24,210 shares changing hands having a market value of €0.16 million. Shareholders as at close of trading tomorrow will be entitled to a net final dividend of €0.09 per share.
  • Meanwhile, HSBC Bank Malta plc traded unchanged at the €1.65 level across 68,000 shares. The bank is scheduled to hold its Annual General Meeting on 17 April.
  • PG plc remained at its over fifteen-month high of €1.45 on activity totalling 12,640 shares.
  • Tomorrow, Lombard Bank Malta plc is due to hold its Annual General Meeting. The equity remained inactive today.