Daily Market Highlights (11.01.2019)

  • Following the gains registered in the previous three trading sessions, the MSE Equity Price Index dropped by 0.41% to 4,466.836 points as several equities performed negatively (including HSBC and IHI) whilst only GO and MIDI trended higher. Furthermore, most equities traded on low volumes whilst the bulk of today’s activity took place in MIDI, BOV and GO. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index extended yesterday’s gains by a further 0.16% to its highest level since late August 2018 of 1,096.615 points. Bond yields tumbled again amid heightened volatility across financial markets, impasse on further progress between the US and China over trade as well as uncertainties related to the partial government shutdown in the US. The RF MGS Index also posted its longest positive streak in two years as it advanced for six consecutive weeks.
  • MIDI plc surged by nearly 11% to the €0.665 level across 119,218 shares.
  • Positive sentiment towards GO plc persisted further as the equity climbed by a further 0.5% to €4.14 (a new high since September 2006) on a total of 9,630 shares. On Wednesday, BMIT Technologies plc, which is GO’s data centre and cloud services subsidiary, issued a prospectus in relation to the Initial Public Offering of a total of 99.8 million ordinary shares and representing 49% of the company’s entire share capital. The prospectus explained that 79.3 million shares have already been allotted to a number of financial intermediaries, leaving 20.5 million shares available for the general public offer. The shares of BMIT Technologies plc are expected to be admitted to the Official List of the Malta Stock Exchange on 15 February 2019 and trading is expected to commence on 18 February 2019.
  • Also among the large companies, HSBC Bank Malta plc and International Hotel Investments plc retracted sharply to €1.75 (-3.3%) and €0.60 (-2.4%) respectively albeit on trivial volumes. HSBC is due to publish the financial results for the 2018 financial year on 19 February 2019.
  • A single deal of just 3,153 shares forced the equity of PG plc to ease by 1.5% to the €1.35 level.
  • Medserv plc slipped by 0.9% to the €1.06 level across 4,250 shares whilst in the property segment, Plaza Centres plc drifted 2% lower to the €1.00 level on just 5,000 shares.
  • Meanwhile, Malta International Airport plc maintained the €5.90 level after opening at a low of €5.85 (-0.8%). A total of 4,500 shares changed hands. The airport operator is soon expected to publish its 2018 traffic results as well as its passenger and financial forecast for 2019.
  • Bank of Valletta plc maintained the €1.295 level after recovering from its multi-year low of €1.28 (-1.2%). A total of 40,771 shares traded.
  • Simonds Farsons Cisk plc (1,625 shares) and Trident Estates plc (13,513 shares) traded unchanged at €8.75 and €1.48 respectively.
  • Mapfre Middlesea plc held on to its nine-month high of €2.10 on insignificant volumes.