Daily Market Highlights (11.04.2019)

  • The MSE Equity Price Index trended higher for the first time in five days as it rebounded by 0.46% to 4,692.264 points. The gain was mostly due to the rebound in the share price of IHI, coupled also with the increases in three other shares. Meanwhile, four other equities closed the day unchanged whilst trading volumes contracted slightly to €0.38 million. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index trended higher for the fifth consecutive day as it added a further 0.06% to its highest level this month of 1,115.462 points. Bond yields in the euro area continued to trend mostly lower amid further signs of slowing economic momentum across the single currency block. In fact, a recent study conducted by the ECB published today pointed towards further downward revisions to expected inflation and GDP growth. On the other hand, unemployment rate expectations remained broadly unchanged and continued to point to further drops towards a longer-term rate of 7.4%. Meanwhile, yesterday the US Federal Reserve published the minutes of its most recent monetary policy meeting. These indicated that “several” participants could change their views on the appropriate rate of interest rates “in either direction based on incoming data and other developments.” The minutes also reflected the central bank’s broadly positive outlook on the world’s largest economy, noting that “participants generally expected economic activity to continue to expand, labour markets to remain strong and inflation to remain near 2%.’’
  • International Hotel Investments plc surged by 2.8% to the €0.73 level albeit on just 4,520 shares.
  • The two largest banks also performed positively today. Bank of Valletta plc added 0.7% to regain the €1.35 level across 22,563 shares whilst HSBC Bank Malta plc advanced to the €1.66 level (+0.6%) on trivial volumes. HSBC is scheduled to hold its Annual General Meeting on 17 April.
  • A single deal of 1,299 shares lifted the equity of Trident Estates plc 0.8% higher back to the €1.34 level.
  • Meanwhile, GO plc retained the €4.84 level after opening at a low of €4.80 (-0.8%). A total of 51,300 shares changed hands having a market value of €0.25 million. The equity of GO is still trading with the entitlement to total net dividends of €0.55 per share.
  • Malta International Airport plc opened at a new record high of €6.80 (+2.3%) before closing the day unchanged at the €6.65 level on activity totalling 12,150 shares. Tomorrow, the equity turns ex-dividend.
  • PG plc remained at its over fifteen-month high of €1.45 across 8,800 shares.
  • A single deal of 538 shares left the equity of Simonds Farsons Cisk plc at its 2019 high of €8.75.