Daily Market Highlights (11.12.2017)

  • The MSE Equity Price Index advanced by 0.71% to 4,444.408 points today on heightened activity amounting to €0.63 million. Overall, the gains in the share prices of seven equities (particularly in FIMBank and BOV) outweighed the declines in three other shares. Meanwhile, GO and IHI closed the day unchanged. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index opened the week in positive territory as it climbed by 0.06% to a fresh over five-month high of 1,134.301 points. The indicative opening bid prices of the Central Bank of Malta for the Malta Government Stocks issued last February – i.e. 1.50% MGS 2027 I (issued at 100.5%) and the 2.20% MGS 2035 I (issued at 100.25%) – reached new record highs of 104.32% and 106.51% respectively today.
  • Most of today’s trading activity took place in the equity of Bank of Valletta plc which jumped by 2.9% to regain the €1.80 level on robust volumes totalling 254,243 shares. Last Thursday, BOV announced the result of the €150 million 1-for-4 Rights Issue. The total amount of subscriptions amounted to €197 million, resulting in an oversubscription of approximately €47 million. Subscriptions for lapsed rights by existing shareholders will be scaled down in accordance with the allocation policy to be announced by 19 December 2017. Refunds of unallocated monies in respect of lapsed rights applied for by existing shareholders will be effected by 28 December 2017.
  • Also in the banking sector, FIMBank plc surged by 6.4% to USD0.649 across 25,541 shares whilst Lombard Bank Malta plc gained 0.9% to the €2.23 level on three deals totalling 8,982 shares.
  • Simonds Farsons Cisk plc advanced by 1.1% to the €9.001 level across 1,550 shares. Last Thursday, Farsons announced that the Planning Authority Board unanimously approved a permit for the creation of a business park along Mdina Road, Mriehel (“Trident Park”). The development is expected to commence during the first half of 2018 and is scheduled to be completed within 3 years.
  • A single deal of just 2,000 shares lifted the equity of Malta International Airport plc 0.1% higher to the €4.665 level. Last Thursday, MIA published the November 2017 traffic results revealing a 15.8% increase in passenger movements over November 2016 to 405,724 movements – a record for the month of November. The growth registered last month was due to the 19.2% increase in seat capacity. Meanwhile the seat load factor dropped to 79% compared to 82.4% in November 2016.
  • Mapfre Middlesea plc (2,940 shares) and Malita Investments plc (10,000 shares) also traded on light volumes. The insurance specialist trended 0.8% higher to the €1.815 level whilst Malita regained the €0.755 level (+0.5%).
  • The worst performing equity today was RS2 Software plc which dropped by 2.6% to a near seven-month low of €1.48 on volumes totalling 37,084 shares.
  • Medserv plc shed 1.7% to the €1.101 level across 18,000 shares.
  • MIDI plc also slipped by 0.9% from its near eleven-month high of €0.35 to the €0.347 level albeit on trivial volumes.
  • Meanwhile, GO plc retained the €3.58 level after opening at a low of €3.50 (-2.2%). A total of 4,500 shares traded.
  • International Hotel Investments plc also ended the day flat at the €0.62 level across 12,528 shares.
  • This morning, MaltaPost plc published its preliminary full-year results for the financial year ended 30 September 2017. The company registered a 2.3% increase in EBITDA to €3.7 million but post-tax profits dropped by 2.4% to €2.01 million, largely reflecting a higher tax charge when compared to the previous comparable period. The Directors are recommending an unchanged final net dividend of €0.04 per share to all shareholders as at close of trading on Friday 5 January 2018. The dividend will be paid on 9 March 2018 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on 9 February 2018. The equity remained inactive today.