Daily Market Highlights (13.05.2019)

The MSE Equity Price Index opened the week in negative territory as it extended last Friday’s decline by a further 0.27% to 4,740.649 points. Four companies ended the day in negative territory, including MIDI which plunged by over 6% and RS2 which lost more than 3%. On the other hand, three equities trended higher whilst five other shares remained flat. Trading volumes improved notably to €0.53 million compared to €0.36 million last Friday. Download today’s Equity Market Summary.

The RF MGS Index eased by 0.06% to 1,114.462 points as movements in Malta Government Stock prices were mostly influenced by changes in the yields of Italian government bonds which, in turn, trended higher compared to lower yields across other euro sovereign bonds. International financial markets continued to be dominated by the prevailing uncertainties related to the trade dispute between the US and China which resulted in a broad surge in demand for safe-haven assets.

MIDI plc shed 6.3% back to its 2019 low of €0.59 albeit on just 13,500 shares. The company will hold its AGM on 11 June.

Within the same segment, Malta Properties Company plc retracted back to the €0.60 (-1.6%) level on high volumes totalling 176,424 shares. MPC will also hold its AGM on 11 June.

BMIT Technologies plc erased last week’s gains as it slipped by nearly 2% to the €0.53 level across 26,800 shares. The company will be holding its AGM on 27 May.

The other negative performing equity today was RS2 Software plc which fell by 3.1% to the €1.55 level on activity totalling 15,186 shares. Shareholders as at close of trading on Wednesday 15 May will be entitled to receive one bonus share for every eight shares held.

Also among the large companies, GO plc maintained the €4.28 level after recovering from an intra-day low of €4.22 (-1.4%). A total of 40,583 shares having a market value of €0.17 million changed hands. The quadruple play telecom operator is due to hold its AGM on 28 May.

HSBC Bank Malta plc (8,180 shares) and International Hotel Investments plc (68,240 shares) traded unchanged at €1.72 and €0.78 respectively. Last Thursday, 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. 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.

PG plc held on to its all-time high of €1.67 across 27,100 shares

Mapfre Middlesea plc maintained the €2.26 level on trivial trading volumes.

Meanwhile, two deals totalling 12,000 shares lifted the equity of Tigné Mall plc 0.5% higher to the €0.925 level. Shareholders as at close of trading on 18 June will be eligible to receive a final net dividend of €0.0131 per share.

Bank of Valletta plc regained the €1.34 level (+0.8%) across 41,066 shares. Shareholders as at close of trading on 6 June will be entitled to a 1-for-10 bonus share.

Following last Friday’s plunge of nearly 10%, the equity of Medserv plc rebounded by 3.7% to the €0.975 level across 27,962 shares. The oil and gas services company is due to hold its AGM on 27 May.