Daily Market Highlights (15.10.2018)

  • The MSE Equity Price Index moved higher for the fourth consecutive day as it added a further 0.06% to a near seven-month high of 4,515.969 points. Most of the gains recorded in seven equities were however erased by the over 2% drop in the share price of BOV. Trading activity improved further to the highest level this month of €0.68 million, largely reflecting encouraging volumes in MIA and MIDI. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index opened the week in positive territory as it rebounded by 0.09% to 1,079.774 points. The positive movements in the prices of MGS were mostly driven by the sharp drop in the benchmark German Bund yields amid an escalation in diplomatic relations between the US and Saudi Arabia following the reported disappearance of a Saudi journalist in Turkey that works for the Washington Post. In contrast, bond yields of peripheral countries trended mostly higher today ahead of the completion of the final draft budget in Italy before being sent to the European Commission for scrutiny and approval. The budget envisages a deficit of 2.4% of GDP in 2019 which, in turn, is three times as much as had been anticipated by the prior government.
  • MIDI plc added 2.9% to the €0.71 after partly retreating from a new record high of €0.72. A total of 164,738 shares traded. Last week, the company clarified that discussions with Tumas Group related to the potential development of Manoel Island are still ongoing and that any material updates will be communicated in accordance with regulatory requirements.
  • Within the same sector, Malta Properties Company plc surged by 5.6% to its highest level since January 2017 of €0.565 across 132,598 shares.
  • Trident Estates plc also performed positively today with a gain of 0.8% to the €1.29 level after opening at a high of €1.35 (+5.5%). Activity in Trident was however shallow as only 6,500 shares changed hands.
  • The equity of FIMBank plc continued to rally as it advanced by a further 1.9% to a fresh fourteen-month high of USD0.785 across 37,500 shares.
  • Similarly, GO plc climbed 0.5% to yet another fresh twelve-year high of €4.10 on activity totalling 20,706 shares. GO will be convening an extraordinary general meeting (“EGM”) on Monday 3 December 2018 in relation to the proposed sale of up to 49% of its shareholding in BMIT Technologies plc (“BMIT”) through an Initial Public Offering. In this respect, shareholders of GO as at close of trading on 31 October 2018 will be receiving notice of the EGM as well as a circular containing further details on the proposed partial sale of BMIT.
  • Simonds Farsons Cisk plc moved 0.6% higher to a nine-month high of €7.95 across 2,500 shares whilst Mapfre Middlesea plc regained the €1.94 level (+1%) on three deals totalling 28,762 shares.
  • In contrast, Bank of Valletta plc slipped 2.2% back to the €1.35 level across 64,733 shares. The European Banking Authority is scheduled to publish the results of its various stress tests on major European banks including BOV by 2 November 2018.
  • A single deal of 12,645 shares forced the equity of MaltaPost plc to move 1.8% lower back to the €1.61 level.
  • Meanwhile, HSBC Bank Malta plc held on to its two-month high of €1.81 across 9,890 shares.
  • Malta International Airport plc also closed unchanged at the €6.15 level after opening at a low of €6.10 (-0.8%). A total of 27,326 shares traded.