Daily Market Highlights (24.01.2018)

  • The MSE Equity Price Index rebounded by 0.51% from its one-month low of 4,451.882 points to 4,474.501 points. In particular, GlobalCapital plc rose by 18.8% to the €0.38 level albeit on trivial volumes and the equity Medserv plc also performed positively today with a gain of 7.8% to recapture the €1.25 level across 20,500 shares. Yesterday, Medserv announced that it has secured business in a market that the industry considers it to be the big new energy source on Europe’s doorstep. The new business awarded to Medserv is in the form of a three-year contract with the option of further extensions for the provision of integrated logistics support services for the production phase of offshore operations being conducted by an International Oil Company. The new contract was awarded through a competitive tender process and is effective as from 1 January 2018. The initial value of the contract is estimated to be over €10 million with prospects for further growth. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index trended lower for the first time in four days as it retreated by 0.14% from its over three-week high of 1,121.105 points to 1,119.487 points. Euro zone sovereign yields drifted higher today amid very positive readings from indices gauging the level of confidence among purchasing managers in the manufacturing and services sectors in Germany, France and across the single currency area. Meanwhile, the Governing Council of the European Central Bank is scheduled to meet tomorrow. The meeting will be followed by a press conference which will be addressed by the President of the ECB, Mr Mario Draghi. In the US, yesterday the Senate approved the appointment of Mr Jerome Powell as the next Chairman of the Federal Reserve. Mr Powell will be taking over from Ms Janet Yellen whose term as Fed Chairperson expires on 3 February 2018.
  • The equity of Malta International Airport plc erased the declines suffered in the previous two days as it advanced by 3.4% back to the €4.90 level on five deals totalling 3,000 shares.
  • Also among the large companies by market capitalisation, Bank of Valletta plc trended 0.6% higher to the €1.82 level across 54,888 shares.
  • In the property segment, Plaza Centres plc added 1% to the €1.03 level on a single deal of 4,000 shares.
  • On the other hand, Tigne’ Mall plc lost 2.7% to the €1.06 level on insignificant volumes.
  • Low volumes were also transacted in the equity of Grand Harbour Marina plc which moved back by 1.3% to the €0.75 level.
  • RS2 Software plc extended its recent negative streak as it dropped by a further 0.7% to a near nine-month low of €1.40 across 37,497 shares.
  • Meanwhile, a single deal of 42,000 shares left the equity of MIDI plc at the €0.34 level.
  • PG plc also closed the day unchanged at the €1.40 level across 23,997 shares.
  • International Hotel Investments plc and Mapfre Middlesea plc maintained the €0.62 and €1.82 levels respectively on light volumes.