Daily Market Highlights (26.04.2019)

The MSE Equity Price Index rebounded by 0.41% to 4,707.492 points largely driven by the strong gains in RS2 and MIA which were partly offset by the declines in four other shares. Trading volumes improved markedly to €0.96 million reflecting heightened activity in HSBC, MIDI and MIA. Download today’s Equity Market Summary.

The RF MGS Index erased some of yesterday’s strong gains as it slipped by 0.1% to 1,111.902 points. Sovereign bond yields in the euro area remained under downward pressure amid disappointing French economic data as well as doubts on whether the ECB will restart its quantitative -easing programme. Meanwhile, the US economy expanded by a much better-than-expected rate of 3.2% in the first three months of 2019 despite the various uncertainties related to the government shutdown and trade relations with China.

MIDI plc maintained its 2019 low of €0.59 across 251,345 shares. Yesterday, MIDI reported record revenues of €52.5 million and a net profit of €11.6 million as the company delivered a large part of the apartments within the Q2 residential block to their respective owners. Shareholders as at close of trading on 8 May will be entitled to a net dividend per share of €0.008 (representing an increase of 14.3% over the previous year). In their review of the business, the Directors of MIDI explained the progress being made with respect to the Manoel Island project and in fact the company is now expecting to commence preparatory works by Q3 2019 and development works in early 2020. MIDI reported that discussions with Tumas Group Company Limited with respect to the development of Manoel Island are still ongoing, however to date no transaction has been concluded. Moreover, MIDI also added that it submitted a development application to the Planning Authority for the final phase of Tigné Point which the company is envisaging to also start developing in early 2020.

Within the same segment, MPC, Plaza and Tigné Mall also traded unchanged. Malta Properties Company plc and Tigné Mall plc retained the €0.59 and €0.945 levels respectively on light trading volumes. Both equities are trading with the entitlement to their respective dividends.

Plaza Centres plc maintained the €1.03 level across 46,000 shares. Shareholders as at close of trading on 2 May will be entitled to receive a net dividend per share of €0.0294.

A single deal of just 2,000 shares left the equity of International Hotel Investments plc at the €0.73 level. IHI will issue its 2018 financial statements on Tuesday 30 April.

HSBC Bank Malta plc held on to the €1.73 level on robust volumes totalling 223,507 shares.

RS2 Software plc added 3.5% to the €1.46 level across 66,500 shares. The company’s Board of Directors was scheduled to meet today to consider and approve the 2018 financial statements.

Malta International Airport plc recaptured the €6.70 level (+1.5%) on heightened activity totalling 16,900 shares. MIA is due to hold its AGM on 15 May.

Malita Investments plc also performed positively today with a gain of 1.8% to the €0.87 level on activity totalling 45,000 shares. Malita is due to hold its AGM on 6 May.

Two deals totalling 2,100 shares lifted the equity of Lombard Bank Malta plc 5.3% higher to the €2.38 level.

MaltaPost plc climbed 4.2% to the €1.25 level across 21,000 shares whilst Loqus Holdings plc added 12.5% to €0.09 on trivial volumes.

Meanwhile, Bank of Valletta plc eased by 0.4% to the €1.335 level across 23,493 shares. The bank is due to hold its AGM on 9 May.

BMIT Technologies plc dropped back to the €0.525 level (-1.9%) on volumes of 29,900 shares. The company is due to hold its AGM on 27 May.

PG plc extended yesterday’s decline by a further 0.6% to the €1.54 level across 10,200 shares.

Similarly, Mapfre Middlesea plc dropped by a further 0.8% back to the €2.36 level across 8,000 shares. This morning, the company held its AGM during which shareholders approved all resolutions placed on the agenda including the payment of total net dividends amounting to €17 million.