Daily Market Highlights (27.07.2018)

  • The MSE Equity Price Index added 0.09% and surpassed the 4,400 level, driven by the gains in the share prices of MIA and HSBC which outweighed losses in three other equities. Trading volumes improved markedly to €0.36 million on the back of heightened activity in BOV. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index rebounded by 0.09% from its four-week low to 1,100.822 points. Movements in euro sovereign bond yields were relatively muted as no further indications emerged yesterday on when the ECB is expected to raise interest rates. During the past five days, the RF MGS Index shed 0.38% (the sharpest weekly drop in more than two months) mostly driven by positive developments in the trade disputes between the US and the single currency block.
  • Malta International Airport plc surged 3% to a fresh all-time high of €5.20 on two deals totalling 4,850 shares. Following the publication of record interim financial results on Wednesday, the airport operator yesterday issued its revised financial targets as well as traffic projections for 2018. The company is now expecting passenger movements to grow by 13% to reach yet another record of 6.77 million passenger movements. This is higher than MIA’s initial forecast of 6.5 million passenger movements which represented a growth of between 7% and 9%. This should translate into increased profitability for the airport operator, with EBITDA now anticipated to exceed €53 million (+9.1% over 2017) and net profits of €29 million representing a 20% increase over last year. Shareholders as at close of trading on 20 August 2018 are entitled to receive a net interim dividend of €0.03 per share.
  • The other positive performing equity today was HSBC Bank Malta plc which regained the €1.87 level (+0.5%) across 7,410 shares. The bank is set to publish its interim results on 6 August.
  • In contrast, Bank of Valletta plc shed 1.2% to a near three-month low of €1.70 on heightened activity totalling 121,156 shares. BOV is scheduled to publish its interim financial results on Tuesday 31 July.
  • PG plc moved back to the €1.33 level (-0.7%) across 10,000 shares. The company should be publishing its April 2018 annual financial statements by the end of August.
  • In the property segment, Malita Investments plc maintained the €0.87 level across 20,000 shares. The company is due to publish its six-month financial performance on 10 August.
  • On the other hand, Plaza Centres plc and Tigne’ Mall plc traded unchanged at €1.04 and €0.95 respectively on light volumes. Last Tuesday, Plaza reported a 10% decline in net profits for the first six-months of the current financial year. In their commentary, however, the Directors noted that they are projecting an improvement in occupancy levels in the last quarter of 2018 as Plaza completes its various renovation works. These investments are expected to enhance Plaza’s offering which will eventually lead to higher returns for the company in the years ahead.
  • A single deal of 4,000 shares left the equity of Simonds Farsons Cisk plc at its near six-month high of €7.50.
  • GO plc (14,359 shares) and MaltaPost plc (1,329 shares) also ended the day unchanged at €3.42 and €1.65 respectively. GO still has to announce the date of the publication of its interim financial statements.
  • Today, Medserv plc announced that its Board of Directors is scheduled to meet on Monday 27 August to consider and approve the half-yearly financial statements covering the six-month period ended 30 June 2018. The equity remained inactive today.