• The MSE Equity Price Index erased some of yesterday’s +0.77% gains as it slipped by 0.3% to 4,431.313 points. Trading volumes were weak as only €0.13 million worth of shares changes hands. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index drifted lower for the second consecutive day as it eased by a further 0.05% to a one-week low of 1,126.520 points. Euro zone sovereign yields rebounded today (bond prices dropped) as financial markets shrugged-off any potential threats from the latest missile test by North Korea and instead gave more prominence to the most recent developments in the US where tax reform legislation appears to make further slow progress (ahead of a vote in the Senate) as well as the testimony of incoming Federal Reserve Chairman Mr Jerome Powell before the Senate banking committee. Mr Powell advocated for a continuation of the Fed’s path towards monetary policy normalisation (subject to continued positive economic momentum) as well as the ease of regulatory burden for US smaller banks. Meanwhile, fresh economic data within the single currency area was mixed. On the one hand, French consumer spending plunged by 1.9% month-on-month in October (the sharpest decline since February 2014) and inflation in Spain for the month of November was less than expected. In contrast, a wide-ranging index gauging the level of economic sentiment across the euro zone area rose for the sixth consecutive month to its highest level since October 2000 despite the recent political uncertainties in Germany and Spain. Moreover, the index reflected growing expectations among manufacturers and consumers for higher inflation in the future.
  • The most actively traded equity today was Bank of Valletta plc which recaptured the €1.81 level (+0.5%) across 42,765 shares. Eligible shareholders have until Wednesday 6 December 2017 to participate in the 1-for-4 rights issue at a price of €1.43 per share.
  • PG plc gained 0.7% back to the €1.45 level on a single deal of just 3,211 shares. On Monday, the company announced that its Board of Directors is scheduled to meet on Monday 4 December 2017 to consider the declaration of an interim dividend to be paid on 11 December 2017 to shareholders as at close of trading tomorrow. PG is expected to reveal its interim financial results on 20 December 2017.
  • Low trading activity also took place in the equities of Medserv plc and Malta Properties Company plc. Medserv lost 2.5% to the €1.121 level and MPC eased by a minimal 0.2% to a fresh 23-month low of €0.48. Last week, Medserv issued a detailed Interim Directors’ Statement whereby it explained its current performance as well as the strong business pipeline for the coming years.
  • After rallying by 10% yesterday to the €1.65 level, the equity of RS2 Software plc retreated by 5.5% to the €1.56 level albeit on a single deal of 8,900 shares. On Monday, RS2 issued an Interim Directors’ Statement explaining the Group’s current and prospective international expansion strategy. RS2 made reference to the new offices in Asia and the US as these are now fully operational. The Group managed to form an alliance with a large corporation that provides 42% of the global travel market. Moreover, RS2 revealed that it is working on securing multi-million Euro processing deals for its managed services company in different regions. Meanwhile, the Group is in advanced stages of completing the implementation for customers in Canada and Columbia and also completed a significant licence implementation project of one of its largest clients in the UK in July 2017. In addition, during Q3 2017, RS2 concluded an agreement with a Middle Eastern company for a licence sale and its subsequent implementation. Overall, RS2 is expecting revenues for the current financial year ending 31 December 2017 to remain stable and comparable to 2016. Furthermore, the Group is expecting to maintain, and possibly marginally improve its profitability, over 2016. The Group also noted that its sales pipeline across the different regions and across the two business lines remains very healthy and conducive to successfully implementing the Group’s expansion strategy.
  • Meanwhile, HSBC Bank Malta plc (2,634 shares) and Malta International Airport plc (4,350 shares) retained the €1.851 and €4.65 levels respectively.
  • Similarly, Tigne’ Mall plc also closed the day unchanged at the €0.97 level on trivial volumes.

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