Daily Market Highlights (29.11.2018)

  • The MSE Equity Price Index added a further 0.18% to 4,488.132 points, reflecting the gains in the share prices of GO and RS2 whilst a further six equities closed the day unchanged. Trading volumes improved to €0.24 million. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index resumed its recent positive trend as it rebounded by 0.13% to an over two-week high of 1,083.072 points. International bond yields dropped (prices went up) amid comments by US Federal Reserve Chairman Jerome Powell suggesting that the central bank may be close to reaching the targeted stage where interest rates would neither be expansionary nor contractionary.
  • GO plc jumped 1.5% to regain the €4.00 level across 6,900 shares. The company is scheduled to hold an Extraordinary General Meeting on 3 December to seek shareholders’ approval in connection with the proposed sale of up to 49% of its wholly-owned subsidiary BMIT Technologies plc. Further information available here 
  • RS2 Software plc gained 0.9% to the €1.15 level after opening at a low of €1.12 (-1.8%). A total of 21,350 shares changed hands.
  • Also among the large companies, Malta International Airport plc held on to the €6.15 level after recovering from an intra-day low of €6.10 (-0.8%). Trading in MIA was spread across 10,395 shares. On Tuesday, the local media reported the start of the €20 million investment in new parking facilities that MIA is expected to complete by 2020. The rooftop of the new parking village will also see the installation of a photovoltaic system.
  • Bank of Valletta plc (36,902 shares) and HSBC Bank Malta plc (29,468 shares) also ended flat today at €1.33 and €1.80 respectively.
  • Medserv plc maintained the €1.20 level after opening 2.5% lower at the €1.17 level. A total of 8,000 shares traded. On Tuesday, Medserv issued a detailed Interim Directors’ Statement noting that the Group secured long term contracts with significant business activity across all its operating segments, namely Integrated Logistic Support Services and Oil Country Tubular Goods. Furthermore, Medserv also explained that it is well positioned to secure new contracts some of which are expected to materialise in the first half of 2019. Medserv expressed its optimism that it will achieve the 2018 forecasted EBITDA of €6.8 million which would represent a 54% increase over the amount generated in 2017.
  • Two deals totalling 7,049 shares left the equity of PG plc at the €1.36 level. Today, the equity started trading without the entitlement to an interim dividend which will be declared on 3 December and paid on 10 December. Meanwhile, on 18 December 2018 the company will be publishing its interim financial statements for the six-months ended 31 October 2018.
  • Malta Properties Company plc retained the €0.57 level on insignificant volumes.
  • Yesterday, FIMBank plc announced that as part of its revised investment and consolidation strategy, it has now sold its shareholding interests in Latam Factors S.A. and Levant Factors S.A.L. The equity remained inactive today.