Daily Market Highlights (30.07.2018)

  • The MSE Equity Price Index opened the week slightly lower as it eased by 0.04% to 4,398.682 points. Trading activity was broad as four equities moved higher, three trended lower whilst a further six shares closed the day unchanged. Overall volumes improved markedly to an over three-week high of €0.58 million. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index shed 0.17% to 1,099.001 points as euro zone sovereign yields gained possibly reflecting positive readings from indices gauging the level of confidence amongst businesses and consumers within the single currency block. Following last week’s monetary policy meeting by the European Central Bank, during this week three other major central banks are scheduled to hold their respective meetings – namely the Bank of Japan (Tuesday), the US Federal Reserve (Wednesday) and the Bank of England (Thursday).
  • Positive sentiment towards Malta International Airport plc continued as the equity added a further 1% to the €5.25 level after momentarily touching a new record high of €5.35 (+2.9%). A total of 8,000 shares changed hands. Last Thursday, MIA issued 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.
  • PG plc regained the €1.34 level (+0.8%) on trivial volumes whilst Malta Properties Company plc surged by 2% to regain the €0.50 level across 280,870 shares. MPC is due to publish its interim results on 1 August. On the other hand, PG should be publishing its April 2018 annual financial statements by the end of August.
  • Ahead of the publication of its interim results tomorrow, the equity of Bank of Valletta plc slipped by 0.3% to a near four-year low of €1.695 across 53,142 shares. The announcement issued by BOV last week regarding the Board of Directors’ meeting for the consideration and approval of the interim financial statements failed to indicate whether the Directors will also consider the declaration of an interim dividend.
  • Medserv plc lost 1.8% to the €1.11 level after partially recovering from its 2018 low of €1.00 (-11.5%). A total of 30,050 shares traded. Last Friday, Medserv announced that its Board of Directors is scheduled to meet on 27 August to consider and approve the financial statements for the six-month period ended 30 June.
  • Simonds Farsons Cisk plc retreated by 1.3% from its near six-month high of €7.50 to the €7.40 level on activity of 5,502 shares.
  • A single deal of 250,000 shares forced the equity of MIDI plc to move 1.2% lower to the €0.48 level.
  • In contrast, Tigne’ Mall plc (5,000 shares) and Malita Investments plc (50,828 shares) maintained the €0.95 and €0.87 levels respectively. Tigne’ Mall’s interim results are due to be published on 3 August whilst those of Malita are expected to be issued on 10 August.
  • HSBC Bank Malta plc held on to the €1.87 level across 27,039 shares. The bank is set to publish its interim results on 6 August.
  • A single deal of 24,000 shares left the equity of Grand Harbour Marina plc at the €0.75 level.
  • RS2 Software plc (€1.21) and Mapfre Middlesea plc (€1.96) also ended flat today albeit on insignificant volumes. RS2 still has to announce the date of the publication of its interim financial statements.