Daily Market Highlights

Jun 26, 2017

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  • The MSE Share Index erased most of the gains registered in the two previous sessions as it dropped by 0.3% from its over six-week high of 4,681.516 points to 4,667.483 points. The declines in the share prices of three large companies – HSBC, BOV and MIA – weighed heavily on the performance of the Index today. Tigne’ Mall also dropped markedly. In contrast, another five equities posted gains whilst only Malita Investments plc traded unchanged as it maintained the €0.74 level across four deals totalling 57,000 shares. Download a copy of today’s Equity Market Summary.
  • Last Friday, Mediterranean Investments Holding plc announced the allocation policy with respect to the recently issued €40 million 5% unsecured bonds maturing in 2022. In total, the Company received applications for a value of just under €82.7 million. Existing holders of the 7.15% MIH 2015/17 bonds who exercised their preference to exchange their respective maturing bonds into the new bonds amounted to €28.4 million. These amounts were allocated in full. On the other hand, additional amounts applied for by holders of the maturing bonds as well as applications received by holders of existing Corinthia bonds were allocated the first €1,000 and 12.586% on the remaining balance rounded to the nearest €100. The new bonds are expected to commence trading on 6 July 2017.
  • Tigne’ Mall plc lost 11.7% to a twenty-two month low of €0.901 albeit on light volumes totalling 10,000 shares. The Company is due to pay the recently approved final net dividend of €0.0125 per share on Wednesday 28 June.
  • In the retail banking sector, HSBC Bank Malta plc retreated by 1.3% to the €2.052 level across 9,190 shares. HSBC is due to publish its 2017 half-year results on 31 July. The Directors will also consider the declaration of an interim dividend.
  • Bank of Valletta plc eased 0.6% lower from its over five-week high of €2.199 back to the €2.185 level across ten deals totalling 48,100 shares. Today, the Bank announced the change of its accounting year end from 30 September to 31 December. Consequently, the current financial year 2017 will, exceptionally, have a duration of fifteen months covering the period from 1 October 2016 to 31 December 2017. Nonetheless, by the end of October 2017, BOV will still issue its financial statements to 30 September 2017. Thereafter, the preliminary statement of financial results for the full fifteen-month period from 1 October 2016 to 31 December 2017 will be published by end of March 2018. The Bank revealed that the payment of any further dividend for the current financial year will be based on the results of the full fifteen-month financial period ending 31 December 2017.
  • The other negative performing equity today was Malta International Airport plc with a drop of 0.4% to the €4.135 level across 5,373 shares.
  • Also among the large companies, RS2 Software plc advanced 1.5% to a near five-month high of €1.645 across 51,783 shares whilst GO plc closed 0.7% higher at the €3.479 level on volumes totalling 11,294 shares.
  • Medserv plc jumped 4.5% to a six-week high of €1.275 across 11,888 shares.
  • Santumas Shareholdings plc reached a new all-time high of €1.92 (+3.4%) on activity of 4,200 shares whilst four deals totalling 12,500 shares lifted the equity of Malta Properties Company plc 1.7% higher to the €0.529 level.
  • The RF MGS Index kicked-off the week in negative territory as it eased by 0.04% to 1,135.611 points. Euro zone sovereign yields remained fairly flat today despite the latest developments in the Italian banking sector whereby the European Commission approved the liquidation of two troubled banks – Banca Popolare di Vicenza and Veneto Banca – through the intervention of the Italian Government using public funds. Meanwhile, in the UK, Prime Minister Theresa May reportedly reached an agreement with the Democratic Unionist Party that will allow the Conservative Party to govern. On the economic front, the prices of goods sold by Spanish manufacturers increased by 5.3% year-on-year in June but were lower than the revised +6% in the previous month. In Germany, an important index gauging the level of business confidence advanced for the fifth consecutive month to reach an all-time high.