Daily Market Highlights

Aug 13, 2018

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  • The MSE Equity Price Index trended lower for the third consecutive trading session declining by a further 1.27% to a three-month low of 4,286.888 points. Most of today’s decline was due to the drops in the share prices of HSBC (-4.8%) and BOV (-1.9%) whilst only GO performed positively. Meanwhile, a further three shares closed the day unchanged. Trading volumes climbed markedly to €0.69 million, largely reflecting higher activity in BOV. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index moved lower for the first time in three days as it slipped by 0.2% to 1,094.710 points. Movements in Malta Government Stock prices mirrored upward pressure on the yields of peripheral countries amid heightened concerns on current economic and political developments in Turkey. On the other hand, the 10-year benchmark German Bund yield moved to a low of just above 0.3% today from a high of 0.36% last Friday.
  • After momentarily trading at a five-month high of €1.90 last Friday, the equity of HSBC Bank Malta plc tumbled by nearly 5% today to a two-month low of €1.80 across 58,127 shares. Shareholders as at the close of trading tomorrow will be entitled to a net interim dividend of €0.026 per share.
  • Also in the retail banking sector, Bank of Valletta plc extended its recent losses by a further 1.9% to the €1.51 level on robust volumes totalling 274,062 shares.
  • BOV’s insurance associate – Mapfre Middlesea plc – also closed the day in negative territory today with a drop of 3.6% to the €1.89 level albeit on trivial activity.
  • In the property segment, Malita Investments plc retreated by 1.7% to the €0.855 level on five deals totalling 133,600 shares. Last Friday, Malita reported a net profit of €5.5 million in the first six months of 2018. In their commentary, the Directors explained that the company has ongoing negotiations on a number of projects. Furthermore, the Board of Directors is also currently considering and evaluating other potential projects. Shareholders as at close of trading on 21 August will be entitled to receive a net interim dividend of €0.00858 per share.
  • Plaza Centres plc dropped back to the €1.00 level (-2%) on activity of 30,000 shares.
  • In contrast, GO plc added 0.6% to regain the €3.40 level albeit on a single deal of just 3,000 shares. Last Friday, the telecoms operator published its interim financial results showing an increase of almost 10% in operating profits to €16 million – the highest in the past fourteen years. In their commentary, the Directors explained that GO managed to register an improved level of performance despite the various challenges pertaining to the telecoms markets in both Malta and Cyprus. This was possible as the company continues to focus on improving the level of experience delivered to its customers through product innovation and investments whilst also controlling costs.
  • Low trading activity also took place in the equities of FIMBank plc, Malta International Airport plc and MaltaPost plc. All three shares ended the day unchanged at the USD0.545, €5.65 and €1.65 respectively. Tomorrow, FIMBank is due to publish its interim financial statements.
  • Last Friday, PG plc announced that its Board of Directors is scheduled to meet on 28 August to consider and approve the company’s financial statements for the year ended 30 April 2018. The Directors will also be considering the distribution of an interim dividend. The equity remained inactive today.