MIA share price drops on heightened activity

 

The MSE Equity Price Index moved 0.69% lower to 4,030.140 points as four companies closed lower whilst another four shares ended the day unchanged. Download today’s Equity Market Summary. Most of today’s trading activity took place in the equity of Malta International Airport plc which dropped by 4% back to the €4.80 level on volumes totalling 40,228 shares having a market value of €0.2 million and representing almost 70% of the total value of equities traded. In an interview on the local media published yesterday, MIA’s CEO explained that the airport operator has shelved its multi-million Terminal Expansion project until more clarity and confidence across the air travel industry is restored.

Also among the large companies, HSBC Bank Malta plc moved 2% lower to the €1.00 level albeit on just 4,400 shares.

Within the same sector, Lombard Bank Malta plc eased by 1.9% to the €2.06 level across 10,000 shares.

Four deals totalling 13,080 shares forced the equity of PG plc to retract by 1.6% to the €1.85 level. Last Saturday, PG announced that following the release of some of the restrictions related to the ‘COVID-19’ pandemic, the outlets operated by the Group’s third party tenants located at the Pama Shopping Village and the Pavi Shopping Complex as well as the Group’s Zara and Zara Home franchise outlets reopened for business as from 4 May 2020. PG noted that it remains committed to ensuring the highest standards of care towards its employees and customers as all outlets are operating strictly in line with the directives issued by the public authorities.

Meanwhile, International Hotel Investments plc and Bank of Valletta plc traded flat at €0.59 and €1.05 respectively on trivial volumes.

Low trading activity also took place in the equity of Simonds Farsons Cisk plc which remained at the €8.30 level.

RS2 Software plc also ended the day unchanged at the €2.00 level across 16,580 shares.

The RF MGS Index opened the week in negative territory as it slipped by 0.24% to a near two-month low of 1,113.107 points largely driven by further upward pressure on Italian government bond yields amid worse-than-expected industrial production data.

Today, Mediterranean Investments Holding plc announced that it intends to file an application with the Listing Authority requesting admissibility to listing of a new €20 million 5.5% unsecured bond issue redeemable in 2023 guaranteed by Corinthia Palace Hotel Company Ltd. The proceeds from the new bonds will be used to redeem the existing €20 million 5.5% unsecured bonds which are due for redemption on 31 July 2020.