Daily Market Highlights

January 24, 2020

PG extends positive trend


The MSE Equity Price Index erased some of yesterday’s decline as it rebounded by 0.15% to 4,642.490 points. The upturn was driven by the gains in PG and BMIT as well as the positive movements in HSBC and RS2. On the other hand, three companies posted declines whilst a further three shares closed the day unchanged. Trading activity contracted to €0.24 million. Download today’s Equity Market Summary.

PG plc added 3.1% to the €1.99 level after opening at a new record high of €2.00 (+3.6%). A total of 36,313 shares traded.

BMIT Technologies plc climbed 2% to regain the €0.52 level across 29,400 shares.

Both RS2 Software plc (8,247 shares) and HSBC Bank Malta plc (3,890 shares) closed 0.9% higher at €2.30 and €1.08 respectively. HSBC is due to publish its 2019 full-year financial results on 18 February. The Directors will also consider recommending a final dividend for approval at the AGM scheduled to be held on 8 April.

In contrast, Malta International Airport plc retreated to its near nine-month low of €6.80 (-0.7%) across 5,665 shares. MIA will be publishing its 2019 full-year financial results on 26 February and on the same day, it will also consider the declaration of a final dividend. The airport operator is soon expected to also publish its 2020 traffic and financial forecasts.

Also among the large companies, International Hotel Investments plc eased by 0.6% back to the €0.81 level on two deals totalling 14,770 shares.

The other negative performing equity today was Mapfre Middlesea plc with a drop of 0.9% to the €2.20 level across 5,814 shares.

Elsewhere, Bank of Valletta plc retained the €1.075 level after recovering from an intra-day low of €1.06 (-1.4%). A total of 50,472 shares changed hands.

MIDI plc stayed at its nineteen-month low of €0.47 on volumes of 12,000 shares.

A single deal of 10,000 shares left the equity of Malita Investments plc at the €0.90 level.

Following yesterday’s uplift of 0.34% which was the sharpest in seven weeks, the RF MGS Index added a further 0.06% to 1,144.665 points. Euro sovereign bond yields continued to move lower amid expectations that as the ECB starts its year-long review of its conduct of monetary policy, the central bank might adopt a lower inflation target in the future. Meanwhile, preliminary PMI data in the single currency area came in lower than previously estimated.

Today, Gasan Finance Company plc announced that it resolved to exercise the early redemption option and redeem the 4.9% unsecured 2019/21 bonds on 25 February 2020. As a result, trading in the bonds will be suspended as from 11 February 2020.