Daily Market Highlights

December 9, 2019

BOV & HSBC drive the MSE Equity Price Index lower

 

The MSE Equity Price Index moved lower for the fifth consecutive day as it slipped by a further 0.31% to a fresh nine-month low of 4,605.017 points. The drop was largely due to the sharp losses in the share prices of BOV and HSBC which, coupled with the decline in MIDI, outweighed the gains in three other equities. Meanwhile, four companies closed the day unchanged whilst trading activity contracted considerably to less than €0.1 million. Download today’s Equity Market Summary.

Bank of Valletta plc shed 2.9% to €1.02 after partially recovering from the €1.015 level – the lowest since August 2009 – on activity totalling 44,845 shares.

Within the same sector, HSBC Bank Malta plc fell further into bear market territory as the equity ended 1.7% lower at €1.18 – the lowest since early October 2003 – across 7,329 shares.

MIDI plc lost 2.9% to a sixteen-month low of €0.50 across 14,000 shares.

Also in the property segment, Malta Properties Company plc and Tigné Mall plc stayed at €0.65 and €0.90 respectively albeit on shallow volumes.

GO plc (€4.14) and RS2 Software plc (€2.08) also closed flat on low trading activity.

Meanwhile, PG plc added 0.6% to regain the €1.79 level on just 700 shares. The company is due to publish its interim financial results on 18 December.

A single deal of 770 shares lifted the equity of Santumas Shareholdings plc 0.7% higher to the €1.41 level.

International Hotel Investments plc rebounded by 2.6% from its three-month low of €0.755 to the €0.775 level across 18,982 shares.

Following the declines in the previous two days, the RF MGS Index climbed by 0.16% to 1,146.078 points as euro sovereign bond yields trended lower despite much better than expected export data in Germany. Furthermore, an index gauging the level of confidence among investors and analysts on the economic outlook for the euro zone surfaced back in positive territory for the first time in seven months.

Across the local corporate bond market, the sharpest negative movements were recorded in the 3.75% Premier Capital plc 2026 and the 4.35% SD Finance plc 2027. The former shed 185 basis points to 102% albeit on just €7,000 nominal whilst the SD bond retreated 100 basis points to 99% also on light volumes. On the other hand, the 5.1% 1923 Investments plc 2024 rebounded strongly as it surged 150 basis points to 101.5% on €20,000 nominal. Today, Tum Finance plc announced that the Centerparc retail hub is fully occupied and feedback from patrons and tenants alike has been positive and encouraging. Moreover, as the Zentrum Business Centre was completed in Q3 2019, it has now reached an occupancy level of 70% and the remaining 30% of tenants are expected to move in within Q1 2020.