Subdued activity across local equities
The MSE Equity Price Index opened the week in negative territory as it slipped by 0.5% to 3,829.984 points. The drop reflects the declines in the share prices of GO and IHI whilst a further four companies ended the day unchanged. Trading activity was muted as only €0.04 worth of shares changed hands. Download today’s Equity Market Summary.
GO plc lost 2.6% to the €3.80 level albeit on just 1,000 shares. Last Thursday, GO announced that it is postponing the AGM indefinitely. The company also noted that given the current extraordinary circumstances, it will be re-evaluating the previous recommendation to pay a net dividend of €0.14 per share whilst continue to monitor the situation on an ongoing basis and keep the market updated as necessary.
Two deals totalling 3,525 shares forced the equity of International Hotel Investments plc to retract by 2.5% back to the €0.58 level.
Also among the large companies, Malta International Airport plc maintained the €5.00 level across 400 shares.
Bank of Valletta plc (10,254 shares) and HSBC Bank Malta plc (19,500 shares) closed the day unchanged at €0.85 and €0.95 respectively. Last week, the two banks announced that following the strong recommendation made by the ECB to all European banks, they are both suspending their dividends for the immediate term.
A single deal of just 5,000 shares left the equity of BMIT Technologies plc at the €0.49 level.
The RF MGS Index erased last Friday’s rebound as it eased by 0.17% to 1,125.591 points. Uncertainty continued to dominate international financial markets as encouraging signs started to emerge in some European countries in relation to the spread of the ‘COVID-19’. On the economic front, German factory orders declined by less than expected in February. On the other hand, an index gauging investor sentiment in the euro area fell significantly more than previously anticipated.