Daily Market Highlights

August 31, 2020

MIA & PG lift MSE Equity Price Index higher

 

The MSE Equity Price Index rebounded by 0.42% to 3,679.368 points on the back of recoveries in MIA and PG which also offset declines in BMIT, Medserv and Harvest Technology. A further four equities ended the day unchanged as trading activity improved to €0.11 million.Download today’s Equity Market Summary.

Malta International Airport plc rebounded by 1.6% to recapture the €4.98 level across four deals totalling 1,655 shares.

Similarly, PG plc jumped 7.6% to regain the €1.85 level on volumes of 9,550 shares. Last week, PG plc published its Annual Report and Financial Statement for the financial year ended 30 April 2020. During the 2019/20 financial year, PG reported an 11.1% increase in revenues to just under €120 million as it posted strong performances in both the “Supermarkets & Associated Retail Operations” and the “Franchise Operations” business segments. Overall, the company generated a net profit of €9.65 million which is 8% higher than the previous comparable figure of €8.94 million.

On the other hand, BMIT Technologies plc slid 3.4% lower to an almost 15-week low of €0.46 on healthy volumes of 82,415 shares.

Medserv plc touched a new all-time low of €0.505 before partially rebounding to end today’s session at the €0.62 level which still represents a 4.6% drop from the previous closing price. A total of 61,360 shares changed hands across four trades.

The only other negative performing equity was Harvest Technology plc with a 1.4% retreat back to the €1.45 level on shallow volumes of 5,510 shares.

Meanwhile, Bank of Valletta plc failed to gold on to an intraday high of €0.90 as it ended today’s trading session unchanged at the €0.894 level on volumes of 11,539 shares.

Likewise, HSBC Bank Malta plc closed unchanged at the €0.80 level across weak trading activity of 4,300 shares.

International Hotel Investments plc also traded unchanged at the €0.54 level on just 2,000 shares. IHI will be publishing its June interim financial statements today.

A single deal of 575 shares of RS2 Software plc was executed at the €2.28 level representing no change from the previous closing price.

The RF MGS Index rebounded by 0.14% to 1,103.244 points as eurozone yields trended lower this morning in contrast to the sharp rally recorded in the latter part of last week. Nonetheless, volatility across eurozone yields have intensified despite Germany reporting a contraction in prices (negative inflation) of 0.1% in August after stagnating in July largely reflecting a cut in the VAT rate. Furthermore, eurozone yields were also being supported by the various sovereign bond issues scheduled for this week and amounting to more than €20 billion as well as mimicking the continued rise in US Treasury yields triggered by last week’s speech delivered by US Federal Reserve Chairperson Jerome Powell.