Daily Market Highlights

June 23, 2021

HSBC and IHI drag the MSE Equity Price Index lower


The MSE Equity Price Index declined for the fourth session in succession as it fell by a further 0.87% to a nine-week low of 3,847.431 points. Both HSBC and IHI headed lower whilst GO closed unchanged as overall trading activity remained subdued at just under €0.05 million. Download today’s Equity Market Summary.

GO plc recovered from an intraday low of €3.28 (-1.8%) to close flat at the €3.34 level across 11,375 shares.

A single trade of 10,000 shares forced the share price of International Hotel Investments plc to plunge by 7.7% to an over two-month low of €0.60.

Meanwhile, HSBC Bank Malta plc closed at a five-week low as it eased by 1.3% to the €0.79 level on 2,470 shares.

Today, MIDI plc published an updated Financial Analysis Summary which provided the financial forecasts for 2021. Revenues are expected to amount to €8.9 million, reflecting the sale of the last three remaining unit at the ‘Q2’ residential block (two of which have already been delivered) as well as the termination of the rental concessions related to the pandemic provided to the retail outlets and the car park as from the end of June 2021. Meanwhile, the company’s equity base is expected to ease to €101.5 million which, in turn, translates into a net asset value per share of €0.474. Moreover, the company debt metrics are anticipated to remain largely unchanged with a gearing ratio of 41.6% and a debt to asset multiple of 0.33 times.

The RF MGS Index posted a marginal increase of 0.03% to 1,101.350 points as the MGS yield curve continued to flatten. The IHS Markit Flash Composite Purchasing Managers’ Index (‘PMI’) showed that Eurozone business growth in June accelerated at its fastest pace in 15 years as amid strong demand in the services sector. Similarly, the UK’s PMI also marked one of the strongest monthly improvements but was slightly lower than May’s record figure. Meanwhile, yesterday US Federal Reserve Chairman Jerome Powell reiterated that current inflationary pressures are only expected to be temporary.