Daily Market Highlights (01.09.2021)

PG share price hits 15-week high


The MSE Equity Price Index eked out a 0.02% gain today as it rose to 3,890.682 points. The uplifts in GO and PG marginally outweighed the declines in BOV, GHM and MIA whilst BMIT, HSBC, Harvest and Main Street closed flat. Overall trading activity eased to €0.12 million from €0.38 million yesterday. Download today’s Equity Market Summary.

PG plc climbed 4.3% to a 15-week high of €2.44 on heightened activity totalling 16,681 shares.

In the retail banking sector, Bank of Valletta plc continued to trade within a tight range as it eased by 0.6% to the €0.895 level as 15,911 shares changed hands. On the other hand, HSBC Bank Malta plc closed unchanged at the €0.81 level across 21,303 shares.

Also among the large equities by market cap, GO plc advanced by 1.8% to regain the €3.40 level across 4,112 shares whilst Malta International Airport plc erased all of yesterday’s gains as it fell by 2.4% back to the €6.00 level on three deals totalling 2,859 shares.

GO’s managed IT subsidiary, BMIT Technologies plc, traded flat at the €0.49 level as 22,200 shares changed hands.

Also in the technology sector, Harvest Technology plc remained at the 1.50 level on a single deal of 1,100 shares.

Grand Harbour Marina plc traded for the first time in nearly 6-weeks as it plunged by 11.7% to an 18-month low of €0.53 across 7,000 shares.

Elsewhere, Main Street Complex plc traded unchanged at the €0.476 level, albeit on trivial volumes.

Yesterday, International Hotel Investments plc announced that it submitted an application to the Malta Financial Services Authority requesting admissibility to listing of new unsecured bonds redeemable in 2031. Subject to regulatory approval, part of the proceeds from the new bonds will be used to redeem the existing 5.8% €20 million unsecured bonds which are due on 21 December 2021. IHI will be granting preference to holders of the maturing bonds to subscribe to the new bonds by surrendering the corresponding nominal value of maturing bonds. Further information on the new bonds will be available after the issue of the necessary approval by the MFSA.

The RF MGS Index plunged by 0.44% to a near 21-month low as euro zone yields continued to trend higher after European Central Bank Vice-President Luis de Guindos noted that the single currency economy is growing quicker than anticipated and hinted that an upward revision of the bank’s growth forecasts is likely when its policy-making council meets next week. The news overshadowed the release of disappointing German retail sales data for the month of July, which slumped by 5.1%, in a sign that a consumer-driven recovery across Europe’s largest economy may be losing steam.

Yesterday, Melite Finance plc announced that it is currently in the process of completing a Bondholders’ Circular and ancillary documentation for the purposes of a bondholders’ meeting. The proposed circular will include consolidated interim management accounts of Melite Finance and its subsidiary Melite Properties s.r.l. as at 30 June 2021, with a view to providing bondholders with updated financial information, position, and prospects of the Melite Finance Group. Following the delay in publication of the company’s interim financial statements, the Malta Financial Services Authority suspended the listing and trading of the €9.25 million 4.85% Melite Finance plc secured 2028 bonds as from today. This suspension is valid until 15th September 2021 or earlier, subject to Melite Finance publishing its interim financial statements.