Daily Market Highlights (02.06.2020)

MSE Equity Price Index resumes upward trend


Yesterday’s decline in local equities was short-lived as the MSE Equity Price Index edged minimally higher to 3,968.246 points. The gains in MIA, RS2 and PG outweighed the drops in four other companies whilst HSBC and Farsons closed the day unchanged. Activity was centred around RS2 as trading in the equity represented 56% of today’s total value of equities traded. Download today’s Equity Market Summary.

RS2 Software plc added 1.5% to the €1.99 level across 83,480 shares having a market value of €0.16 million.

Malta International Airport plc advanced to the €5.95 level (+1.7%) after partially retreating from its near three-month high of €6.00. A total of 6,187 shares changed hands. In an interview published on the local media, MIA’s CEO Mr Alan Borg explained that as the airport operator will soon resume operations on 1 July, it will be introducing social distancing technology alongside a designated surveillance team and also limiting connectivity to direct fights only. Mr Borg also opined that it will take up to three years for the airline industry to completely recover from the ‘COVID-19’ setback.

PG plc rallied 2.6% to regain the €2.00 level albeit on just 200 shares.

Low trading activity also took place in the equities of GO plc and FIMBank plc which lost 0.6% and 5% to €3.58 and USD0.38 respectively. Yesterday, GO announced that its telecoms subsidiary operating in Cyprus – namely Cablenet Communication Systems Ltd – and in which GO holds a stake of 60.26% is in advanced preparations in respect of a proposed public issue in Malta of 4% unsecured bonds with an aggregate principal amount of up to EUR40 million. Furthermore, GO noted that should Cablenet proceed with the issuance of the bonds, a portion of the bonds will be available for subscription by GO shareholders on a preferential basis.

BMIT Technologies plc slipped 1.7% back to the €0.47 level on four deals totalling 51,100 shares.

The other negative performing equity today was Bank of Valletta plc with a drop of 0.5% to the €1.015 level across 12,317 shares.

Within the same sector, HSBC Bank Malta plc maintained the €0.99 level on light trading activity.

Simonds Farsons Cisk plc stayed at the €8.00 level after recovering from a near twenty-month low of €7.85 on a total of 4,920 shares.

The RF MGS Index rebounded by 0.05% from its fifteen-month low of 1,103.820 points to 1,104.349 points. Although investor sentiment across international financial markets remained buoyant, this was tampered by the upheaval caused by protests in the US over racial divide.