Daily Market Highlights (02.09.2021)

MSE Equity Price Index climbs to 7-week high


The MSE Equity Price Index closed 0.89% higher at a 7-week high of 3,925.236 points as the gains in BOV, GHM, IHI and Tigné Mall outweighed the declines in BMIT and MPC. Meanwhile, GO, PG and MaltaPost all closed flat as overall trading activity amounted to €0.09 million. Download today’s Equity Market Summary.

International Hotel Investments plc climbed by 7.7% to a 4-month high at the €0.70 level across 35,730 shares. On Tuesday, IHI published its interim financial statements as at 30 June 2021 with revenues declining by 33% to €34.6 million and EBITDA improving to negative €0.83 million compared to a negative figure of €2.13 million in the first half of 2020. IHI reported a pre-tax loss of €30.2 million compared to a pre-tax loss of €36.7 million in the first half of 2020. In a separate announcement, IHI noted that it submitted an application to the Malta Financial Services Authority requesting admissibility to listing of 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.

Also among today’s best performing equities, Grand Harbour Marina plc continued to rally as it surged by just over 50% to a 4-year high at the €0.80 level across five deals totalling 4,500 shares.

Tigné Mall plc advanced by 1.2% to the €0.85 level as 7,800 shares changed hands.

Meanwhile, Bank of Valletta plc inched 0.6% higher to the €0.90 level on four trades totalling 12,990 shares.

A single trade of 500 shares left GO plc rooted to the €3.40 level.  

MaltaPost plc closed unchanged at the €1.28 level across 16,874 shares.

Following yesterday’s strong performance, PG plc traded flat at the €2.44 level as 2,850 shares changed hands.

Elsewhere, Malta Properties Company plc fell by 4.5% to the €0.525 level, albeit across a single trade of trivial volumes whilst BMIT Technologies plc lost just over 2% as it returned back to the €0.48 level.

The RF MGS Index rebounded by 0.10% to 1,092.804 points as investors begin to turn their attention to the upcoming monetary policy meeting of the European Central Bank’s (‘ECB’) taking place next week. Market players are closely monitoring rising inflation data which analysts say could prompt the ECB to weigh scaling back stimulus measures by as early as December 2021. Meanwhile in the US, initial jobless claims continued to head lower, totalling 340,000 for the week ended 28 August – the lowest reading since March 2020.