Daily Market Highlights (02.12.2021)
MSE Equity Price Index resumes negative trend
The MSE Equity Price Index erased yesterday’s gain as it retracted by 0.19% to 3,755.027 points. The declines in the share prices of BOV, Lombard, IHI and Mapfre Middlesea outweighed the gains in four other companies. Meanwhile, FIMBank, HSBC and PG ended the day unchanged as the total value of equities traded amounted to €0.08 million. Download today’s Equity Market Summary.
Half of today’s activity in equities took place in Bank of Valletta plc as the bank’s share price slid by 1.7% back to the €0.85 level across 50,500 shares.
BOV’s insurance associate – Mapfre Middlesea plc – lost 13.2% to the €1.91 level albeit on trivial volumes.
Lombard Bank Malta plc shed 6.2% to the €1.83 level on 1,066 shares.
A single deal of just 1,018 shares forced the equity of International Hotel Investments plc to move 0.9% lower to the €0.58 level. On Tuesday, IHI announced that it is expecting to generate a consolidated EBITDA of over €24 million in 2021 compared to the earlier forecasts of €11 million (June 2021) and €15 million (October 2021).
Also among the large companies by market value, Malta International Airport plc added 2.6% to regain the €5.95 level albeit on shallow volumes.
The ordinary shares of RS2 Software plc gained 1.8% to the €1.72 level on 4,000 shares.
MedservRegis plc advanced by 3.1% back to the €0.67 level on 3,000 shares. On Monday, the company issued an Interim Report providing an update on its financial performance. This indicated that the combined MedservRegis Group generated an aggregate adjusted EBITDA of €4.5 million during the nine-month period from January 2021 to September 2021 which translates into an adjusted EBITDA margin of 15%. In its statement, MedservRegis explained that it is well placed to benefit from the rebound in exploration and production activities in all markets where it operates. The company also noted that it is evaluating options and is in discussions to reduce its debt and/or reduce the costs of maintaining such debt.
MIDI plc was the best performing equity today as it rallied by 23.6% to the €0.398 level albeit on just 2,500 shares.
Meanwhile, FIMBank plc (10,000 shares) and HSBC Bank Malta plc (6,917 shares) ended the day unchanged at USD0.28 and €0.84 respectively.
PG plc traded flat at the €2.42 level across 6,500 shares. The company is expected to publish its interim results in the coming weeks.
The RF MGS Index trended lower for the first time in five days as it retracted by 0.11% to 1,088.075 points. Movements across international financial markets remained volatile amid uncertainties related to the newest COVID-19 variant as well as the extent of asset purchase tapering that the US Federal Reserve will exercise in the coming months. Meanwhile, the OECD published an updated economic outlook in which it slightly lowered its expected global economic growth for this year to 5.6% compared to the earlier forecast of 5.7%. The OECD also warned that the extent of the recovery is at risk of the effects of prolonged higher inflation.
This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange.