Daily Market Highlights (03.05.2021)

MSE Equity Price Index rises on lackluster volumes


The MSE Equity Price Index rose for the first time in three sessions as it edged 0.18% higher to 4,030.331 points. The gains in HSBC, MIA and Tigné Mall outweighed the declines in BOV, Harvest and MIDI as overall trading activity remained subdued at €0.04 million. Download today’s Equity Market Summary.

HSBC Bank Malta plc erased all of last Friday’s declines as it rebounded by 4.3% to the €0.805 level across 5,166 shares.

In the same sector, Bank of Valletta plc eased by 1.1% as it returned to the €0.90 level as 24,758 shares changed hands.

A single trade of 530 shares lifted Malta International Airport plc 0.8% higher as it recaptured the €6.25 level.

In the property sector, Tigné Mall plc advanced by 1.4% as it closed at an 11-week high at the €0.75 level across 4,000 shares whilst MIDI plc dropped by 4.8% to the €0.40 level as 5,000 shares changed hands.

Elsewhere, Harvest Technology plc lost 0.7% to the €1.44 level across 6,250 shares.

The RF MGS Index started the week 0.02% lower at 1,108.126 points as positive data from the Eurozone Manufacturing Purchasing Managers’ Index and German Retail Sales continue to strengthen the case of an imminent economic recovery, with supply shortages and increased input costs likely to have an impact on inflation this year. Meanwhile, as the escalation of COVID-19 infections in India remains a global health concern, several countries including the US announced travel restrictions to limit transmission of the virus.

Last Friday, International Hotel Investments plc published its 2020 Annual Report whereby it generated revenues of €91.9 million compared to €268.3 million in the previous comparable period as the Group’s performance was severely dented by the coronavirus pandemic. Overall, IHI reported a net loss for the year which amounted to €63.1 million compared to a profit of €6.82 million in 2019. In their commentary, the Directors explained that the outlook for the rest of 2021 depends on the continued roll out of vaccination as any further delays would derail the return of travelling. Nonetheless, as the economic recovery will accelerate, IHI is well-positioned to welcome the opportunities that will arise in the future, especially as the Group continues to expand its global outreach into new geographic regions. In fact, IHI has a number of projects in the pipeline which are expected to be completed within the next two years (namely new Corinthia hotels in Brussels, Bucharest, Doha, Dubai, Moscow and Rome) whilst it will also kick-start the re-development of the Hal-Ferh land which is in close proximity to the Golden Sands Resort which is now fully-owned by IHI.