Daily Market Highlights (04.07.2016)

The MSE Share Index opened the week minimally below its two-month high of last Friday as it edged down to 4,576.114 points today. Activity was spread across seven shares but the bulk of trading took place in the equity of RS2 Software plc. Indeed, activity in RS2 represented nearly 82% of the total value of equities traded today. The share price of RS2 hit a three-month high of €2.18 during this morning’s session before edging down to €2.149 – representing a drop of 0.5% over last Friday’s closing price. A total of 120,029 shares changed hands today. Download a copy of today’s Equity Market Summary.

The RF MGS Index registered its first loss in the last five days as it retreated by just 0.03% from its fifteen-month high of last Friday to 1,159.806 points today. Following the slump in the yields of euro zone sovereign bonds last week, yields rebounded slightly today but remained close to their recent historic record lows. Indeed, the benchmark 10-year German Bund yield advanced from the -0.130% level of last Friday to a high of -0.106% today. Similarly, the 10-year yields of the two largest peripheral countries – Italy and Spain – also edged higher.

The worst performer today was Malta Properties Company plc as the share price fell by 4.3% back to the €0.507 level across 9,000 shares.

In the retail-banking sector, both HSBC Bank Malta plc and Bank of Valletta plc closed lower today. HSBC eased by 0.6% to the €1.60 level on volumes totalling 15,625 shares whilst BOV closed minimally lower at the €2.249 level on poor volumes. HSBC will publish its 2016 interim results on 3 August.

In contrast, a single trade of 9,004 shares left the equity of Lombard Bank Malta plc unchanged at the €2.14 level. Lombard will reveal its interim results on 25 August.

Similarly, Simonds Farsons Cisk plc maintained the €6.28 level on shallow volumes.

FIMBank plc moved 2.2% higher to a fresh six-year high of USD0.95 on trivial volumes. The equity has rallied by 250% since its all-time low of USD0.376 registered on 18 March 2015.

Last week, International Hotel Investments plc published a Prospectus in connection with the issuance of €55 million 4.0% secured bonds maturing in 2026. IHI is reserving an amount of €30 million for its shareholders (preferred applicants) while the balance of €25 million is available for subscription by the general public.

MIDI plc also published a Prospectus in connection with the issuance of €50 million 4.0% secured bonds maturing in 2026. The new bonds are mainly reserved for existing holders of the 7.0% bonds denominated both in Euro and Sterling to whom preference will be given over new investors. Bondholders of the 7% GBP bonds can transfer their holding into the new 4% EUR bonds at a rate of GBP0.834 per EUR1. Applications close on 18 July.

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