Daily Market Highlights (04.08.2021)

MSE Equity Price Index registers third consecutive gain


The MSE Equity Price Index climbed by 0.13% to 3,864.593 points as the gains in BMIT, GO, and PG outweighed the declines in Harvest and Trident. Meanwhile, BOV, HSBC, MIA and Mapfre closed unchanged as overall trading activity was minimal at just under €0.05 million. Download today’s Equity Market Summary.

PG plc advanced by 1.9% to the €2.20 level on activity of 12,000 shares. PG will be publishing its 2020/21 annual financial statements by the end of August.

BMIT Technologies plc climbed 3.3% to regain the €0.50 level on a single deal of 1,475 shares. BMIT will be publishing its 2021 interim financial results on 6 August.

BMIT’s parent company – GO plc – added 1.8% to the €3.46 level on a single trade of 213 shares.

Meanwhile, Harvest Technology plc lost 0.6% to the €1.58 level across two deals totalling 508 shares. Yesterday, Harvest published its interim financial results covering the six-month period ended 30 June 2021. Despite a 12.4% reduction in revenues to €7.88 million, Harvest recorded a better-than-expected net profit of €1.24 million (+3.9%). Shareholders as at close of trading on 12 August 2021 will receive an unchanged interim net dividend of €0.024 per share. The company noted that although it remains confident of achieving its projected financial targets for 2021 including a pre-tax profit of €4 million, its performance in the future could be dented by the lingering effects of the pandemic.

Trident Estates plc slumped by 12.5% to a 15-month low of €1.40 on two trades totalling 2,416 shares.

In the retail banking sector, HSBC Bank Malta plc traded flat at the €0.83 level on a single deal of 889 shares. On Monday, HSBC published its interim financial results covering the six-month period ended 30 June 2021. The Bank reported an improved financial performance boosted by the favourable market movements within its life assurance subsidiary and lower levels of expected credit losses. Overall, HSBC generated a net profit of €11.4 million which translate into a return on equity of 4.8%. In view of the restrictions imposed by the ECB in relation to capital distributions, HSBC did not declare an interim dividend.

Bank of Valletta plc also closed unchanged at the €0.895 level on two trades totalling 3,820 shares. BOV’s insurance associate, Mapfre Middlesea plc remained unchanged at the €2.12 level across three deals totalling 4,624 shares, after failing to hold an intraday high of €2.14 (+0.9%).

Elsewhere, Malta International Airport plc also traded flat at the €6.30 level on negligible volumes.

The RF MGS Index advanced for the third consecutive session with an uplift of 0.08% to 1,106.741 points. The IHS Markit Eurozone Services Purchasing Managers’ Index for July highlighted the robust expansion of the services sector that was brought by the easing of pandemic-related restrictive measures. As such, survey readings revealed the sharpest growth since June 2006 and operators remain largely optimistic towards future activity, although the sentiment is somewhat lower than the previous three months. Meanwhile, Eurostat data showed that Eurozone retail sales climbed by 1.5% in June when compared to the previous month, despite a 2.9% decline in online trade.