Daily Market Highlights (04.12.2019)

MSE Equity Price Index slides to near 8-month low


The MSE Equity Price Index shed a further 0.52% to 4,678.555 points – the lowest level since the first half of April 2019 – as MIDI and HSBC trended lower whilst another five companies closed unchanged. Trading activity continued to be subdued as only €0.08 million worth of shares changed hands. The local equity index is now 4.76% lower than its 2019 high of 4,912.452 points recorded on 30 September. Download today’s Equity Market Summary.

Following yesterday’s decline of 14.1%, the equity of MIDI plc dropped by a further 5.5% to the €0.52 level across 40,350 shares. On Monday, MIDI announced that discussions with Tumas Group in connection with the possibility of establishing a joint venture with respect to the development of Manoel Island ceased by mutual agreement. Nonetheless, MIDI noted that it remains fully committed to the Manoel Island project and that development works will commence once the required planning permits are issued.

Two deals totalling 1,740 shares forced the equity of HSBC Bank Malta plc to move back to its multi-year low of €1.20 (-4%).

Within the same sector, Bank of Valletta plc stayed at the €1.06 level across 28,400 shares.

Also among the large companies, GO plc and International Hotel Investments plc traded flat at €4.18 and €0.81 respectively on light volumes.

Two deals totalling 1,015 shares left Simonds Farsons Cisk plc at the €11.50 level.

Similarly, BMIT Technologies plc held on to the €0.51 level across 20,000 shares.

The RF MGS Index erased most of the sharp drops registered in the previous three days as it surged by 0.69% (the strongest daily uplift since mid-August 2019) to 1,151.189 points. Several prices of Malta Government Stocks added more than 100 basis points amid heightened concerns that the US and China are still apart from concluding a ‘Phase 1’ deal on trade.

Across the local corporate bond market, the sharpest movement took place in the 5.1% 1923 Investments plc 2024 which dropped by almost 200 basis points to 99.52% albeit on just €12,400 nominal.

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