Daily Market Highlights (05.03.2020)

MIA share price plunges almost 7%


The MSE Equity Price Index fell 0.92% to a one-year low of 4,567.892 points, largely driven by the sharp decline in the share price of MIA which saw its market value contract by €61 million. Trading activity was once again robust, reflecting strong volumes in GO, HSBC, PG and MIA. Download today’s Equity Market Summary.

Malta International Airport plc shed 6.8% to the €6.20 level – the lowest since late January 2019 – on heightened activity totalling 23,916 shares. Shareholders as at close of trading on 7 April will be entitled to receive a final dividend of €0.10 per share.

Also among the large companies, Bank of Valletta plc slipped 1.4% to a fresh near three-month low of €1.025 across 29,862 shares.

A single deal of 100,000 shares forced the equity of PG plc to move back to the €1.97 (-1.5%) level.

BMIT Technologies plc retreated by 0.9% from its eight-month high of €0.55 to the €0.545 level albeit on just 15,000 shares. The company is due to publish its 2019 full-year results on 12 March. The Directors will also consider recommending a dividend. In the Prospectus dated 7 January 2019, the dividend for the 2019 financial year was estimated at €0.0216 per share.

Low trading activity also took place in the equity of RS2 Software plc which maintained the €2.54 level.

In contrast, HSBC Bank Malta plc stayed at the €1.07 level on persistently strong volumes totalling 199,100 shares. Tomorrow, the equity turns ex-dividend.

Also in the banking sector, FIMBank plc traded flat at the USD0.58 across 22,901 shares. The trade finance specialist is due to publish its 2019 financial results on 10 March.

Five deals totalling 52,000 shares having a market value of €0.22 million left the equity of GO plc at the €4.26 level. The company is due to publish its 2019 annual financial results on 12 March. The Directors will also consider recommending a dividend.

Meanwhile, International Hotel Investments plc rebounded by 1.4% to the €0.75 level albeit on trivial volumes. On Monday, IHI announced the signing of an additional management agreement for a new ultra-luxury Corinthia Hotel in Gewan Island, Qatar. The development will also include luxury villas, a golf course and a beach club, which will all be managed by IHI through Corinthia Hotels Limited.

In the property segment, Malita Investments plc (24,055 shares) and Plaza Centres plc (2,350 shares) gained around 1% to €0.90 and €1.04 respectively. Malita is due to publish its 2019 financial statements on 11 March.

Movements in the prices of Malta Government Stocks remained volatile. Following yesterday’s jump which was the sharpest in three months, the RF MGS Index fell by 0.12% today to 1,161.540 points. The drop reflected widening yield spreads in the euro area as anxiety over the effects of the coronavirus resurfaced.