Daily Market Highlights (05.09.16)

The MSE Share Index edged lower for the first time in the last five trading sessions as it slipped by a minimal 0.04% today to 4,461.060 points, largely reflecting the decline in the share price of RS2 which outweighed the gains in the two other large companies MIA and BOV. Download a copy of today’s Equity Market Summary.

On the bond market, the RF MGS Index rebounded by 0.12% to 1,168.012 points. Volatility in euro zone sovereign bond markets was relatively subdued today with the 10-year benchmark German bund yield remaining virtually unchanged at -0.056%. On the other hand, the yield of the 10-year Italy government bond advanced slightly to 1.181% whilst the Spanish counterpart drifted marginally lower to 1.04%. This morning, the credit ratings agency Moody’s said that the prolonged political deadlock in Spain would be negative for the country’s credit rating as the continued absence of a government undermines the country’s ability to meet its fiscal targets and address structural weaknesses in its public finances. This occurred after acting Prime Minister Mr Mariano Rajoy failed for a second time on Friday to win parliament’s backing to form a government, increasing the likelihood the country will have to hold another election – the third in less than a year’s time.

Trading in Malta Government Stocks continued to be dominated by the activity in the newly issued 2.4% MGS 2041 (I), which edged higher to 106.50% after touching an intra-day new high of 106.75% on volumes of €0.65 million nominal – representing 41.3% of the nominal value of MGSs traded today.

RS2 Software plc dropped to a new 2016 low of €1.75 (-1.7%) across 29,575 shares.

The other negative performing equity was Malta Properties Company plc which retreated back to the €0.52 level (-3.7%) on a single deal of 14,000 shares. Last Monday, MPC published its interim results showing an improved pre-tax profit figure of €0.93 million when compared to €0.66 million in H1 2015.

On the other hand, Malta International Airport plc gained 0.9% to climb to the €4.28 level on volumes totalling 10,054 shares. The recently gross interim dividend of €0.0462 (net: €0.03) per share is due to be paid by not later than Friday 16 September 2016.

Bank of Valletta plc managed to break the €2.25 level as it inched up by 0.2% to €2.255 across 35,730 shares.

GO plc edged minimally higher to close at €3.101 on miniscule volumes.

Similarly, Medserv plc gained 0.1% to close at the €1.501 level across eight deals totalling 42,759 shares.

Meanwhile, HSBC Bank Malta plc maintained the €1.60 level across 4,170 shares. The Bank is scheduled to pay the recently declared gross interim dividend of €0.071 per share (net: €0.0462) on Friday 9 September.

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