Daily Market Highlights (06.03.2020)

Trading activity surges to almost €1 million


The MSE Equity Price Index eased by 0.04% to a fresh one-year low of 4,565.979 points, largely driven by the declines in the share prices of MIA and HSBC which together with the declines in three other companies outweighed the gains in BOV, Farsons and BMIT. Trading activity climbed to almost €1 million, boosted by the strong volumes transacted in the equities of MIA (€0.33 million) and PG (€0.23 million). During the past five days, the local equity index lost 1.37% – the sharpest weekly drop since mid-December 2019. Download today’s Equity Market Summary.

Malta International Airport plc shed a further 2.4% to an over thirteen-month low of €6.05 across 53,450 shares. Shareholders as at close of trading on 7 April will be entitled to receive a final dividend of €0.10 per share. During the past five days, MIA’s market cap contracted by over €108 million.

Also among the large companies, HSBC Bank Malta plc moved back to the €1.06 level (-0.9%) across 7,083 shares. Today, the equity started trading without the entitlement to a final net dividend of €0.014 per share.

PG plc lost 1% to the €1.95 level on heightened activity totalling 117,427 shares.

Medserv plc slipped 2.9% to the €1.00 level albeit on trivial volumes. The company is currently undertaking a due diligence exercise on AMT SA as detailed in a share-for-share agreement. Subsequently, AMT SA should be launching a voluntary bid by offering to acquire the remaining shares in Medserv at €1.102.

The other negative performing equity today was Grand Harbour Marina plc which plunged 8.3% to the €0.55 level on a single deal of 30,298 shares.

Conversely, BMIT Technologies plc rebounded by 0.9% to recapture its eight-month high of €0.55 across 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.

Simonds Farsons Cisk plc recaptured the €11.00 level across 4,000 shares.

Bank of Valletta plc recovered by 2.4% to end the day at the €1.05 level across 32,380 shares. Today, BOV announced that its Board of Directors is scheduled to meet on Wednesday 18 March to consider and approve the financial statements for the year ended 31 December 2019. The Directors will also consider the declaration of a final dividend.

Also in the banking sector, FIMBank plc stayed at the USD0.58 level on a total of 56,300 shares. The trade finance specialist is due to publish its 2019 financial results on 10 March.

Three other large companies – namely GO plc (€4.26), International Hotel Investments plc (€0.75) and RS2 Software plc (€2.54) – also closed flat on activity totalling almost €0.2 million. GO is due to publish its 2019 annual financial results on 12 March. The Directors will also consider recommending a dividend.

In the property sector, Malita Investments plc traded unchanged at the €0.90 level across 10,700 shares. Malita is due to publish its 2019 financial statements on 11 March.

Two deals totalling 24,317 shares left the equity of Mapfre Middlesea plc at the €2.32 level. The insurance specialist is due to publish its 2019 full-year financial results on 12 March. The Directors will also consider the recommendation of a dividend.

The RF MGS Index extended yesterday’s drop as it fell by a further 0.21% to 1,159.105 points. Nonetheless, the MGS index still closed the week 0.39% higher as movements in the prices of Malta Government Stocks remained highly volatile reflecting the various movements across international financial markets. Today, the three most closely watched benchmark government bond yields – the 10-year German Bund (-0.744%), the 10-year UK Treasury (0.206%) and the 10-year US Treasury (0.696%) – all recorded new all-time lows.