Sharp rise in MIDI & FIMBank

 

The MSE Equity Price Index eased by a minimal 0.06% to 4,839.508 points today. The most actively traded equity was BOV as volumes transacted in this equity represented 33% of the total value of equities traded. Meanwhile, MIDI and FIMBank were the star performers whilst MIA’s share price dropped sharply. Download today’s Equity Market Summary.

MIDI plc climbed 7.7% to a fresh 2019 high of €0.70 across 51,602 shares. The company is due to publish its interim financial results on 21 August.

Two deals totalling 41,429 shares pushed the equity of FIMBank plc 6.2% higher to the USD0.69 level. The trade finance specialist is due to publish its interim financial results this Thursday 8 August.

Also among the larger companies, RS2 Software plc regained the €1.97 level (+0.5%) across 8,349 shares.

The other positive performing equity today was Malta Properties Company plc with a gain of 2.2% to recapture its 2019 high of €0.695 albeit on just 4,750 shares. MPC’s interim financial results are due to be published on 12 August.

Low trading activity also took place in the equities of GlobalCapital plc (€0.20), Malita Investments plc (€0.855) and PG plc (€1.63), all of which ended the day unchanged.

BMIT Technologies plc maintained the €0.525 level across 56,101 shares. Today, the company held an Extraordinary General Meeting (EGM) during which shareholders approved the potential acquisition of the Handaq data centre. This Thursday 8 August, the company will also publish its interim financial results.

Simonds Farsons Cisk plc maintained the €10.00 level across 1,305 shares.

Meanwhile, Bank of Valletta plc shed 1.8% back to the €1.07 level after partially recovering from a fresh near ten-year low of €1.065. A total of 109,937 shares changed hands. Last week, S&P downgraded its long-term rating on BOV to “BBB-“ with a ‘stable’ outlook. Moreover, the bank published its interim financial results showing a considerable drop in profitability largely due to a substantial rise in costs as well as the non-recurrence of favourable reversal of loan impairments. Whilst not declaring an interim dividend, BOV explained that the recommendation of a final cash dividend will be revisited at the end of this financial year in line with developments taking place in the second half of the year.

Within the same segment, HSBC Bank Malta plc retreated by 0.6% back to the €1.53 level across 37,804 shares. Yesterday, the bank published its interim financial results showing an almost 30% increase in pre-tax profits to €20.9 million, largely on the back of an expected credit release of €1.04 million compared to a charge of €3.36 million in H1 2018. The bank slashed its net interim dividend payment to €0.0111 per share. Commenting on the outlook of the bank, HSBC Malta’s CEO Mr Andrew Beane explained that strategically, the bank is now focused on delivering a world-class customer service to support growth. The bank also commented positively on the actions currently being taken by the local authorities to reform corporate insolvency practices.

Malta International Airport plc dropped 3.2% to the €7.50 level across 5,613 shares. Shareholders as at the close of trading on 19 August will be entitled to receive a net interim dividend of €0.03 per share.

The RF MGS Index erased some of the strong gains registered yesterday as it moved back by 0.16% to 1,164.655 points. Changes in the prices of Malta Government Stocks reflected overall movements across international bond markets as yields rebounded slightly following the significant surge in demand for ‘safe-haven’ assets in the previous two days. On the economic front, German industrial orders exceeded expectations in June. However, the country’s economy ministry warned that Europe’s largest economy is still struggling to revive growth.