- The MSE Equity Price Index advanced to a one-week high of 4,471.689 points as the gains in five equities slightly outweighed the declines in four other shares. Meanwhile, BOV, FIMBank and Lombard closed the day unchanged. Trading volumes remained encouraging as €0.43 million worth of shares changed hands, mostly reflecting heightened activity in Bank of Valletta plc which maintained the €1.82 level across 111,206 shares. Download a copy of today’s Equity Market Summary.
The RF MGS Index trended higher for the third consecutive day as it added a further 0.06% to a one-week high of 1,113.868 points. Euro zone sovereign yields advanced today mainly following the announcement by the Bank of England that “monetary policy would need to be tightened somewhat earlier and by a somewhat greater extent” than previously anticipated. During the monetary policy meeting held today, the BOE left interest rates unchanged but also highlighted its readiness to act in order to bring down inflation which is currently running at well above its 2% target. Meanwhile, in Germany, Chancellor Angela Merkel reportedly faced fierce criticism within her own party for seemingly conceding too much to the Social Democratic Party during the negotiations that are expected to lead to the formation of a “grand coalition“ government.
- Two single deals left the equities of FIMBank plc (10,799 shares) and Lombard Bank Malta plc (10,000 shares) at the USD0.63 and €2.30 levels respectively.
- Trident Estates plc surged by a further 5.6% to the €1.90 level. A total of 30,100 shares traded.
- HSBC Bank Malta plc advanced by 1.1% to a two-month high of €1.82 albeit on just 1,640 shares whilst GO plc regained the €3.56 level (+0.6%) across 20,475 shares.
- Light volumes of 10,000 shares pushed the equity of MIDI plc 2.9% higher to a seventeen-month high of €0.36.
- PG plc also gained on trivial volumes. The equity closed 1.5% higher at the €1.39 level. Last Monday, the company announced the acquisition of the “United Macaroni Factory” for €3.5 million. PG intends to develop this property into commercial premises, principally consisting of office space for rent. Development applications are expected to be submitted to the Planning Authority in the near future.
- In contrast, Malita Investments plc (6,000 shares) and Malta Properties Company plc (1,100 shares) retracted by 1.2% and 2% to the €0.83 and €0.50 levels respectively.
- Malta International Airport plc lost 2% back to the €4.80 level on three deals totalling 3,000 shares. On Tuesday, MIA published the January 2018 traffic results showing a 16.7% growth in passengers movements to a January record of 351,550 passengers. The company also made reference to a report published by the Airports Council International which ranked Malta International Airport as one of the top five performers in 2017 in terms of full-year passenger growth amongst airports in its class (namely airports hosting between five and ten million passengers annually).
- The other negative performing equity was RS2 Software plc which ended 2.2% lower at the €1.33 level across 32,226 shares.