Daily Market Highlights (08.06.2020)

MSE Equity Price Index reaches 12-week high


Following two consecutive sessions of declines, the MSE Equity Price Index opened the week in positive territory with an increase of 0.52% to a fresh 12-week high of 4,058.520 points as six equities, including BOV, MIA and IHI, trended higher to offset the declines in another five equities. A further two companies ended the day unchanged. Meanwhile, trading activity slumped to €0.14 million representing the lowest daily trading volumes in the past 2 weeks. Download today’s Equity Market Summary.

Bank of Valletta plc edged 2% higher to close at the €1.02 level across fourteen deals totalling 24,867 shares.

Similarly, Malta International Airport plc ended today’s session 1.7% higher at the €5.85 level after rebounding from an intra-day low of €5.60 on volumes of 6,120 shares.

International Hotel Investments plc also trended higher with a 0.9% increase to the €0.59 level across 17,964 shares.

In the property segment, MIDI plc moved 2.6% higher to regain the €0.39 level on a single trade of 8,000 shares and Tigné Mall plc edged 2.5% higher to €0.82 on just 5,000 shares.

The only other positive performer was BMIT Technologies plc with a 0.8% increase to recapture the €0.49 level across five deals totalling 37,257 shares.

On the other hand, HSBC Bank Malta plc eased 2% lower back to the €0.96 level after only partially recovering from an intra-day low of €0.95 on volumes of 12,359 shares.

GO plc eased by 0.6% back to the €3.58 level on an insignificant deal of 300 shares. Last week, GO’s subsidiary in Cyprus – namely Cablenet Communication Systems Ltd – published a slide show in relation to the proposed issuance of €40 million 4% unsecured bonds maturing in 2030. The proceeds from the bonds are largely earmarked for financing capital expenditure (€14.6 million) particularly in the mobile segment as well as refinance existing debt (€21.7 million).

Medserv plc’s equity slipped a further 3% to fresh all-time low of €0.65 albeit on a single trade of 8,000 shares.

Similarly, Malta Properties Company plc shed 3.2% as it dropped back to the €0.60 level on volumes of 10,301 shares. Also, in the property segment, Trident Estates plc eased 0.6% lower back to the €1.54 level on shallow volumes of 2,587 shares.

RS2 Software plc held on to the €2.30 level across 2,622 shares and Malita Investments plc retained the €0.89 level on a single trade of 10,000 shares.

The RF MGS Index opened the week slightly lower as it eased by 0.05% to 1,097.099 points largely reflecting the rebound in peripheral eurozone yields this morning. Meanwhile, the benchmark 10-year German Bund yield moved lower following last week’s sharp rebound on the back of additional monetary stimulus announced by the European Central Bank (ECB) which boosted investor confidence. Nonetheless, by this afternoon peripheral yields, namely those of Spain and Italy, also slipped lower as the Italian Treasury revealed plans to issue a €500 billion retail-only government bond.