Daily Market Highlights (08.07.2016)

  • The MSE Share Index extended yesterday’s decline by a further 0.22% to 4,568.285 points as losses across five equities outweighed the gains registered by Medserv and FIMBank. Week-on-week, the local equity index retreated by 0.23% – the first decline in the last five weeks. Download a copy of today’s Equity Market Summary.
  • On the bond market, the RF MGS Index remained virtually unchanged at 1,159.037 points. Overall, movements in the benchmark 10-year German Bund yield were limited. Conversely, the 10-year yields on Italian and Spanish Government bonds eased, albeit marginally. Despite reaching a fresh fourteen-month high on Wednesday, week-on-week the RF MGS Index still finished lower by 0.09%.
  • All three retail banks ended lower today. Most notably, HSBC Bank Malta plc momentarily traded at its lowest level in twelve years of €1.57 before closing at the €1.58 level. A total of 46,253 shares (having a market value of €0.07 millio)n changed hands today – representing nearly 37% of the total value of equities traded today. The Bank is expected to publish its 2016 interim results on 3 August.
  • The worst performing equity today was Lombard Bank Malta as it retreated by 3.5% from its five-month high reached yesterday back to the €2.20 level on volumes of 3,638 shares. Lombard will reveal its half-year performance on 25 August.
  • Within the same segment, Bank of Valletta plc lost 0.7% to the €2.229 level across 10,490 shares.
  • Also amongst the large companies, GO plc and RS2 Software plc also drifted lower today. GO lost 1.0% to the €2.85 level on trivial volumes whilst RS2 closed at the €2.148 level (-0.1%) across 3,982 shares. Eligible GO shareholders have until 22 July to submit their relative Acceptance Form in connection with TT ML Limited’s offer to acquire GO shares at the price of €2.87 per share.
  • In contrast, FIMBank plc continued to trend higher as it managed to rebound from an intra-day low of USD0.90 to end today’s trading session at a new six-year high of USD0.97 (+1.0%) across 17,220 shares.
  • The other positive performing equity today was Medserv plc. The oil and gas logistics company recaptured its three-month high of €1.82 (+1.7%) on volumes totalling 34,724 shares.
  • Meanwhile, Malita Investments plc and Malta Properties Company plc closed unchanged at €0.89 and €0.507 respectively on low activity.
  • The preferred applicants of International Hotel Investments plc (i.e. shareholders as at the close of trading on 27 June) have until 19 July to apply for the new €55 million 4.0% secured bonds maturing in 2026. The general public offer opens on 20 July and closes on 22 July, or earlier in the case of over-subscription.
  • On the other hand, MIDI plc preferred applicants (i.e. holders of the 7% MIDI plc 2016/18 (EUR) bonds, 7% MIDI plc 2016/18 (GBP) bonds and shareholders of MIDI plc) have until 18 July to apply for the new €50 million 4.0% secured bonds maturing in 2026. Bondholders of the 7% GBP bonds can transfer their holding into the new 4% EUR bonds at a rate of GBP0.834 per EUR1.

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