Daily Market Highlights (08.11.2021)

BOV share price drops almost 7%


The MSE Equity Price Index dropped a further 0.62% to a 3-month low of 3,789.513 points as the declines in BOV, MIDI, MIA, MPC and Farsons outweighed the gains in another five equities. Meanwhile, three other equities remained unchanged on overall activity amounting to €0.14 million. Download today’s Equity Market Summary.

Bank of Valletta plc closed 6.9% lower at a multi-year low of €0.81 although the trade weighed average price for today was €0.861 (-1.0%). A total of 89,120 shares changed hands across 16 trades, representing over 56% of today’s trading value.

Also among the large companies by market cap, Malta International Airport plc eased by 0.8% to the €5.95 level on six deals totalling 3,116 shares.

Simonds Farsons Cisk plc retreated by 0.6% to the €8.30 level on a single trade of 700 shares.

Today’s worst performing equity, MIDI plc, slumped by 21.5% to the €0.314 level on two trades totalling 16,000 shares.

Also in the property sector, Malta Properties Company plc dropped by 7.9% to the €0.525 level on a single deal of 2,180 shares.

Meanwhile, Tigné Mall plc retained the €0.80 level after recovering from an intra-day low of €0.70 (-12.5%) across four deals totalling 10,100 shares.

Harvest Technology plc remained at the €1.50 level on a single trade of 3,333 shares. Shareholders as at close of today’s trading will receive a net interim dividend of €0.016 per share by not later than 26 November 2021.

The preference shares of RS2 Software plc traded flat at the €1.67 level across two deals totalling 4,000 shares.

International Hotel Investments plc climbed 5.9% to the €0.63 level as 1,750 shares changed hands. The offer period for the €80 million 3.65% IHI plc 2031 bonds started today and ends on 30 November (subject to not being fully subscribed by 26 November 2021).

Similarly, Trident Estates plc surged by 6.3% to the €1.52 level across four trades totalling 2,000 shares.

GO plc advanced by 3.7% to the €3.38 level on four deals totalling 770 shares. GO’s data centre and IT managed services subsidiary, BMIT Technologies plc increased by 1.2% to regain the €0.49 level on trivial volumes.

A single trade of 2,695 shares pushed MaltaPost plc 0.8% higher to the €1.25 level.

The RF MGS Index increased for the fifth consecutive session as it gained another 0.22% to a new six-week high of 1,091.519 points. The European Central Bank’s chief economist Philip Lane explained that the eurozone was in a completely different situation to the US and UK and the ECB has reasons to believe that inflation will fall in Europe next year. In this context, it is unlikely that the ECB will completely stop its asset purchase programme or raise interest rates. In the US, the House of Representatives passed an infrastructure bill on Friday with a budget of over USD 1 trillion aimed at providing funding for transportation, utilities, internet connectivity, and other infrastructural projects.