Daily Market Highlights (11.07.2016)

  • The MSE Share Index started the week on a positive note as it edged marginally higher to 4,568.844 points on strong volumes. Indeed, the total value of equities traded today reached €1.41 million – the highest level of daily trading activity in more than five years. Download a copy of today’s Equity Market Summary.
  • On the bond market, the RF MGS Index advanced by 0.05% to 1,159.672 points. Movements in the 10-year yields of the euro zone benchmark German Bund as well as in the two largest peripheral countries – i.e. Italy and Spain – were rather subdued today. On the economic front, the latest data issued by the IMF last Friday showed that it is now projecting economic growth in the euro zone economy to come in at 1.6% in 2016 and 1.4% in 2017, down from its previous estimate of an expansion of 1.7% for both years.
  • The major part of today’s heightened activity took place in the equity of RS2 Software plc as 479,500 shares changed hands (having a market value of €1.03 million representing 73% of the total value of equities traded today) pushing the share price up by 0.1% back to the €2.15 level.
  • Also among the large companies, GO plc advanced 1.1% to the €2.88 level across 2,683 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.
  • The other positive performing equity today was FIMBank plc. The equity managed to rebound from an intra-day low of USD0.959 (-1.1%) and advanced to a fresh seven-year high of USD1.00 (+3.1%) on volumes totalling 53,295 shares.
  • Within the same sector, HSBC Bank Malta plc (6,002 shares) and Lombard Bank Malta plc (48,132 shares) maintained the €1.58 and €2.20 levels respectively. HSBC will publish its interim results on 3 August and Lombard Bank on 25 August.
  • Malta Properties Company plc also closed flat today at the €0.507 level across 32,350 shares.
  • A single deal of 50,000 shares in MaltaPost plc was transacted at the €1.83 level representing a decline of 8% from the previous close. Likewise, 6pm Holdings plc dropped 5.3% to GBP0.90 on weaker volumes totalling 3,798 shares.
  • Bank of Valletta plc lost 0.4% to the €2.219 level on volumes totalling 41,010 shares.
  • This morning, the Malta Stock Exchange issued an announcement revealing that 17,211,023 new International Hotel Investments plc shares have been admitted to listing subsequent to the recent 3 for 100 bonus issue. Trading in these new shares was possible as from today. Besides, 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 for the same bond issue opens on 20 July and closes on 22 July, or earlier in the case of over-subscription.
  • Preferred applicants MIDI plc (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.

Comments are closed.