Daily Market Highlights (11.12.2019)

MSE Equity Price Index eases on low volumes


The MSE Equity Price Index retracted by 0.09% to 4,612.184 points reflecting the drop in the share price of MIA whilst a further three companies closed the day unchanged. Trading activity remained subdued as only €0.1 million worth of shares changed hands. Download today’s Equity Market Summary.

Malta International Airport plc moved below the €7.00 mark for the first time in five months as the equity ended the day at the €6.95 level (-0.7%) albeit on just 150 shares.

Also among the large companies, Bank of Valletta plc stayed at the €1.03 level across 70,784 shares. Yesterday, BOV announced that further to the company announcement dated 17 June 2019 in relation to the termination of its USD correspondent bank with effect from 14 December 2019, BOV noted that its USD clearing provider has now extended its services to 31 March 2020. The bank also added that it is close to finalising arrangements with other service providers in order to ensure continuity of USD clearing services.

Within the same sector, HSBC Bank Malta plc traded flat at €1.18 on a total of 10,779 shares.

Four deals totalling 33,450 shares left the equity of BMIT Technologies plc at the €0.51 level.

The RF MGS Index moved higher for the third consecutive day as it added a further 0.04% to 1,147.545 points. Ahead of the conclusion of the two-day US Federal Reserve monetary policy meeting, bond yields in the euro area trended slightly lower amid a quiet day across international financial markets.

Across the local corporate bond market, the sharpest movement took place in the 5.75% International Hotel Investments plc 2025 which surged by 375 basis points to 110% on encouraging volumes totalling €100,000 nominal. This morning, IHI provided an explanation of the restructuring initiatives being implemented at the Radisson Blu Golden Sands Resort. In this respect, IHI noted that over the years, the resort sold the lion’s share of its timeshare allocation. As a result, the resort is now rolling out a new strategy aimed at moving away from the sale of timeshare products and services and focusing more on traditional high-end tourism. IHI also highlighted the commitment to the future operations of the Golden Sands Resort as a high-end luxury destination.

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