Daily Market Highlights (12.05.2020)

RS2 & BOV send the MSE Equity Price Index lower


The MSE Equity Price Index extended yesterday’s drop as it eased by a further 0.09% to 4,026.731 points. The declines in the share prices of RS2, BOV and Malita outweighed the gains in MIA and HSBC whilst IHI and Farsons closed the day unchanged. Most of today’s trading activity took place in the equity of RS2 Software plc which dropped by 1.5% to the €1.97 level (after rebounding from an intra-day low of €1.90) on volumes totalling 63,395 shares having a market value of €0.12 million and representing over 50% of the total value of equities traded. Download today’s Equity Market Summary.

Bank of Valletta plc retracted back to the €1.04 level (-1%) on activity of 12,508 shares.

Malita Investments plc opened at a low of €0.86 (-4.4%) before partially recovering to the €0.89 level (representing a drop of 1.1%) across 15,500 shares.

Following yesterday’s decline of 4%, the share price of Malta International Airport plc rebounded by 1.3% to the €4.86 level across 14,680 shares. This morning, Ryanair announced plans to return to 40% of its normal flight schedules from 1 July 2020, subject to Government restrictions on intra-EU flights being lifted and effective public health measures being put in place at airports. Ryanair explained that it plans to operate a daily flight schedule of almost 1,000 flights, thus restoring 90% of its pre-‘COVID-19’ route network.

HSBC Bank Malta plc regained the €1.01 level (+1%) albeit on a miniscule trade.

Meanwhile, International Hotel Investments plc traded flat at the €0.59 level across 10,280 shares. This morning, IHI issued an announcement providing an update on its planned redevelopment of a site formerly known as ‘Hal-Ferh’ located in Golden Bay. In this respect, IHI reiterated that its plans for ‘Hal-Ferh’ is to pursue an upmarket low-rise mixed development focused principally on a luxury hotel and spa complemented by serviced villas and bungalows. IHI also reaffirmed that once redeveloped, ‘Hal-Ferh’ will continue to exalt the Maltese character of the surrounding environment as the current limitations on footprints, heights and development volumes cited in the original title and development briefs for the site will be maintained. This will also be pursued in line with the Group’s long-term strategy of positioning the Corinthia brand as an international luxury brand targeting the more discreet and upmarket clientele.

Three deals totalling 1,230 shares left the equity price of Simonds Farsons Cisk plc at the €8.30 level. The company is due to publish its 2019/20 financial results on 27 May.

The RF MGS Index shed a further 0.25% to 1,110.370 points as prices of Malta Government Stocks extended their downward trend amid further disappointing industrial production data in Europe.