Daily Market Highlights (12.05.2021)

MIA share price soars to 14-month high


The MSE Equity Price Index rebounded by 0.23% to 4,017.945 points as the gains in MIA were enough to outweigh the declines in MIDI and FIMBank. Meanwhile, BOV, HSBC, Farsons and Tigné Mall all closed flat as overall trading activity remained weak. Download today’s Equity Market Summary.

Malta International Airport plc climbed by 4% to a 14-month high at the €6.45 level as 4,200 shares changed hands.

MIDI plc lost 3.7% as it retracted back to the €0.366 level albeit on a single trade of 3,000 shares.

Also in the property sector, Tigné Mall plc traded unchanged at the €0.75 level on a total of 4,946 shares.

Meanwhile, FIMBank plc fell by just over 5% to the USD0.34 level across 3,300 shares.

In the retail banking sector, HSBC Bank Malta plc traded flat at the €0.81 level on 1,163 shares whilst a single trade of 2,000 shares left Bank of Valletta plc unchanged at the 0.90 level.

Elsewhere, Simonds Farsons Cisk plc remained at the €9.45 level on just 450 shares.

RS2 Software plc preference shares closed unchanged at the €1.76 level across 9,800 shares.

The RF MGS Index advanced by 0.04% to 1,104.325 points as gains in longer dated bonds outweighed the losses of short-term bonds. The European Commission (“EC”) upgraded its economic forecasts as it sees the euro area growing by 4.3% this year and 4.4% next year, as opposed to the previous forecast of a 3.8% growth in both 2021 and 2022. As a result, all member states are now expected to regain their pre-crisis output levels by the end of 2022. The EC is also expecting the economy to accelerate in Q3 this year as pandemic restrictions continue to be lifted and payments from the European Recovery Fund start to be handed to the member states. The updated forecast for the Maltese economy predicts an above average growth of 4.6% this year, up from the previous 4.5% estimate, and a further growth of 6.1% in 2022, a substantial increase from the earlier estimate of 5.4%.

Today, the Treasury announced the issue of €180 million in new Malta Government Stocks subject to an over-allotment option of an additional sum up to a maximum of €120 million. Applications in the form of sealed bids (auction) for amounts of a minimum of €500,000 nominal and in multiples of €100,000 thereafter will open on Wednesday 19 May and close on the same day.