Daily Market Highlights (12.07.2016)

  • The MSE Share Index suffered its largest daily drop in seven weeks today as it retreated by 0.8% to 4,532.434 points. In particular, the equity of Mapfre Middlesea plc plunged by 16.3% to a one-year low of €2.01 on trivial volumes totalling just 1,000 shares. Download a copy of today’s Equity Market Summary.
  • On the bond market, the RF MGS Index suffered its largest pullback in the last two weeks as it retreated by 0.14% to 1,157.997 points. While the yields of the 10-year Italian and Spanish government bonds trended marginally lower, the corresponding benchmark German Bund advanced from -0.167% of yesterday to -0.127% today. On the economic front, the annual rate of inflation in Germany picked up in June but remained far below the European Central Bank’s medium-term target of close to but below 2%. Indeed, consumer prices in Germany increased by 0.1% in June and by 0.2% year-on-year. Meanwhile, Germany’s wholesale prices also rose in June, by 0.6% from 0.9% in the preceding month.
  • GO plc and Malta International Airport plc also registered losses on shallow volumes today. GO dropped 1.0% lower to the €2.85 level whilst MIA retreated by 0.2% to the €4.24 level across 1,216 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.
  • Also among the large companies, RS2 Software plc lost 0.5% to the €2.14 level on volumes totalling 44,924 shares.
  • A single deal of 15,000 shares transacted at the €0.88 level dragged the equity of Malita Investments plc 1.1% lower.
  • Within the same segment, Malta Properties Company plc maintained the €0.507 on negligible volumes.
  • FIMBank plc maintained its seven-year high of USD1.00 on 20,000 shares.
  • In contrast, HSBC Bank Malta plc and Bank of Valletta plc both posted gains today. HSBC recaptured the €1.60 level (+1.3%) on 1,240 shares whilst BOV closed minimally higher at the €2.22 level across 6,140 shares. HSBC will publish its interim results on 3 August.
  • Meanwhile, Medserv plc reached its highest level this year as it ended today’s trading session at €1.84 across 8,926 shares.
  • Tigne’ Mall plc settled its recently approved final net dividend of €0.0125 per share today. The equity remained inactive today.
  • International Hotel Investments plc 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.
  • Meanwhile, preferred applicants of 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.

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