BOV share price drops to near 10-year low

 

The MSE Equity Price Index shed 1% to an over seven-week low of 4,775.643 points, largely driven by the sharp drops in the share prices of six large companies including BOV, HSBC, IHI and Farsons. On the other hand, only four shares trended higher whilst RS2 and Main Street Complex ended unchanged. Trading activity remained buoyant as €0.67 million worth of shares changed hands. Download today’s Equity Market Summary.

Bank of Valletta plc remained under downward pressure as the equity lost a further 2.7% to a near ten-year low of €1.10 across 167,305 shares having a market value of €0.19 million.

Similarly, HSBC Bank Malta plc shed almost 2% to the €1.53 level albeit on just 3,729 shares.

Malta International Airport plc slipped below the €7.00 mark for the first time in over seven weeks. The equity eased by 0.7% to the €6.95 level after partially recovering from a low of €6.90 (-1.4%). A total of 18,333 shares changed hands. On Tuesday, MIA published its traffic results for the month of June which saw an 8.8% increase in passenger movements. Overall, during the first six months of the year, MIA welcome more than 3.2 passengers, representing a 5.9% increase over the same period last year and in line with the full-year forecast provided by MIA at the start of 2019. The airport operator also reiterated its target of handling 7.2 million passenger movements this year (+5.8%).

Among the large companies by market capitalisation, International Hotel Investments plc plunged 2.4% to the €0.82 level on activity totalling 44,401 shares.

Low trading activity took place in the equities of Simonds Farsons Cisk plc and FIMBank plc which dropped by 2% and 0.8% to €10.00 and USD0.615 respectively.

BMIT Technologies plc retracted by 0.9% back to the €0.525 level across 70,300 shares.

In contrast, GO plc added 0.4% to an eleven-week high of €4.60 on heightened activity totalling 30,500 shares.

A single deal of 5,000 shares pushed the equity of Medserv plc 3.6% higher to the €1.14 level.

In the property segment, Malta Properties Company plc recaptured the €0.66 level (+1.5%) across 80,000 shares.

Malita Investments plc also performed positively today with a gain of 1.2% to the €0.86 level albeit on shallow volumes.

Meanwhile, RS2 Software plc retained the €1.83 level after failing to hold on to its over three-year high of €1.84 across 31,900shares.

Main Street Complex plc traded unchanged at the €0.61 level across 18,000 shares.

Today, Mapfre Middlesea plc kick-started the 2019 interim reporting season as the company published its interim financial results for the six-month period ended 30 June 2019. The insurance specialist reported a 14.5% increase in profitability to €4.31 million amid an improvement in the performance of the company’s non-life business. In their commentary, the Directors of the company noted that Mapfre Middlesea continues to focus on its strategic actions aimed at delivering improved results, efficiency and client satisfaction.

Yesterday’s rebound in the RF MGS Index following the declines in the previous four days was short-lived as the index moved 0.33% lower today to 1,139.974 points. The prices of all Malta Government Stocks trended in negative territory, possibly reflecting the gains in euro sovereign bond yields amid the publication of encouraging inflation data in Germany as well as an uptick in industrial production across the single currency area. During the past five days, the RF MGS Index lost 0.91% – representing the first weekly decline since the last week of April 2019 and also the sharpest weekly decline since late December 2017.