Daily Market Highlights (13.02.2020)

Heightened activity in GO shares


The MSE Equity Price Index rebounded by 0.21% from its two-week low of 4,639.046 points to 4,648.793 points. The gain was mostly spurred by the increases in the share prices of GO and MIA which outweighed the drop in GHM. Meanwhile, four companies traded unchanged as overall trading activity remained encouraging with €0.47 million worth of shares changing hands. Download today’s Equity Market Summary.

GO plc added 0.5% to regain the €4.14 level on heightened activity totalling 64,212 shares having a market value of €0.27 million.

Also among the large companies by market capitalisation, Malta International Airport plc moved 0.7% higher to the €6.95 level across 8,875 shares. The company is due to publish its 2019 full-year financial results on 26 February. The Directors will also consider the payment of a final dividend.

BMIT Technologies plc surged 2% to recapture the €0.52 level across 80,917 shares.

A single deal of just 2,000 shares lifted the equity of Mapfre Middlesea plc 0.9% higher to the €2.36 level.

Low trading activity also took place in Grand Harbour Marina plc (9,862 shares) and International Hotel Investments plc (8,932 shares). GHM eased 0.9% to the €0.545 level whilst IHI remained at the €0.80 level.

Eight deals totalling 30,200 shares left the equity of PG plc at the €2.00 level.

The two largest retail banks also closed unchanged. Bank of Valletta plc stayed at its seven-week low of €1.05 across 12,672 shares whilst HSBC Bank Malta plc remained at the €1.06 level on a single deal of 11,000 shares. HSBC will kick-start the full-year reporting season next week when on Tuesday, the bank will unveil its 2019 financial results. The Directors will also consider recommending a final dividend for approval at the AGM scheduled to be held on 8 April.

Following yesterday’s decline of 0.22%, the RF MGS Index rebounded strongly by 0.28% to 1,152.080 points. Prices of Malta Government Stocks moved mostly higher as euro sovereign bond yields were dragged lower by renewed uncertainties related to the coronavirus pandemic. On the economic front, the unemployment rate in France fell sharply to an eleven-year low of 8.1%. Furthermore, the European Commission published its revised economic forecasts showing that euro area GDP growth will remain stable at 1.2% in 2020 and 2021. The forecast for inflation in the euro area was raised to 1.3% in 2020 and 1.4% in 2021, representing a slight increase compared to the previous forecasts.

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