MIA ends Q1 with nearly €42 million in cash

 

The MSE Equity Price Index moved lower for the third consecutive day as it dropped by a further 0.34% to 4,013.061 points. The decline in the share price of RS2 outweighed the gains in MIA and Farsons whilst a further four companies closed the day unchanged. Trading activity was muted as only €0.07 million worth of shares changed hands. Download today’s Equity Market Summary.

Malta International Airport plc climbed 0.8% to regain the €4.90 level across 3,495 shares. Today, the airport operator published its quarterly earnings report showing that during the first three months of the year, MIA generated €12.8 million in revenues and posted a net profit of €1.41 million. The Statement of Financial Position also shows that MIA had total cash balances of nearly €42 million as at 31 March 2020. The company noted that it is sufficiently resilient to sustain the current adverse conditions and that during the current financial year, it has sufficient resources to meet its financial obligations.

The other positive performing equity today was Main Street Complex plc which surged by 3.1% to the €0.464 level across 16,000 shares.

Within the same sector, Malta Properties Company plc maintained the €0.55 level on a total of 10,000 shares.

A single deal of just 4,150 shares left the equity of BMIT Technologies plc at the €0.48 level.

Simonds Farsons Cisk plc traded flat at the €8.30 level on 861 shares. The company is due to publish its 2019/20 financial results on 27 May.

Similarly, Bank of Valletta plc stayed at the €1.04 level across 11,591 shares.

Also among the large companies, RS2 Software plc lost 4.6% to the €1.88 level on a total of 8,637 shares.

The RF MGS Index trended higher for the first time in three days as it rebounded by 0.13% to 1,111.829 points. During a highly anticipated speech on current economic issues, Federal Reserve Chair Jerome Powell explained that although the response by the US to the ‘COVID-19’ pandemic “has been particularly swift and forceful”, the country could still face “an extended period of low productivity growth and stagnant incomes.” Mr Powell also downplayed the possibility of negative interest rates in the US and urged the Federal Government through Congress to unleash further fiscal stimulus as this would be beneficial for a stronger recovery.