GO share price climbs to 6-week high

The MSE Equity Price Index inched minimally higher to 4,827.874 points as the gains in GO, MIDI and MaltaPost slightly outweighed the declines in BOV, Plaza and MPC. Meanwhile, five companies closed unchanged whilst overall trading activity remained subdued as only €0.12 million worth of shares changed hands. Download today’s Equity Market Summary.

GO plc moved 0.4% higher to a six-week high of €4.58 across 4,435 shares.

MaltaPost plc surged 5.7% to a five-month high of €1.48 albeit on just 4,777 shares. On Tuesday, the postal operator announced the formation of a new insurance company together with APS Bank plc, Atlas Insurance PCC Ltd and GasanMamo Insurance Limited which, subject to the necessary regulatory approvals, will carry out the business of life assurance.

MIDI plc also performed positively today with a gain of 1.7% to regain the €0.61 level across 21,700 shares.

In contrast, Malta Properties Company plc shed 1.6% back to the €0.63 level on activity totalling 19,750 shares.

Within the same segment, Plaza Centres plc moved to a fresh 2019 low of €0.985 (-1.5%) albeit on shallow volumes.

Bank of Valletta plc eased 0.4% lower to the €1.27 level across 28,468 shares.

Also among the large companies, International Hotel Investments plc (€0.82), Malta International Airport plc (€7.45) and RS2 Software plc (€1.39) all traded flat on trivial activity. This morning, IHI held its AGM during which shareholders approved the payment of a net dividend of €0.02 per share. Shareholders as at close of trading on 26 June will be entitled to receive the dividend which is payable on 5 July 2019.

Three deals totalling 15,000 shares left the equity of Tigné Mall plc at the €0.91 level. The company is scheduled to hold its AGM on 20 June. Shareholders as at close of trading on 18 June will be eligible to receive a final net dividend of €0.0131 per share.

BMIT Technologies plc retained the €0.545 level on just 800 shares. On Tuesday, BMIT announced that it will be convening an extraordinary general meeting on 6 August to approve the proposed acquisition of the data centre located in Handaq, Qormi, for a price of €4 million.

The RF MGS Index extended yesterday’s gain by a further 0.05% to a two-year high of 1,132.401 points. Movements in the prices of Malta Government Stocks were mostly driven by changes in the yields of German and Spanish government bonds which remained under downward pressure amid lingering uncertainties related to the trade relationship between the US and China. On the contrary, Italian government bond yields rose (prices declined) as the country’s Deputy Prime Minister, Mr Luigi Di Maio, was quoted as saying that the government will proceed with its commitment to slash taxes in the months ahead despite the various warnings from the European Commission for greater adherence to the EU fiscal rules.