Daily Market Highlights (14.07.2016)

  • The MSE Share Index finished lower for the third consecutive trading session today as it retreated by 0.19% to 4,520.114 points. Trading activity was restricted to just six shares with four of them registering declines. On the other hand, GO plc closed unchanged at the €2.85 level on 3,700 shares whilst MaltaPost plc rebounded by 5.6% to the €1.90 level on trivial volumes. Download a copy of today’s Equity Market Summary.
  • On the bond market, the RF MGS Index also finished lower for the third consecutive day as it retreated by 0.01% to 1,157.160 points. Yields of euro zone government bonds were broadly higher today possibly as a result of the Bank of England’s (BoE) decision to leave interest rates unchanged despite the mounting pressures on Britain’s economy following the country’s decision to leave the EU. The BoE also left its asset purchase programme intact but indicated that more monetary stimulus may be warranted in the coming months.
  • Despite revealing upbeat June traffic results and 2016 forecasts yesterday, the equity of Malta International Airport plc eased 2.1% lower to the €4.15 level across 2,190 shares. MIA announced that it is now expecting 4.97 million passengers to pass through the airport this year, up by 5.1% from the previous 2016 forecast of 4.73 million revealed in January 2016. This represents a 7.5% uplift on the record number of 4.62 million passenger movements registered in 2015 and the seventh consecutive year of record performances. In June, the company registered a 6.8% increase in passenger movements when compared to the corresponding period last year, bringing the total increase in passenger movements in the first half of 2016 to +9.8% when compared to the first six months of 2015. Overall, growth was driven by an increase in seat capacity (+7.4%) and seat load factor (up to 80% from 78% in the first half of 2015).
  • Also among the large companies, RS2 Software plc and Bank of Valletta plc both recorded slight declines today. RS2 managed to rebound from an intra-day low of €2.10 (-1.9%) to finish at the €2.129 level (-0.5%) across 13,042 shares.
  • Bank of Valletta plc closed minimally lower at the €2.20 level on healthy volumes totalling 58,272 shares.
  • The other negative performing equity today was MIDI plc as it traded for the first time in the last sixteen sessions and dropped by 2.6% to the €0.37 after touching an intra-day low of €0.35 (-7.9%). A total of 20,100 shares exchanged hands today. Preferred applicants of MIDI (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 Monday 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.
  • Meanwhile, preferred applicants of International Hotel Investments plc (i.e. shareholders as at the close of trading on 27 June) have until Tuesday 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.

Comments are closed.