Daily Market Highlights (15.05.2020)

BMIT falls to new all-time low


The MSE Equity Price Index closed lower every day this week as it lost a further 0.79% today to 3,962.426 points, albeit across subdued trading activity. The gains in MIA and RS2 were outweighed by declines in seven other equities. Download a copy of today’s Equity Market Summary.

BMIT Technologies plc tumbled 4.2% to a new all-time low of €0.46 across 66,000 shares.

In the banking sector, Bank of Valletta plc recovered from an intraday low of €1.025 (-2.4%) before closing at the €1.04 level (-0.9%) whilst HSBC Bank Malta plc plunged by 5.4%, as it returned to a near 1-month low of €0.955 level also on light trading activity.

Similarly, a single trade of 10,000 shares saw International Hotel Investments plc drop 3.4% to a 1-month low of €0.57.

Malta Properties Company plc fell by 1.8% to the €0.54 level on low volumes of 2,180 shares.

Meanwhile, Simonds Farsons Cisk plc shed 0.6% to the €8.25 level across 1,285 shares whilst GO plc failed to hold onto an intraday high of €3.78 (+4.4%) before closing at the €3.60 level (-0.6%) across 2,911 shares.

For the second consecutive day, Malta International Airport plc failed to hold on to an intra-day high of €5.00 as the airport operator closed at the €4.90 level (+1.2%) across 607 shares.

The other positive performing equity today was RS2 Software plc which climbed by 2.6% as it regained the €1.97 level on trivial volumes.

The RF MGS Index slipped back into negative territory with a 0.24% drop to 1,110.561 points largely reflecting yesterday afternoon’s rebound across eurozone yields. Nonetheless, the rebound was short-lived as yields across the eurozone slipped lower on rising tensions between the US and China as well as weak economic data published today confirming the adverse impact of the prevailing coronavirus outbreak. The eurozone’s Gross Domestic Product (GDP) contracted by 3.8% with France (-5.8%), Spain (-5.2%) and Italy (-4.7%) amongst the worst hit countries and Germany, Europe’s largest economy, contracting by 2.2% – the worst contraction since the 2008/09 financial crisis. Moreover, the number of people employed in the EU fell for the first time in seven years.