Daily Market Highlights (16.04.2021)

PG regains all-time high


Following yesterday’s decline of 1.5%, the MSE Equity Price Index rebounded by 0.82% to 3,905.216 points as several equities trended in positive territory whilst only GO ended the day lower albeit on low volumes. Overall trading activity improved markedly to €0.36 million largely reflecting heightened volumes in the two technology companies BMIT and Harvest. Download a copy of today’s Equity Market Summary.

PG plc added 1% to regain its all-time high of €2.06 across 9,825 shares.

HSBC Bank Malta plc erased some of yesterday’s sharp drop as it rebounded by 3.6% to the €0.86 level on a total of 24,400 shares.

Also in retail banking sector, Lombard Bank Malta plc trended 0.5% higher to the €1.91 level across 1,727 shares.

Two deals totalling 2,245 shares lifted the equity of Malta International Airport plc 0.8% higher to the €6.20 level. On Wednesday, Malta Air (which is a subsidiary of Ryanair) announced five new summer routes for Malta. As a result, the airline will have a total of 57 routes (19 of which will be with the UK) as Malta will be one of Ryanair’s top 10 destinations this summer. In addition, Malta Air is expected to increase the number of aircrafts based in Malta from 6 to 10 by 2022.

RS2 Software plc (9,000 shares) and International Hotel Investments plc (250 shares) also performed positively with gains of 2.8% and 1.7% to €1.84 and €0.59 respectively. The offer of up to 28.6 million new preference shares of RS2 at an offer price of €1.75 per preference share closed today.

Harvest Technology plc advanced by 0.7% to recapture the €1.45 level on a total of 77,500 shares having a market value of €0.11 million.

The other positive performing equity today was MIDI plc as it surged 7.5% to the €0.43 level across 118,500 shares.

In contrast, Malta Properties Company plc stayed at the €0.55 level on 21,334 shares.

Bank of Valletta plc (3,581 shares) and Medserv plc (25,910 shares) traded flat at €0.90 and €0.74 respectively. On Monday, Medserv announced that it entered into a conditional agreement for a merger with Regis Holdings Limited. The transaction will be done through the issuance of almost 47.9 million new Medserv shares at a price of €0.68 per share (equivalent to €32.6 million), and the combined entity (‘MedservRegis’) will have a global outreach across four continents, comprising a presence in twelve countries and operations out of ten bases. The transaction requires the approval of Medserv shareholders in a general meeting, ahead of which Medserv will issue a circular that will include prospective financial information of MedservRegis for 2021 and 2022.

BMIT Technologies plc also closed unchanged at the €0.52 level across 219,000 shares having a market value of €0.11 million. Shareholders as at close of trading on 22 April will be entitled to receive a final net dividend of €0.02922 per share.

Meanwhile, GO plc dropped by 2.2% to the €3.64 level albeit on trivial volumes.

The RF MGS Index added 0.07% to 1,112.772 points. Despite the strong growth of 18.3% in Q1 2021 GDP in China, this was marginally below the expected rebound of 19%. Elsewhere, positive corporate earnings across Europe and the US provided further support to the overall buoyant sentiment among investors albeit this was somewhat dented by heightened tensions between the US and Russia over Ukraine and cyber security.