Daily Market Highlights (17.11.2017)

  • The MSE Equity Price Index slipped by 0.15% to 4,476.174 points today as the declines in the share prices of HSBC, Malita Investments and MIDI outweighed the gains in GO and Medserv. Meanwhile, BOV and PG finished the day unchanged. Week-on-week, the local equity index fell for the fifth consecutive week – the longest weekly negative streak since July 2014 – most reflecting the drops in Simonds Farsons Cisk plc (-7.8%), FIMBank (-3.2%), IHI (-1.6%) and MIA (-1.5%). Download a copy of today’s Equity Market Summary.
  • The RF MGS Index extended yesterday’s decline by a further 0.09% to a near three-week low of 1,123.170 points even though euro zone sovereign yields trended lower (bonds prices gained) today. Yesterday, the US House of Representatives approved a bundle of tax cuts. Nonetheless, the passage of the expansionary tax reform package needs to go through the much harder approval of the Senate for it to become effective. Meanwhile, ECB President Mario Draghi was quoted as saying today that the ECB must remain very cautious when it comes to monetary policy normalisation as despite the improved economic dynamics within the euro area, inflation remains subdued and the overall recovery is conditional on continued monetary stimulus. In this respect, Mr Draghi highlighted the importance of the ECB’s recent decision to extend its quantitative easing programme by a further nine months to September 2018 albeit at half the size of the amounts of purchases.
  • GO plc advanced minimally higher to regain its 2017 high of €3.60 on eight deals totalling 22,600 shares.
  • The equity of Medserv plc traded for the first time in over two weeks as it gained 0.4% to the €1.265 level across 12,040 shares.
  • In contrast, MIDI plc slipped by 1.5% from its eight-month high of €0.33 to the €0.325 level on heightened activity totalling 245,500 shares.
  • Within the same sector, Malita Investments plc retreated by 1.2% to the €0.751 level albeit on trivial volumes.
  • Low trading activity also took place in the equity of HSBC Bank Malta plc which moved back to the €1.86 level (-0.8%) on a single deal of just 800 shares.
  • Meanwhile, Bank of Valletta plc held on to the €1.80 level across 11,733 shares.
  • PG plc also closed the day unchanged at the €1.48 level across 7,800 shares.