Daily Market Highlights (18.02.2022)
Trading activity in PG shares takes centre-stage
Following the strong gains posted in the previous two days, during today’s trading session the MSE Equity Price Index eased by 0.8% to 3,754.122 points as several equities ended the day lower whilst MIA, BMIT and MPC closed unchanged. Trading activity in equities improved to €0.15 million largely reflecting heightened activity in PG shares. Download today’s Equity Market Summary.
Two deals totalling 47,523 shares forced the share price of PG plc to move 1.8% lower to the €2.22 level.
Following the listing of its shares on Tuesday, the equity of AX Real Estate plc traded for the first time as it dropped by 1.7% to the €0.59 level albeit on trivial volumes.
Low trading activity also took place in the equity of FIMBank plc which lost 6.7% to an all-time low of USD0.252.
Trident Estates plc moved back to the €1.37 level (-3.5%) on a total of 2,222 shares.
Bank of Valletta plc lost 2.4% to the €0.80 level across 5,734 shares.
HSBC Bank Malta plc continued to trade within a tight range as it retracted by 1.1% to the €0.89 level across 12,340 shares. HSBC is due to publish its full year results on Tuesday 22 February.
The other negative performing equity today was GO plc with a drop of 0.6% to the €3.22 level on 3,100 shares.
GO’s data centre and managed IT services subsidiary – BMIT Technologies plc – remained at the €0.49 level on a total of 25,020 shares.
Malta International Airport plc (113 shares) and Malta Properties Company plc (4,329 shares) traded flat at €6.05 and €0.52 respectively. MIA is due to publish its full year results on Tuesday 22 February.
Today, Main Street Complex plc issued an announcement providing an overview of its operational performance in 2021 as well as the outlook for 2022. In this respect, the company explained that despite the adverse operating environment due to the pandemic, most tenants continued to operate throughout 2021. Moreover, the outlet previously occupied by the Debenhams franchisee has now been fully replaced by two new tenants – Lindex and I M Home – which will open their stores in the coming months. In addition, a new catering operator has established its presence on Level 3, thus now resulting in Main Street Complex being almost fully leased out. During 2021, the company continued to support its various tenants. However, since discounts were greatly reduced compared to 2020, there was a substantial increase in rental revenues for the company. Looking ahead, Main Street Complex noted that in 2022 it expects to see a continued diminution of the pandemic’s effects on its operations and business, with further improvements expected in the company’s financial performance.
The RF MGS Index extended yesterday’s gains as it climbed by a further 0.37% to 1,038.862 points. Sovereign bond yields in the euro area trended lower amid an escalation in geo-political tensions between NATO and Russia over Ukraine. During the past five days, the Index posted its first uplift in five weeks as MGS prices ended the week largely higher despite a surge in volatility reflecting heightened uncertainties across international financial markets.
This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange.