Daily Market Highlights (18.07.2017)

  • The MSE Share Index trended lower for the first time in the last four trading sessions as it slipped by a minimal 0.04% to 4,731.705 points. Trading volumes were weak again as only €0.16 million worth of shares changed hands today. Tomorrow, Plaza Centres plc opens the interim reporting season as it will be the first company with a December accounting year-end to publish its financial results for the six-month period ended 30 June 2017. Download a copy of today’s Equity Market Summary.
  • On the bond market, the RF MGS Index moved higher for the sixth consecutive day as it gained a further 0.17% to an eight-day high of 1,118.711 points. Euro zone sovereign yields dropped today amid disappointing economic data which showed that economic sentiment in Germany and the whole of the single currency area dropped by more than expected. Meanwhile, a survey among economists conducted by an influential international financial agency showed that most pollsters are expecting the Bank of England (“BoE”) to maintain the current bank rate at its record low of 0.25% until 2019 despite inflation above the BoE’s target of 2%.
  • Bank of Valletta plc was the most actively traded equity today as 32,637 shares changed hands. The share price closed unchanged at the €2.175 level. The Bank is scheduled to hold an Extraordinary General Meeting on Thursday 27 July 2017 ahead of a €150 million rights issue.
  • Also among the large companies by market capitalisation, International Hotel Investments plc and Malta International Airport plc closed flat at €0.62 and €4.15 respectively on insignificant volumes. Last week, MIA revealed that during the first six months of 2017, passenger movements increased by 20.9% over the first half of last year. The airport operator is due to reveal its six-month financial performance on 26 July.
  • In the property segment, two deals totalling 35,000 shares left the equity of MIDI plc unchanged at the €0.315 level.
  • On the other hand, Malta Properties Company plunged 4.3% to the €0.506 level on trivial volumes.
  • PG plc retreated by 1.5% from its all-time high of €1.32 back to the €1.30 level across 13,800 shares while HSBC Bank Malta plc finished the day slightly lower at €2.05 on 2,125 shares. HSBC is due to reveal its interim financial results on 31 July.
  • GO plc climbed 0.3% to a fresh fourteen-month high of €3.60 on a single deal of 7,602 shares whilst RS2 Software plc regained the €1.85 (+0.6%) level across 12,800 shares.