Daily Market Highlights (18.12.2019)

MSE Equity Price Index slumps to 9-month low

 

The MSE Equity Price Index declined by a further 0.1% today to a 9-month low of 4,601.056 points as the declines in IHI, MPC, Trident and Malita outweighed the gains registered in BOV and MIDI. Seven other equities ended the day unchanged as trading activity across the local equity market improved to €0.26 million. Download today’s Equity Market Summary.

International Hotel Investments plc retracted by 0.6% to the €0.765 level on low volumes of 1,582 shares.

Malita Investments plc erased yesterday’s gains as the equity slipped by 2.7% to return to the €0.90 level across 28,271 shares.

Malta Properties Company plc dropped by 3% to a 6-month low of €0.63 on low volumes of 2,000 shares.

Similarly, Trident Estate plc slipped 3.2% to the €1.50 level across 30,000 shares.

Among today’s positive performers, Bank of Valletta plc recovered some of yesterday’s declines as the equity rose by 0.5% to close at the €1.025 level on heightened activity with 76,870 shares changing hands. BOV today announced that it was still actively seeking to raise additional Tier 1 Capital and that preparatory work on this issue is currently ongoing. The funds which were originally meant to be raised by the end of 2019 to further strengthen the bank’s regulatory capital are now expected to be raised during 2020.

Meanwhile, MIDI plc regained the €0.50 level (+0.4%) across 10,000 shares.

Plaza Centres plc closed flat at the €1.01 level across 64,181 shares. Today Plaza announced that its entered into a preliminary agreement in connection with the sale of Tigne Place in Sliema, which is subject to a number of conditions that need to be satisfied prior to the execution of a definite deed of sale scheduled for June 2020. Plaza had acquired the property in September 2016 for €9.5 million.

Within the same segment, Tigne Mall plc held onto the €0.90 level across a single trade of 16,000 shares.

Malta International Airport plc ended the day flat at the €6.90 level after recovering from an intra-day low of €6.85 (-0.7%) across insignificant volumes.

Also among the large companies, GO plc failed to hold on to its intra-day high of €4.18 (+0.5%) as it ended unchanged at the €4.16 level across 1,689 shares. HSBC Bank Malta plc retained the €1.18 level across low volumes.

Elsewhere, PG plc maintained the €1.80 level as 7,000 shares exchanged hands. PG is expected to publish its interim financial statements for the period ended 31 October 2019 following a board meeting taking place today.

GlobalCapital plc recovered from an intra-day low of €0.20 (-28.5%) to end the day unchanged at the €0.28 level, albeit across trivial volumes.

The RF MGS Index climbed a further 0.11% today to 1,149.721 points. Market sentiment was generally mixed as fears of a hard Brexit emerged again after Prime Minister Johnson ruled out an extension to the December 2020 deadline for negotiations with the EU. Meanwhile, investors shrugged of the impeachment vote against President Donald Trump which is taking place later today.

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