Daily Market Highlights (19.10.2021)

Equity market trading centred around BOV


The MSE Equity Price Index moved lower for the fourth consecutive session as it eased by 0.24% to 3,893.754 points. The decline in Farsons outweighed the gain in MPC while three other equities remained unchanged. Overall trading activity amounted to €0.09 million. Download today’s Equity Market Summary.

Bank of Valletta plc remained unchanged at the €0.88 level after opening higher at €0.89 (+1.1%) and recovering from an intraday low of €0.86 (-2.3%) across ten trades totalling 70,090 shares, representing over 68% of today’s trading value.

Elsewhere, MaltaPost plc traded flat at the €1.28 level as 15,000 shares changed hands.

BMIT Technologies plc stayed at the €0.49 level on negligible volumes.

A single deal of 5,600 shares drove Malta Properties Company plc 1.8% higher to the €0.57 level.

Simonds Farsons Cisk plc was today’s only negatively performing equity as it fell by 4.1% to the €8.15 level. The net interim dividend of €0.05 per share will be paid tomorrow.

The RF MGS Index recovered some of yesterday’s losses as it gained 0.17% to 1,083.516 points. Concerns regarding eurozone energy prices eased following a decline in gas prices and peak production of wind power from Germany and the UK. Elsewhere, the Chinese property market continued to struggle with a debt crisis after several developers defaulted on their debt. The Chinese real estate sector contracted by 1.6% in the third quarter of this year. Meanwhile in the US, building permits in September dropped by 7.7% amid increased costs, supply constraints, and labour shortages.

Yesterday, Melite Finance plc announced that it will be convening a Bondholders’ Meeting on 12 November 2021 for the purpose of considering and, if thought fit, approve a series of resolutions in relation to the company’s proposed COVID-19 restructuring plan as explained in a Bondholders’ Circular. Separately, Melite Finance also noted that following the publication of the unaudited interim financial statements for the period ended 30 June 2021, the suspension of listing and trading of its 4.85% secured bonds 2028 has now been terminated by the MFSA.