Daily Market Highlights (20.06.2017)

  • Following the 0.07% drop of yesterday, the MSE Share Index rebounded by 0.07% to 4,666.600 points today as the declines in the share prices of PG (-0.8%) and Malta Properties (-1.7%) were slightly outweighed by the gains in five other shares. Trading volumes improved to €0.28 million from the five-day low of €0.18 million registered yesterday. Download a copy of today’s Equity Market Summary.
  • Following the declines registered in the previous two days, the RF MGS Index rebounded by 0.1% to 1,132.461 points today as euro zone sovereign yields retreated possibly reflecting disappointing fresh German producer prices data. On the other hand, an influential research institution based in Munich raised its 2017 and 2018 growth forecast for the German economy to 1.8% and 2% respectively from 1.5% and 1.8% on the back of strong domestic consumer demand and export activity. Meanwhile, in the UK, the Governor of the Bank of England was reported as saying that it is not yet opportune for the central bank to raise interest rates despite higher inflation. Similarly, in the US, a member of the Federal Open Market Committee was also reported as saying that it may be worthwhile for the US Federal Reserve to wait until the end of this year to decide whether to raise interest rates again.
  • Amongst the large companies by market capitalisation, Malta International Airport plc gained 0.1% to recapture the €4.15 level across 22,750 shares.
  • Similarly, RS2 Software plc trended in positive territory with a 1.3% increase to regain the €1.55 level albeit on shallow volumes of 1,500. This morning, RS2 held its Annual General Meeting during which shareholders approved all resolutions on the agenda, including the payment of a net final dividend of €0.01 per share on 22 June 2017 as well as a 1 for 12 bonus share issue.
  • Low trading activity took place in the equities of Mapfre Middlesea plc and Loqus Holdings plc which advanced by 0.5% and 2.9% to €1.96 and €0.175 respectively. The insurance specialist is due to reveal its six-month financial performance on 21 July.
  • In the property segment, Malita Investments plc regained the €0.74 level (+0.7%) across 57,000 shares.
  • On the other hand, Malta Properties Company plc shed 1.7% to the €0.511 level on light volumes totalling 2,393 shares.
  • The other negative performing equity today was PG plc which eased by 0.8% back to the €1.28 level across 55,390 shares.
  • Meanwhile, BOV, HSBC and Lombard closed the day unchanged. Bank of Valletta plc retained the €2.19 level across 21,783 shares whilst two deals totalling 3,000 shares of HSBC Bank Malta plc were executed at the €2.07 level, representing no change from the previous closing price. HSBC is due to publish its 2017 half-year results on 31 July. The Directors will also consider the declaration of an interim dividend.
  • Similarly, Lombard Bank Malta plc maintained the €2.30 level albeit on a single deal of just 1,279 shares.
  • Grand Harbour Marina plc held on to the €0.87 level on volumes totalling 3,700 shares. This morning, the marina operator announced that it has submitted an application to the Listing Authority in connection with a new €15 million unsecured bond issue maturing in 2027. The Directors of the Company also resolved to redeem the outstanding €10.97 million 7% bonds on 22 August 2017. The announcement explained that, subject to regulatory approval, GHM will be granting preference to holders of existing bonds and shareholders as at close of trading on 21 June 2017.