Daily Market Highlights (20.09.2021)

MSE Equity Price snaps 4-day losing streak


The MSE Equity Price Index moved higher for the first time in five sessions as it climbed by 0.46% to 3,879.874 points. The gains in MIDI, Farsons and Trident outweighed the decline in BOV whilst BMIT, GO and PG closed unchanged. Overall trading activity was muted at €0.07 million. No trading will take place tomorrow due to a national holiday.Download today’s Equity Market Summary.

MIDI plc surged by 11.5% to the €0.408 level on two deals totalling 5,000 shares. Last week, MIDI announced that the Board of the Planning Authority approved the revised Masterplan and Outline Development Permit for the restoration and redevelopment of Manoel Island. The company reiterated that it is fully committed to the project and looks forward to obtaining full development permits to commence works during the second half of 2022.

Also within the property sector, Trident Estates plc advanced by 9.7% to the €1.58 level on two trades totalling 1,750 shares. Trident is due to publish its July 2021 interim results on Wednesday 22 September.

Simonds Farsons Cisk plc rose by just over 5% to regain the €8.25 level across four trades totalling 1,350 shares. Farsons is expected to publish its July 2021 interim results on Wednesday 29 September.

Today’s only negatively performing equity, Bank of Valletta plc moved 1.7% lower to the €0.88 level across four trades totalling 11,567 shares.

BMIT Technologies plc remained at the €0.48 level across 70,100 shares after failing to hold to an intraday high of €0.484 (+0.8%).

A single deal of 2,050 shares left the share price of PG plc at the €2.44 level.

Similarly, GO plc retained the €3.36 level on light volumes.

The RF MGS Index marginally recovered from a 33-month low as it climbed 0.06% to 1,090.687 points amid concerns of a slowdown in economic growth. The liquidity crisis at Chinese property developer Evergrande left investors concerned about consequences on the global scale. Evergrande faces obligations of more than USD300 billion and is on the verge of default. Meanwhile, analysts expect further guidance regarding any changes in interest rates and accommodative measures from the US Federal Reserve and Bank of England which are both expected to hold monetary policy meetings later this week.

Last Friday, Hili Properties plc announced that it is in advanced preparations in respect of a proposed public offering and listing of its shares on the Official List of the Malta Stock Exchange. Hili Properties will make further announcements as and when appropriate as the proposed issuance of shares is subject to a number of conditions, including regulatory approvals.