Daily Market Highlights (21.04.2020)

MSE Equity Price Index reaches 5-week high


The MSE Equity Price Index rallied 1.33% to a five-week high of 3,977.978 points as several equities trended higher whilst only Medserv and MPC closed the day in negative territory. Meanwhile, five equities remained unchanged as trading activity contracted to €0.22 million from €0.38 million yesterday. Download today’s Equity Market Summary.

MIDI plc resurfaced above the €0.40 mark as the equity surged by 6.8% to the €0.406 level across 46,750 shares. Last week, the Planning Authority approved a new 17-storey residential tower at Tigné Point.

Following yesterday’s decline of nearly 6%, Simonds Farsons Cisk plc rebounded by 4.4% to the €8.35 level on low volumes of 1,792 shares.

The two largest retail banks also ended the day higher. Bank of Valletta plc added 2% to the €1.04 level across 10,987 shares whilst three deals totalling 6,000 shares lifted the equity of HSBC Bank Malta plc back to the €0.98 level (+1%).

International Hotel Investments plc climbed 5% to the €0.625 level albeit on trivial volumes.

Low trading activity also took place in the equity of MaltaPost plc which soared over 33% to recapture the €1.20 level.

PG plc gained 1.1% to regain the €1.82 level across 4,737 shares.

Medserv plc plunged 11% to a five-year low of €0.89 on a single deal of just 3,000 shares. Last week, Medserv announced that due to the current ‘COVID-19’ pandemic, the conditional framework agreement between its two major shareholders and AMT S.A. stipulating the intended share for share exchange and launch of a voluntary offer was aborted. Medserv added that the decision not to proceed was reached by both parties on an amicable basis and a termination agreement to this effect has also been concluded.

Following yesterday’s rally of over 13%, Malta Properties Company plc retracted by 7.6% back to the €0.55 level across 3,350 shares. Shareholders as at close of trading on 24 April will receive a net dividend of €0.01 per share.

Meanwhile, Malta International Airport plc retained the €4.98 level on volumes of 19,528 shares. Tomorrow, MIA’s Board of Directors is scheduled to meet to re-consider the proposed final net dividend of €0.10 per share for the 2019 financial year.

Also among the large companies, RS2 Software plc traded flat at the €1.90 level on insignificant volumes. Yesterday RS2 announced that its Board of Directors is scheduled to meet on Monday 27 April to consider and approve the 2019 financial statements.

Lombard Bank Malta plc opened at an intra-day low of €2.00 (-4.8%) before ending the day unchanged at the €2.10 level on a total of 10,060 shares.

Six deals totalling 70,000 shares left the equity of BMIT Technologies plc at the €0.488 level. Shareholders as at close of trading on 27 April will receive a net dividend of €0.02157 per share. The dividend is payable on 4 June.

Grand Harbour Marina plc remained at the €0.75 level on insignificant volumes. Today, GHM announced that its Board of Directors is scheduled to meet on Monday 27 April to consider and approve the financial statements for the year ended 31 December 2019.

Main Street Complex plc published the results for the 2019 financial year. The company reported a 10.4% increase in revenues whilst net profits surged by over 25% to €0.4 million. Main Street Complex explained that in light of the prevailing circumstances resulting from the ‘COVID-19’ pandemic, it is adopting a prudent approach in so far as the recommendation to distribute a dividend is concerned. In this respect, a decision to establish whether a dividend for the 2019 financial year is to be recommended and if so, the amount, will be taken by the Board at a date closer to the company’s forthcoming AGM.

The RF MGS Index extended yesterday’s drop by a further 0.14% to a one-month low of 1,120.791 points. Developments across international financial markets were mostly focused on the oil sector following the historic collapse in the price of the commodity with huge ripple effects across other asset classes.