RS2 share price surges to 7-week high

 

The MSE Equity Price Index extended yesterday’s gains as it added a further 0.26% to 4,870.763 points. The positive performance was led by the jump in the share price of RS2 which, coupled with the uplift in four other companies, outweighed the declines in HSBC and MPC. Meanwhile, several equities closed the day unchanged whilst trading activity remained encouraging as a total of €0.48 million worth of shares changed hands. Download today’s Equity Market Summary.

RS2 Software plc climbed 3.6% to a seven-week high of €1.45 across 45,297 shares.

Also, in the IT segment, BMIT Technologies plc regained the €0.54 level (+0.9%) on activity totalling 66,870 shares.

A single deal of just 2,400 shares lifted the equity of Lombard Bank Malta plc 1.8% higher back to the €2.30 level. Yesterday, Lombard announced that its Board of Directors is scheduled to meet on 21 August to consider and approve the interim financial statements as at 30 June 2019.

Malta International Airport plc added 0.7% to the €7.25 level across 7,000 shares.

The other positive performing equity today was Malita Investments plc with a gain of 0.6% to the €0.87 level on activity totalling 20,550 shares.

Within the same sector, Malta Properties Company plc eased by 0.8% to €0.66 after retreating from the €0.67 level – a new high since November 2015 shortly after the company’s spin-off from GO plc. A total of 21,750 shares traded.

HSBC Bank Malta plc continued to trade within a tight range as the equity eased by 0.6% to the €1.62 level albeit on just 2,000 shares.

Low trading activity also took place in the equities of International Hotel Investments plc and Santumas Shareholdings plc which closed the day unchanged at €0.90 and €1.65 respectively. IHI shareholders as at close of trading on 26 June will be entitled to receive a net dividend of €0.02 per share.

Bank of Valletta plc maintained the €1.21 level across 51,976 shares.

Also among the large companies, GO plc held on to the €4.58 level after recovering from an intra-day low of €4.50 (-1.7%). A total of 14,567 shares changed hands.

Trident Estates plc touched its highest level in several months of €1.95 (+2.6%) before ending flat at the €1.90 level across 21,294 shares. The company is due to hold its AGM on Tuesday 25 June.

MIDI plc (29,000 shares) and Tigné Mall plc (110,000 shares) retained the €0.64 and €0.90 levels respectively. This morning, MIDI published an updated Financial Analysis Summary which also contains financial forecasts for the current financial year ending 31 December 2019. The company is expecting to generate revenues of €16.7 million and an EBITDA of €5.96 million largely reflecting the sale and delivery of six of the remaining fourteen residential units as well as the three commercial units within the Q2 development. Furthermore, MIDI is anticipating a higher contribution from its investment in ‘The Centre’ office block apart from a 12% drop in net borrowings to just over €40 million. The net asset value per share of MIDI is projected to increase by a further 1.8% to €0.4634 from €0.455 per share as at the end of 2018.

The RF MGS Index eased from its highest level in several months as it dropped by 0.05% to 1,138.998 points. Sovereign bond yields in the euro area recovered some ground as positive preliminary Purchaser Managers’ Index (“PMI”) data provided some relief about the resilience of the single currency economy to the various external risks especially those related to global trade. During the past five days, the RF MGS Index posted its ninth consecutive weekly gain as both the European Central Bank and the US Federal Reserve provided more tangible signs of their intentions to offer additional support to economic growth through accommodative monetary policy should economic conditions warrant them to do so.