Following the declines registered in the previous three trading sessions, the MSE Share Index rebounded by 0.24% to 4,730.203 points. Following the first weekly drop in six weeks registered last week, the Index resumed its upward trajectory during the past five days as it advanced by 0.3% albeit on low trading volumes. Download a copy of today’s Equity Market Summary.
On the bond market, yesterday’s 0.08% drop following seven consecutive days of gains was short-lived as the RF MGS Index rebounded strongly today with a surge of 0.49% – the sharpest daily uplift in nearly four months – to a three-week high of 1,125.933 points. The indicative opening bid prices of the Central Bank of Malta for the six longest-dated Malta Government Stocks – i.e. those which mature between 2034 and 2041 – increased by over 90 basis points today as euro zone sovereign yields dropped markedly following the conclusion of the European Central Bank’s monetary policy meeting held yesterday. The ECB left its key interest rate unchanged and expressed concern that tighter monetary policy could endanger the economic revival of the single currency area. ECB President Mario Draghi also commented that the central bank’s Governing Council will discuss the future of its quantitative-easing programme later this year.
Malita Investments plc was the most actively traded equity today as 176,856 shares (representing 46.5% of today’s total trading activity) changed hands. One large trade of over 172,000 shares took place at a fresh twenty-nine-month low of €0.68 (-2.9%) before a further trade took place at the €0.72 level, representing an increase of 2.9% from yesterday’s close.
Most of the rest of today’s trading activity took place in Bank of Valletta plc and GO plc. BOV eased by 0.2% to its seven-week low of €2.16 across 33,411 shares while GO closed the day just under its fourteen-month high of €3.60 as two deals totalling 10,770 shares were executed at the €3.599 level. BOV is scheduled to hold an Extraordinary General Meeting on Thursday 27 July 2017 ahead of a €150 million rights issue.
Meanwhile, nine other shares traded on light volumes. In the banking sector, HSBC Bank Malta plc recaptured the €2.05 level (+1.5%) while Lombard Bank Malta plc dropped 1.1% to the €2.34 level. HSBC is due to reveal its interim financial results on 31 July. Lombard will publish its interim financial statements on 24 August.
PG plc and Santumas Shareholdings plc advanced 1.5% and 0.4% to new record highs of €1.34 and €2.149 respectively.
Meanwhile, five equities traded unchanged also on low trading volumes. Malta International Airport plc and International Hotel Investments plc held on to €4.10 and €0.62 respectively. The airport operator is due to reveal its six-month financial performance on 26 July.
Similarly, RS2 Software plc maintained the €1.85 level on 2,000 shares.
GlobalCapital plc maintained the €0.34 level after touching an intra-day high of €0.36 (+5.9%) whilst a single deal of just 268 shares left the equity of Mapfre Middlesea plc flat at the €1.87 level.
On Wednesday, Simonds Farsons Cisk plc announced that its Board of Directors resolved to redeem the outstanding €15 million 6% bonds on 13 September 2017. The Directors also resolved to submit an application to the Listing Authority of the Malta Financial Services Authority in connection with a new €20 million unsecured bond issue maturing in 2027.