The MSE Equity Price Index jumped 1.9% to 4,869.486 points – the highest level since late January 2008 – largely on the back of the double-digit gains in Medserv, MIA and Trident. Activity was spread across various equities, some of which, however, traded on light volumes. In fact, trading in MIA, Farsons, Tigné Mall and MIDI represented close to 60% of today’s total activity across the equity market. Download today’s Equity Market Summary.
The RF MGS Index erased some of yesterday’s sharp drop as it rebounded by 0.06% to 1,116.322 points, reflecting tightening credit spreads of peripheral sovereign bond yields amid a decline in volatility across international financial markets.
Malta International Airport plc jumped almost 13% to a new record high of €7.95 across 9,204 shares. As a result, MIA’s market capitalisation surpassed the €1 billion mark, further strengthening its position as the largest company listed on the MSE.
Medserv plc also registered a significant rally today as the equity soared by 14.4% to the €1.11 level on activity totalling 31,922 shares. Today, Medserv published an updated Financial Analysis Summary providing forecasts for the current financial year ending 31 December 2019 as well as an Interim Report providing an overview of the company’s performance during the first three months of 2019. The company is projecting a significant turnaround in operational results, largely reflecting increased business in various regions (particularly in Suriname, South America) as well as improved profit margins. Overall, Medserv is expecting to almost double its EBITDA to a record high of €14.1 million from €7.32 million in 2018.
Simonds Farsons Cisk plc reached a new all-time high of €10.50 (+1.9%) across 6,545 shares. Last week, Farsons reported an improved profitability for the 2018/19 financial year as all the Group’s operational segments registered growth amid favourable dynamics of the local economy. The Directors are recommending a 15.4% increase in the final net dividend to €0.10 per share which is payable on 25 June to all shareholders as at close of trading today subject to shareholders’ approval during the upcoming AGM scheduled to be held on 24 June.
In the property segment, Trident Estates plc climbed 10% to a fresh 2019 high of €1.65 across 9,995 shares. The equity turns ex-dividend as from tomorrow.
Both MIDI plc (80,000 shares) and Malta Properties Company plc (26,000 shares) added 1.7% to €0.60 and €0.61 respectively. The two companies will hold their AGM on 11 June.
Conversely, Malita Investments plc was the worst performing equity today with a drop of 1.2% to the €0.825 level across 26,989 shares.
Plaza Centres plc retreated marginally to the €0.995 level on shallow volumes. The company is scheduled to hold its AGM on 5 June.
PG plc eased by 0.6% to the €1.64 level across 7,000 shares whilst a single deal of just 650 shares forced the equity of Lombard Bank Malta plc to move 0.9% lower back to the €2.30 level.
Meanwhile, International Hotel Investments plc held on to its highest level in more than three years of €0.80 across 2,658 shares.
Also among the large companies, Bank of Valletta plc, GO plc and RS2 Software plc all ended the day unchanged. BOV retained the €1.34 level across 9,950 shares. Similarly, GO (2,882 shares) and RS2 (14,500 shares) traded unchanged at €4.26 and €1.38 respectively. The quadruple play telecom operator is due to hold its AGM on 28 May.
Tigné Mall plc opened at a low of €0.91 (-0.5%) before recovering to close unchanged at the €0.915 level on a total of 53,000 shares.
Three deals totalling 3,200 shares left the equity of Mapfre Middlesea plc at the €2.26 level.