Daily Market Highlights (22.12.2017)

  • The MSE Equity Price Index moved lower for the second consecutive session with a further 0.1% decline to 4,449.484 points as GO and PG trended in negative territory. On the other hand, HSBC and Tigne Mall moved higher whilst a further two equities closed the day unchanged. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index trended minimally lower to 1,122.208 points although the benchmark 10-year eurozone yield eased lower on the back of reignited political concerns in Spain as the Catalan separatists obtained an absolute majority in a regional election.
  • GO plc shed 0.8% to move back to the €3.55 level on shallow volumes of 1,120 shares.
  • Similarly, PG plc retreated by 3.4% back to the €1.425 level across two deals totalling 15,350 shares. On Wednesday evening, the Group published its interim results revealing a pre-tax profit for the period under review of €5.5 million, up 5.1% from the €5.2 million registered in the corresponding six months ended 31 October 2016. Looking ahead, the Directors noted the refurbishment plans for PAVI supermarket and the extension of the Alhambra complex both of which should be completed during next year as well as pursuing other opportunities for growth. The Board indicated that it is cautiously optimistic that the Group will deliver positive results for the full financial year ending 30 April 2018 in line with the projected net profit of €8.4 million (equivalent to an earnings per share of €0.078) as set out in the Company’s Prospectus dated 27 March 2017.
  • On the other hand, HSBC Bank Malta plc edged 0.3% higher to close at the €1.76 level across 4,796 shares.
  • Similarly, new bids lifted the share price of Tigné Mall plc as it moved 3.6% higher to recapture the €1.00 level on volumes of 95,000 shares.
  • Meanwhile, Bank of Valletta plc recovered from an intra-day low of €1.84 to end the session unchanged at the €1.85 level across six deals totalling 13,205 shares. Yesterday evening, Standard and Poor’s (an internationally recognised rating agency) assigned a ‘BBB+’ rating to BOV coupled with a stable outlook. The agency noted BOV’s progress in reducing the Bank’s non-performing loans (NPLs) and strengthening its capital base with the aforementioned €150 million rights issue as well as the Bank’s strong retail-oriented funding structure.
  • Also no changes in the share price of FIMBank plc were registered as the equity held on to the USD0.69 level on volumes of 75,570 shares.