Daily Market Highlights (23.01.2020)

PG climbs to new record high

 

The MSE Equity Price Index eased by 0.39% to 4,635.569 points as the gain in PG was offset by the negative performances of four companies including BOV and HSBC. Meanwhile, five other equities closed the day unchanged as overall trading activity improved to €0.36 million largely on the back of encouraging volumes in PG and Tigné Mall. Download today’s Equity Market Summary.

PG plc added 1.6% to reach a fresh all-time high of €1.93 across 59,850 shares.

In contrast, HSBC Bank Malta plc extended its downward trend as the equity slipped by a further 0.9% to a new multi-year low of €1.07 on 10,976 shares. The bank is due to publish its 2019 full-year financial results on 18 February. The Directors will also consider recommending a final dividend for approval at the AGM scheduled to be held on 8 April.

Within the same sector, Bank of Valletta plc slipped 2.3% back to the €1.075 level across 9,313 shares.

Simonds Farsons Cisk plc (€10.90) also ended the day in negative territory albeit on trivial volumes.

In the property segment, Main Street Complex plc shed over 5% back to its all-time low of €0.55 across 80,000 shares.

In contrast, two deals totalling 125,850 shares left the equity of Tigné Mall plc at the €0.90 level.

Elsewhere, Malta International Airport plc closed unchanged at the €6.85 level after opening higher at the €6.90 level (+0.7%). A total of 2,240 shares changed hands. MIA will be publishing its 2019 full-year financial results on 26 February and on the same day, it will also consider the declaration of a final dividend. The airport operator is soon expected to also publish its 2020 traffic forecasts.

GO plc retained the €4.16 level albeit on just 1,440 shares.

FIMBank plc maintained the USD0.60 level after recovering from an intra-day low of USD0.59 (-1.7%). A total of 56,645 shares traded.

RS2 Software plc stayed at the €2.28 level after opening at a low of €2.22 (-2.6%). Only 2,731 shares changed hands.

The RF MGS Index posted the sharpest uplift in seven weeks as it surged by 0.34% to 1,143.923 points. Most prices of Malta Government Stocks moved notably higher as euro sovereign bond yields plunged amid worries that the new coronavirus discovered in China might turn into a public health emergency of international concern. Meanwhile, the Governing Council of the ECB left interest rates unchanged at their record low levels and maintained its Asset Purchase Programme at a pace of €20 billion a month. ECB President Ms Christine Lagarde also launched a year-long monetary policy strategy review (the first since 2003) with the objective of redefining the central bank’s mandate of price stability and how to achieve it.

Yesterday, the Treasury of Malta announced that the amount of issuance of Malta Government Stocks during 2020 will not exceed €450 million. The funds raised will be principally used to finance the redemption of six MGS issues which, in aggregate, amount to €461.5 million. The Treasury is aiming to spread its issuance programme over four to five issues whilst the maturity structure will be a mix of short and medium to long MGS.

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