Daily Market Highlights (23.07.2020)

MSE Equity Price Index extends downward trend


The MSE Equity Price Index moved lower for the sixth consecutive day as it eased by a further 0.02% to a fresh near two-month low of 3,920.716 points. GO and RS2 ended today’s trading session in negative territory whilst MIA, BOV and BMIT trended higher. Meanwhile, Lombard and PG traded unchanged as overall volumes remained weak. Download today’s Equity Market Summary.

GO plc lost 2.3% to the €3.36 level across 1,223 shares. GO is due to hold its AGM on 28 July. During the AGM, the Directors will recommend the payment of a final net dividend of €0.10 per share for the 2019 financial year. If approved, shareholders as at close of trading on 28 April will received the dividend on 30 July.

RS2 Software plc moved back to the €2.34 level (-0.8%) albeit on just 1,250 shares. RS2 will hold its AGM on 30 July.

Bank of Valletta plc rebounded by 1.1% to the €0.96 level across 16,226 shares. BOV is due to publish its interim results on 31 July.

Also among the large companies, Malta International Airport plc opened at an intra-day low of €5.50 (-1.8%) before finishing the day 0.9% higher at the €5.65 level on trivial volumes. Yesterday, MIA announced that its interim financial statements will be published on 29 July while its AGM will take place on 11 November.

A single deal of 10,000 shares lifted the equity of BMIT Technologies plc 1.3% higher to the €0.482 level. BMIT will hold its AGM on 27 July while the company will also publish its interim results on 7 August.

Meanwhile, Lombard Bank Malta plc (4,063 shares) and PG plc (1,085 shares) traded flat at €2.06 and €1.90 respectively. Lombard announced today that its Board of Directors is scheduled to meet on Thursday 27 August to consider and approve the interim financial statements for the six-month period ended 30 June 2020.

The RF MGS Index erased yesterday’s minimal decline as it surged by 0.17% to a two-month high of 1,108.139 points. Sovereign bond yields in the euro area drifted mostly lower amid a particularly disappointing reading of consumer confidence across the single currency block, as well as souring relations between the US and China.

Across the local corporate bond market, the Virtu Group issued a press release explaining that it will be deploying the M/V Jean De La Valette on the Malta-Sicily route between Valletta, Augusta and Catania in Q1 2021.  The vessel will join the M/V Saint John Paul II which will continue to service the ports of Valletta and Pozzallo. This additional scheduled service is in response to the requirements of Maltese and Sicilian importers and exporters. The M/V Jean De La Valette is currently chartered to the Government of Trinidad and Tobago serving as a “bridge” between the two islands.