Daily Market Highlights (24.03.2020)

MIA share price surges over 18%


The MSE Equity Price Index extended its recent negative streak as it dropped by a further 0.56% to a new five-year low of 3,707.014 points. Eight companies trended lower, three finished unchanged whilst only MIA posted gains. Trading volumes remained on the high side as a total of €0.42 million worth of shares changed hands. Download today’s Equity Market Summary.

Malta International Airport plc erased some of its recent sharp drop as it rebounded by 18.2% to the €4.16 level across 30,951 shares having a market value of €0.12 million. As a result, MIA regained the position as the largest company listed on the local Borza followed by BOV and GO.

Bank of Valletta plc lost 4.4% to a fresh multi-year low of €0.86 across 67,079 shares. Last week, BOV reported a 5.5% decline in adjusted pre-tax profits to just over €138 million reflecting both lower income and higher operating costs. The Directors of BOV are recommending the payment of a net dividend of €0.017 per share which is still subject to regulatory approval.

Also among the large companies, RS2 Software plc dropped by a further 2.3% to an over eight-month low of €1.70 across 6,000 shares. Last week, RS2 noted that all of its business lines – namely, licensing, processing and merchant services – around the globe are operating at normal services levels. Furthermore, the company expressed its confidence that with its healthy pipeline of business, leading technology and competent team, it will be able to meet the challenges that the ‘COVID-19’ pandemic may present.

GO plc (10,972 shares) fell by 3.9% to an over fourteen-month low of €3.94 whilst the company’s data centre subsidiary – BMIT Technologies plc – slipped 4% to a new low of €0.48 on eleven deals totalling 147,000 shares. The company confirmed today that despite the postponement of the AGM, it will proceed with the payment of a net dividend of €0.02157 per share on 4 June to all shareholders as at close of trading on 27 April.

A single deal of 50,000 shares forced the equity of FIMBank plc to move 2.4% lower to the USD0.488 level.

PG plc was the worst performing equity with a drop of 5.7% to the €1.65 level across 10,150 shares. Last week, PG explained that it is cautiously optimistic that the essential nature of its supermarket business, and the low gearing that it maintains, will serve to contain the overall impact of the ‘COVID-19’ outbreak on its financial performance.

MIDI plc plunged 5% to a near two-year low of €0.38 albeit on trivial volumes totalling 8,000 shares.

The other negative performing equity today was MaltaPost plc with a drop of 1.7% to the €1.13 level across 23,739 shares.

Meanwhile, HSBC Bank Malta plc maintained the €0.90 level across 11,853 shares.

Mapfre Middlesea plc traded flat at the €2.26 level on activity totalling 13,795 shares. Today, the company announced that it is postponing its Annual General Meeting to a future date. Moreover, Mapfre Middlesea noted that it will communicate the date of the rescheduled AGM, and all other dates associated therewith including the date when the dividend will be paid, as soon as it is appropriate to do so. Shareholders as at close of trading on Monday 4 May will be entitled to receive an ordinary net dividend of €0.0978 per share and a special net dividend of €0.0434 per share.

Malita Investments plc also closed the day unchanged at the €0.80 level on light volumes totalling 6,250 shares.

The RF MGS Index erased all of yesterday’s gains as it fell by 0.38% to 1,128.362 points. On the economic front, PMI data issued today showed that the ‘COVID-19’ led to the sharpest decline ever in business activity in the euro area. Meanwhile, the Speaker of the US Congress opined that there is “real optimism” that an agreement could be reached on a ‘COVID-19’ stimulus package.