Daily Market Highlights (24.05.2021)

HSBC share price rises to 1-month high


The MSE Equity Price Index inched 0.09% higher to 4,026.729 points as the gains in BOV, GO, HSBC, MIA and Trident outweighed the declines in Farsons and MPC. Meanwhile, five other equities closed unchanged as overall trading activity continued to improve to €0.2 million from €0.16 million last Friday. Download today’s Equity Market Summary.

HSBC Bank Malta plc advanced by a further 1.2% as it closed at a 1-month high of €0.85 on volumes of 34,410 shares. Last Friday, HSBC published a Quarterly Update providing information about its performance in Q1 2021. In this respect, the bank explained that total revenues increased by €12 million mainly driven by positive market movements in the insurance business. On the other hand, operating expenses increased by €0.6 million as the additional amount in operational cost savings were offset by higher deposit compensation scheme charges. Expected credit losses remained largely unchanged from the levels as at the end of 2020 but were lower when compared to the level reported in Q1 2020. Overall, HSBC reported a pre-tax profit of €9.9 million in the first three months of the year compared to the loss of €6.9 million in the same period last year.

Bank of Valletta plc continued to trade in a tight range as it rose by 1.1% to the €0.90 level across 5,000 shares.

Meanwhile, Malta International Airport plc added 0.8% as it regained the €6.45 level across two deals totalling 750 shares.

Trident Estates plc climbed by 3.3% as it recaptured the €1.56 level across 7,500 shares.

GO plc recovered from an intraday low of €3.46 (-1.1%) before closing 0.6% higher at the €3.52 level om volumes of 9,411 shares. GO will be holding its Annual General Meeting on Thursday 27 May and the final net dividend of €0.16 per share will be paid on 31 May.

GO’s data centre subsidiary, BMIT Technologies plc traded flat at the €0.50 level across a single trade of 5,000 shares. BMIT will be holding its Annual General Meeting on Wednesday 26 May and the final net dividend of €0.02922 per share will be paid on 28 May.

Also in the technology sector, Harvest Technology plc closed unchanged at the €1.54 level across 4,600 shares whilst the preference shares of RS2 Software plc remained at the all-time high of €1.85 level as 18,700 shares changed hands.

Elsewhere, MaltaPost plc held onto the €1.24 level across heightened activity of 40,000 shares.

In the property sector, Plaza Centres plc closed flat at the €0.90 level as 5,500 shares changed hands whilst Malta Properties Company plc eased by 0.9% to the €0.55 level across a single trade of 7,039 shares.

Simonds Farsons Cisk plc plunged by 4.8% to a 1-month low as it returned to the €9.00 level across 1,195 shares. Farsons will be publishing their 2020/21 annual financial statements on 26 May.

The RF MGS Index closed higher for the third consecutive trading session after it gained a further 0.12% to 1,102.898 points as Eurozone yields continued to ease from the over 1-year highs that were registered last week. Meanwhile, oil prices traded higher as Iran said a three-month nuclear monitoring deal had expired, raising doubts about the future of indirect talks that could end US sanctions on Iranian crude exports.