Daily Market Highlights (24.07.2020)

MSE Equity Price Index largely unchanged


The MSE Equity Price Index closed virtually unchanged today as it declined by just 0.01% to 3,920.396 points. The decline in MIA was counterbalanced by the increases registered in BOV, PG and Plaza. Meanwhile, RS2 traded unchanged whilst trading activity improved compared to recent days. Download a copy of today’s Equity Market Summary.

Malta International Airport plc closed at a near 2-month low of €5.50 as it fell by 2.7% across 1,810 shares. Today, the airport operator announced that it registered 84,000 passenger movements during the first three weeks of July. MIA will be publishing its interim financial statements on 29 July.

In the banking sector, Bank of Valletta plc rose by 1% as it regained the €0.97 level across 26,500 shares. BOV will be publishing its interim financial statements on 31 July.

Similarly, PG plc climbed by 2.1% to the €1.94 level on volumes of 15,600 shares.

Elsewhere, Plaza Centres plc surged by 6.6% as it closed at a 1-month high of €0.975 across 1,300 shares.

Today’s most actively traded equity, RS2 Software plc, traded flat at the €2.34 level. RS2 will be holding its Annual General Meeting on 30 July.

The RF MGS Index added a further 0.12% as it climbed to a 9-week high of 1,109.469 points. Sovereign bond yields in the euro area surged higher today after preliminary PMI estimates for both Manufacturing and Services pointed towards an expansion. Meanwhile, geopolitical tensions between the US and China continued to escalate after China ordered the US consulate in Chengdu. The rapid ‘tit-for-tat’ move by Beijing came after the US ordered the Chinese mission in Houston to close on Wednesday.

Yesterday evening, Mediterranean Investments Holding plc announced the allocation policy with respect to the recently issued €20 million 5.5% unsecured bonds maturing in 2023. In total, MIH received 4,307 applications for a value of €49.5 million. Holders of the 5.5% MIH 2020 bonds who exercised their preference to exchange their maturing bonds into the new bonds amounted to €13.7 million, representing 74.4% of the total maturing bonds. These amounts were allocated in full. On the other hand, additional amounts applied for by holders of the maturing bonds as well as applications received by holders of existing Corinthia Group bonds were allocated 17.499% of the amount applied for, rounded to the nearest €100. Refunds of unallocated amounts will be made by 30 July 2020 whilst interest on the new bonds will commence on 31 July 2020. The new bonds are expected to be admitted to listing on the Malta Stock Exchange on 30 July 2020 and trading is expected to commence on 31 July 2020. Meanwhile, redemption of outstanding amounts in the maturing 5.5% MIH 2020 bonds together with payment of interest up to and including 30 July 2020 will be made on 31 July 2020.