Daily Market Highlights (24.08.2021)

MSE Equity Price Index snaps 4-day losing streak


The MSE Equity Price Index advanced for the first time in five sessions as it rebounded by 0.526% to 3,871.029 points. The gains in MIA, BMIT, Harvest and RS2 outweighed the declines in Malita and BOV whilst MPC, Plaza and Trident all closed unchanged. Meanwhile, overall trading activity improved marginally to €0.11 million. Download today’s Equity Market Summary.

Among the large equities by market cap, Bank of Valletta plc shed 0.6% to the €0.895 level across 16,403 shares whilst Malta International Airport plc climbed by 3.3% as it returned to the €6.20 level across a single deal of 2,000 shares.

In the property segment, Trident Estates plc traded flat at the €1.48 level as 2,000 shares changed hands whilst Malta Properties Company plc closed unchanged at the €0.55 level across trivial volumes.

Similarly, Plaza Centres plc remained at the €0.86 level across 2,000 shares.

Meanwhile, Malita Investments plc eased by 1.3% to the €0.82 level as 25,200 shares changed hands. Yesterday, Malita published its interim results whereby operating profit excluding any fair value movements for the period rose by 7.7% to €4.1 million. The company continued receiving lease income in respect of the Open Air Theatre and Parliament Building in Valletta as well as ground rent from the MIA and VCP properties. Meanwhile, with respect to the Affordable Housing project, the company noted that developments are proceeding well, with excavation of all 16 property sites now at an advanced completion stage, apart from the Luqa site, whose excavations works are due to start soon. To date, the capitalised cost of this development amounts to €24.6 million. The Directors of Malita also declared a net interim dividend of €0.0112 per share. This is payable on Friday 24 September 2021 to all shareholders as at close of trading on Thursday 2 September 2021.

A single trade of 3,300 shares lifted Harvest Technology plc 1.4% higher to the €1.50 level. Today, shareholders will receive a net interim dividend of €0.024 per share.

In the same sector, BMIT Technologies plc advanced by 3.3% to the €0.496 level across a single trade of 90,000 shares whilst the ordinary shares of RS2 Software plc rose by 1.1% to the €1.78 level (a 1-month high) on two deals totalling 6,000 shares.

The RF MGS Index posted its sharpest daily decline in over 6 weeks as it slipped by 0.17% to 1,101.982 points. Today, fresh economic data revealed that the German economy expanded by 1.6% during Q2 2021, rebounding from a downwardly revised 2% contraction in the first three months of the year. The growth was supported by private consumption and state spending after COVID-19 restrictions were eased.

Grand Harbour Marina plc also published its interim results yesterday whereby the company reported a net loss of €0.3 million compared to the net loss of €0.2 million registered in the same period during 2020. The Directors noted that the results for the first six months have been impacted by an uncertain economic situation caused by the prolonged pandemic. This has led to a lower demand in some areas of the business and a weakening of the Turkish lira. In particular, due to the weakening of the Turkish Lira, a loss on the operation of the Cesme Marina (€0.7 million loss) was recorded. Looking ahead, the Directors explained that although 2021 is proving to be another challenging year, it reaffirm that the Group is well positioned to honour its financial obligations as they fall due with particular reference to the interest payable on the listed bonds, as well as bank borrowings and other related obligations.