Daily Market Highlights (25.03.2020)

MSE Equity Price Index rebounds by over 1%


The MSE Equity Price Index posted its first gain in several days as it added 1.1% to 3,746.049 points. Five companies trended higher including MIA, BOV, IHI and RS2. On the other hand, PG and BMIT drifted lower whilst a further three companies closed the day unchanged. Trading volumes remained on the high side as a total of €0.41 million worth of shares changed hands. Download today’s Equity Market Summary.

Following yesterday’s strong rebound, Malta International Airport plc added a further 5.3% to the €4.38 level on a total of 23,775 shares.

Bank of Valletta plc moved 1.2% higher to the €0.87 level across 115,331 shares.

Also among the large companies, RS2 Software plc advanced by 2.9% to regain the €1.75 level on twelve deals totalling 67,759 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.

International Hotel Investments plc also performed positively today with a gain of 3% to the €0.52 level across 36,520 shares.

In the property segment, Trident Estates plc advanced by 3.2% to the €1.29 level whilst MIDI plc remained at the €0.38 level. Both equities traded on light volumes.

Two deals totalling 5,000 shares left the equity of GO plc at the €3.94 level.

HSBC Bank Malta plc traded unchanged at its multi-year low of €0.90 on a total of 12,591 shares.

Meanwhile, PG plc dropped 2.4% to the €1.61 level after partially rebounding from a near nine-month low of €1.60. A total of 21,250 shares changed hands. 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.

A single deal of 23,000 shares forced the equity of BMIT Technologies plc to ease 0.4% lower to a new low of €0.478. Yesterday, BMIT confirmed 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.

The RF MGS Index extended yesterday’s decline by a further 0.55% to 1,122.116 points. Movements across international financial markets including bond yields were mainly impacted by the historic economic stimulus plan worth USD2 trillion agreed between the US Senate and Congress aimed at delivering financial support to businesses and also provide relief to individuals and hospitals from the rapid spread of the ‘COVID-19’.