Daily Market Highlights (25.11.2019)

BOV & HSBC lift the MSE Equity Price Index higher


The MSE Equity Price Index opened the week in positive territory as it rebounded by 0.18% from its five-week low of 4,766.098 points to 4,774.421 points. The gains in BOV and HSBC offset the decline in PG whilst a further six companies closed the day unchanged. Trading activity contracted sharply to €0.23 million compared to €0.57 million last Friday, whilst half of today’s volumes took place in BMIT. Download today’s Equity Market Summary.

Bank of Valletta plc regained the €1.10 level (+0.9%) across 16,515 shares.

Similarly, HSBC Bank Malta plc added 0.8% to the €1.28 level on three deals totalling 9,900 shares. Last Friday, HSBC issued an Interim Directors’ Statement updating the market on the bank’s performance since the start of 2019. In this respect, HSBC explained that its profit before tax was higher than the same period in 2018. Although revenues remained under downward pressure, expected credit losses remained well within management expectations and below 2018. Furthermore, operating expenses were lower than the same period in 2018. Commenting on the bank’s performance, HSBC Malta CEO Mr Andrew Beane highlighted the importance for the bank to continue improving its efficiency and strengthen its resilience amid unfavourable market dynamics.

Within the same segment, Lombard Bank Malta plc maintained the €2.26 level albeit on trivial activity.

In contrast, BMIT Technologies plc continued to trade on encouraging volumes with the equity retaining the €0.52 level across 224,189 shares. Last Thursday, BMIT issued an Interim Directors’ Statement providing indications about the company’s performance since the start of 2019. BMIT explained that its performance continues to be positive reflecting the company’s drive to increase its service offerings. In fact, revenues during the first nine months of 2019 were 5.8% higher when compared to the same period last year. Furthermore, the growth in revenues of 5.8% is also superior to the projected rate of increase of 4.5% published in the Prospectus dated 7 January 2019. BMIT added that as revenue growth is expected to be sustained during the last three months of 2019, it is now expecting to achieve its 2019 objectives comfortably.

Malta International Airport plc (2,767 shares) and RS2 Software plc (17,000 shares) traded flat at €7.20 and €2.10 respectively.

In the property sector, a single deal of 13,000 shares left the equity of MIDI plc at the €0.65 level.

Likewise, Tigné Mall plc traded unchanged at the €0.90 level on volumes of 8,500 shares.

Meanwhile, the only negative performing equity today was PG plc with a decline of 0.6% to the €1.79 level across 2,910 shares.

The RF MGS Index erased most of last Friday’s sharp decline as it added 0.2% today to 1,151.143 points, largely reflecting a disappointing result of a survey among German businesses on the economic outlook for the next six months.



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