Daily Market Highlights (26.04.2021)

IHI share price rallies by 7.7%


The MSE Equity Price Index snapped a three-day winning streak as it eased by 0.14% to 4,008.723 points. The declines in BOV, HSBC and RS2 outweighed the gains in IHI and MIA whilst BMIT, GO, Harvest and PG all closed unchanged. Meanwhile, overall trading activity improved to just over €0.4 million compared to €0.17 million last Friday, mainly on account of the heightened activity in IHI. Download today’s Equity Market Summary.

International Hotel Investments plc surged by 7.7% as it regained the €0.70 level on heightened activity totalling 417,827 shares having a market value of €0.29 million. IHI is due to publish its 2020 Annual Report on Friday 30 April.

Malta International Airport plc added 0.8% as it closed at a near 5-month high at the €6.25 level across 3,931 shares.

In the banking sector, HSBC Bank Malta plc lost 1.2% to the €0.84 level across a single trade of 5,000 shares whilst Bank of Valletta plc drifted 1.1% lower to the €0.89 level across 7,000 shares.

Also among the large companies by market value, RS2 Software plc erased all of last Friday’s gains as it plunged by 8% to the €1.84 level across 5,000 shares. Last Friday, RS2 announced that it received applications for a total amount of 8,989,600 preference shares (for a total value of €15,731,800) in respect of the recent offer of up to 28,571,400 preference shares at an offer price of €1.75 per preference share. All applications were met in full and the new preference shares are expected to be admitted to the Official List of the Malta Stock Exchange by latest 30 April 2021 whilst trading may commence from 3 May 2021. Furthermore, on 29 April 2021, RS2 is scheduled to publish its 2020 Annual Report.

A single trade of 1,000 shares kept GO plc unchanged at the €3.72 level, as the equity started trading ex-dividend as from today.

In the technology sector, BMIT Technologies plc failed to hold onto an intraday high of €0.51 (+2%) as it closed flat at the €0.50 level across 103,000 shares. Similarly, Harvest Technology plc remained at the €1.45 level on trivial volumes.

Elsewhere, PG plc retained the €2.08 level as 7,250 shares changed hands.

The RF MGS Index started the week 0.08% lower at 1,112.607 as the German Institute for Economic Research published its IFO Business Climate Index showing improved data when compared to the previous month. The German think-tank, however, envisaged a less optimistic outlook for the next six months as the third wave of infections and supply bottlenecks of intermediate products are limiting Germany’s economic recovery. Meanwhile, Italian prime minister, Mario Draghi, will today unveil in parliament his plan for spending €221.5 billion to help the country’s economy recover from the pandemic and boost structural reforms.