Daily Market Highlights (27.01.2020)

PG climbs to new all-time high


The MSE Equity Price Index opened the week in positive territory as it added 0.23% to 4,653.274 points. The gains in four companies including PG and BOV outweighed the drops in BMIT and MPC whilst a further six shares ended the day unchanged. The value of equities traded amounted to €0.3 million as activity in PG, HSBC, IHI and MIA represented 76% of today’s total activity in equities. Download today’s Equity Market Summary.

PG plc advanced by a further 3.5% to a fresh record high of €2.06 across 35,726 shares.

Lombard Bank Malta plc surged 4.6% to regain the €2.28 level albeit on just 1,000 shares.

Low trading activity also took place in the equities of Bank of Valletta plc and Main Street Complex plc which closed at €1.08 (+0.5%) and €0.58 (+5.5%) respectively.

On the other hand, Malta Properties Company plc lost 3.7% to the €0.655 level on just 1,025 shares.

Two deals totalling 39,500 shares forced the equity of BMIT Technologies plc to move 1.9% lower back to the €0.51 level.

Also in the technology sector, RS2 Software plc held on to the €2.30 level across 11,400 shares.

Amongst the large companies, HSBC Bank Malta plc (57,444 shares) and International Hotel Investments plc (66,822 shares) traded flat at €1.08 and €0.81 respectively. HSBC is due to publish its 2019 full-year financial results on 18 February. The Directors will also consider recommending a final dividend for approval at the AGM scheduled to be held on 8 April.

Malta International Airport plc remained at the €6.80 level after failing to hold on to an intra-day high of €6.85 (+0.7%). A total of 5,880 shares changed hands. MIA will be publishing its 2019 full-year financial results on 26 February and on the same day, it will also consider the declaration of a final dividend. The airport operator is soon expected to publish its 2020 traffic and financial forecasts.

In the property sector, both Malita Investments plc and Tigné Mall plc stayed at the €0.90 level on light trading volumes.

The RF MGS Index moved higher for the third consecutive day as it rallied by 0.36% (the sharpest uplift in nearly eight weeks) to a six-week high of 1,148.804 points. Prices of Malta Government Stocks gained ground amid a global surge for ‘safe haven assets’ in view of the mounting concerns on the impact of the deadly coronavirus and its accelerating spread around the world. On the economic front, surveys in Germany showed that business morale deteriorated unexpectedly in January whilst Europe’s powerhouse economy is only expected to grow by 0.2% in Q1 2020. Elsewhere, in Italy, investor sentiment improved after the centre-left candidate won a key regional election in Emilia Romagna, thus providing a boost to Prime Minister Giuseppe Conte’s fragile coalition and making a snap general election less likely.

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