Daily Market Highlights (27.03.2020)

MSE Equity Price Index maintains positive momentum


The MSE Equity Price Index rose for the third consecutive session as it climbed by an additional 1.3% to 3,853.940 points. The gains in MIA, RS2, IHI, HSBC and GHM outweighed the decline in GO, FIMBank, MaltaPost and Malita whilst two other equities ended the day unchanged. Meanwhile trading activity rose to €0.62 million, mainly on account of strong activity in MIA and BOV. Download today’s Equity Market Summary.

Malta International Airport plc continued to trend higher as the equity climbed by a further 4% to the €5.20 level across 46,431 shares. MIA’s share price has surged by 48.6% from Monday’s multi-year low of €3.50.

RS2 Software plc recovered from an intraday low of €1.83 (-1%) to end the day at the €1.92 level (+3.8%) across 34,200 shares. Last week, the company announced that all of its business lines around the globe were operating at normal service levels despite the outbreak of ‘COVID-19’.

Also among the large companies, International Hotel Investments plc surged by 9.6% to return to the €0.57 level across a single trade of 9,560 shares, whilst HSBC Bank Malta plc added 2.2% as it recaptured the €0.92 level across 8,979 shares after temporarily reaching an intraday high of €0.95 (+5.6%).

Elsewhere, Grand Harbour Marina plc closed at a 16-month high as the equity rose by over 36% to the €0.75 level on a miniscule trade after 10,000 shares were exchanged at the €0.55 level at the start of the day.

Among today’s negatively performing equities, GO plc fell to a fresh 14-month low as it lost 1% to the €3.90 level on volumes of 15,080 shares.

A single deal totalling 55,000 saw FIMBank plc slip by 7.8% to a four-year low of USD0.45. Today, FIMBank announced that in view of the present COVID-19 circumstances and the directives issued by the Public Health Authorities, the Annual General Meeting which was originally scheduled for Thursday 7 May 2020 is being postponed to a future date when such a meeting can be held, which date shall be communicated in due course.

Malita Investments plc lost 1.3% to the €0.77 level across 35,130 shares whilst MaltaPost plc shed 1.8% to return to the €1.10 level.

Meanwhile, Bank of Valletta plc ended unchanged at the €0.86 across heightened activity of 112,232 shares.

Similarly, PG plc ended the day flat at the €1.60 level across 40,900 shares.

The RF MGS Index built on yesterday’s gains as the index added a further 0.8% to 1,132.517 points. The move higher followed an improvement in investor sentiment as international financial markets continued to rally on the news that the House of Representatives in the US on Friday will attempt to approve the historic $2 trillion stimulus package that passed Senate earlier this week. Meanwhile, EU leaders failed to reach an agreement on a major stimulus package for the European economy in the light of the coronavirus emergency. Differences over the scope and nature of a financial rescue package prevented unanimous agreement. EU leaders have now asked eurozone finance ministers to keep working on proposals for a rescue plan with a deadline of two weeks. The news sent the 10-year German Bund below the -0.50% level on Friday afternoon.