Daily Market Highlights (27.04.2021)

MSE Equity Price Index drifts lower on thin volumes


The MSE Equity Price Index fell by 1.14% to 3,963.121 points as overall trading activity contracted sharply to €0.07 million from just over €0.4 million yesterday. The declines in HSBC, IHI, MIDI, MIA, Farsons and Tigné Mall outweighed the gains in BOV whilst PG, RS2 and Harvest all traded unchanged. Download today’s Equity Market Summary.

International Hotel Investments plc erased all of yesterday’s gains as it slipped by 7.1% to return to the €0.65 level across 15,000 shares. IHI is due to publish its 2020 Annual Report on Friday 30 April.

Similarly, Malta International Airport plc retreated by 0.8% to the €6.20 level as 1,850 shares changed hands.

A single trade of insignificant volumes forced Simonds Farsons Cisk plc 1% lower to the €9.90 level.

Meanwhile, Tigné Mall plc eased by 0.7% to the €0.74 level as 2,415 shares changed hands. Last Thursday, the company published its 2020 Annual Report whereby it recorded a 22.1% drop in revenues to €5.44 million as its operations were materially adversely impacted by COVID-19. Overall, Tigné Mall reported a pre-tax profit of €2.16 million compared to €3.58 million in 2019.

In the banking sector, HSBC Bank Malta plc shed 2.4% as it returned to the €0.82 level across 7,384 shares whilst Bank of Valletta plc recaptured the €0.90 level as it advanced by 1.1% across 30,081 shares.

MIDI plc plunged by just under 7% to the €0.40 level as 8,000 shares changed hands. Last Friday, MIDI published its 2020 Annual Report whereby it reported a pre-tax loss of €1.6 million. In their commentary, the Directors of MIDI explained that during 2020 the company continued to focus on the revised masterplan for the Manoel Island project as well as the final development at Tigné Point – i.e. the ‘Q3’ residential block which was is currently subject to an appeal.

RS2 Software plc traded unchanged at the €1.84 level across 725 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 Thursday 29 April, RS2 is scheduled to publish its 2020 Annual Report.

Also in the technology sector, Harvest Technology plc closed flat at the €1.45 level as 3,500 shares changed hands.

Elsewhere, PG plc remained at the €2.08 level across a single trade of trivial volumes.

The RF MGS Index shed a further 0.07% to 1,111.846 points as yields rose minimally on improved business and consumer confidence data published by the Italian National Institute of Statistics. Meanwhile, the US Federal Reserve is holding a two-day policy meeting with expectations to keep current rates unchanged, but could give clearer guidance on inflation figures, which are expected to rise as the economic recovery progresses.