Daily Market Highlights (27.08.2021)

Tigné Mall share price reaches 6½-month high


The MSE Equity Price Index snapped a three-day winning streak as it slipped by 0.38% to 3,887.270 points. The declines in MIA, Main Street, Farsons and Trident outweighed the gains in BMIT, MIDI, MaltaPost and Tigné. Meanwhile, BOV, GO, HSBC and Malita closed flat as overall trading activity eased to €0.09 million from €0.2 million yesterday. Download today’s Equity Market Summary.

In the retail banking sector, HSBC Bank Malta plc traded flat at the €0.80 level across 18,517 shares whilst Bank of Valletta plc remained at the €0.90 level on 11,418 shares.

GO plc closed unchanged at the €3.30 level on a single trade of 500 shares.

GO’s data centre subsidiary, BMIT Technologies plc, recaptured the €0.50 level as it advanced by 0.8% across 5,000 shares.

Simonds Farsons Cisk plc lost 1.8% to the €8.25 level on trivial volumes. Today, Farsons announced that its Board of Directors is scheduled to meet on Wednesday 29 September to consider and approve the interim financial statements for the six-month period ended 31 July 2021.

Similarly, Trident Estates plc dropped by 2.7% to the €1.44 level on insignificant volumes.

Also in the property segment, Tigné Mall plc climbed by a further 1.3% to a 6½-month high at the €0.79 level as 33,400 shares changed hands. On the other hand, Main Street Complex plc traded for the first time in over 3 months as it slipped by 2.5% to the €0.476 level across 38,000 shares.

Meanwhile, Malita Investments plc remained rooted the €0.82 level on a single deal of 2,000 shares whilst MIDI plc rose by nearly 1% to the €0.422 level across 10,000 shares. MIDI is scheduled to publish its interim financial results on Monday 30 August.

Malta International Airport plc shed 2.4% as it returned to the €6.15 level on a single trade of just 250 shares.

Elsewhere, MaltaPost plc jumped 3.2% to a 4-month high of €1.28 across 2,806 shares.

The RF MGS Index posted a 5-day losing streak as it declined by a further 0.05% to 1,095.303 points. Today, the National Statistics Office published fresh data showing that the Government Consolidated Fund registered a deficit of €882.5 million by the end of July 2021. Until then, the Government’s recurrent revenue amounted to €2.6 billion, with the largest increase recorded under income tax and VAT which stood at €283.8 million and €125.4 million respectively. On the other hand, recurrent expenditure totalled more than €3 billion during the same period – a rise of €499.6 million compared to the previous year. The main contributor to this increase was a €388.2 million rise in programmes and initiatives, which was largely related to the pandemic assistance scheme, which totalled €231.4 million. At the end of July, Central Government debt totalled €7.8 billion. This marked a €1.2 billion increase from 2020 figures, mainly due to increases in Malta Government Stocks and foreign loans. Looking ahead, Malta is facing a projected deficit of €1.6 billion for 2021 which would amount to 12% of GDP. This reflects a marked increase from earlier projections made last year of 5.9%.