Daily Market Highlights (28.06.2017)

  • The MSE Share Index extended yesterday’s gains by a further 0.38% to a seven-week high of 4,698.417 points, mostly reflecting the gains in the share prices of IHI (+3%), RS2 (+0.6%), MIA (+0.5%) and HSBC (+0.2%) which offset the 0.3% drop in GO. Total value of equities traded today improved to a two-week high of €0.58 million. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index registered its worst daily performance since early January 2017 as it tumbled by 0.66% to a near three-week low of 1,128.461 points. Euro zone sovereign yields surged considerably higher after ECB President Mario Draghi yesterday stated that the central bank might begin reducing its stimulus programme as economic prospects in Europe improve. In fact, the 10-year and 20-year benchmark German bund yields rose to multi-week highs before partially retreating as the ECB issued a clarification saying that financial markets widely misinterpreted Draghi’s earlier comments. On the economic front, French consumer confidence climbed to a ten-year high, possibly reflecting Emmanuel Macron’s wide-ranging victory in the recent Parliamentary elections. On the other hand, German import prices increased by a less-than-expected +4.1% year-on-year in May whilst month-on-month they decreased by a more-than-expected -1%.
  • Ten deals totalling 66,514 shares lifted the equity of International Hotel Investments plc 3% higher from its post-bonus adjusted price of €0.602 to the €0.62 level.
  • RS2 Software plc climbed 0.6% to reach a fresh 2017 high of €1.70 across 44,934 shares.
  • Also among the large companies by market capitalisation, Malta International Airport plc recaptured the €4.12 level (+0.5%) on volumes totalling 18,100 shares whilst HSBC Bank Malta plc advanced by 0.2% to regain the €2.08 level across 8,442 shares.
  • PG plc moved 0.4% higher to regain the €1.30 level across 61,450 shares whilst Tigne’ Mall plc gained 1% as it rebounded from its 22-month low of €0.901 to close at the €0.91 level on strong volumes totalling 128,200 shares.
  • In contrast, GO plc was the only negative performing equity today with a drop of 0.3% to the €3.47 level after only partially recovering from an intra-day low of €3.455 (-0.7%). A total of 33,122 shares changed hands.
  • Meanwhile, six equities closed the day unchanged. Bank of Valletta plc (26,477 shares) and its insurance associate – Mapfre Middlesea plc (9,288 shares) – maintained the €2.18 and €1.90 levels respectively. On Monday, BOV announced that it will be changing its accounting year end from 30 September to 31 December.
  • In the property segment, Malita Investments plc and Plaza Centres plc also finished the day flat. Malita recovered from an intra-day low of €0.72 (-2.7%) to retain the €0.74 level across 13,934 shares. On the other hand, Plaza failed to hold on to an intra-day high of €1.02 (+3%) to close unchanged at the €1.00 level on robust trading volumes totalling 149,150 shares.
  • Three deals totalling 12,100 shares left the equity of Medserv plc at the €1.30 level whilst Santumas Shareholdings plc held on to its record high of €2.00 across 6,638 shares.
  • Grand Harbour Marina plc published a Prospectus following regulatory approval for the issuance of €15 million 4.50% unsecured bonds maturing in 2027. The proceeds of the bonds are principally earmarked for the early redemption of the existing 7% 2017/20 bonds as well as further waterside investment.