Daily Market Highlights (28.09.2021)

MIA drags MSE Equity Price Index lower


The MSE Equity Price Index declined by 0.27% to 3,880.951 points as the loss in MIA outweighed the gain in Harvest. Meanwhile, BOV closed unchanged as overall trading activity was minimal at €0.03 million. Download today’s Equity Market Summary.

A single trade of insignificant volumes forced the share price of Malta International Airport plc to drop by 2.5% to the €5.95 level.

Also among the equities with a large market cap, Bank of Valletta plc remained at the €0.88 level on a single trade of 15,000 shares.

Meanwhile, Harvest Technology plc surged by 4% to the €1.55 level on three trades totalling 9,500 shares.

The RF MGS Index fell by 0.33% to 1,083.524 points, reaching the lowest level since November 2018. The increase in yields was in line with trends observed in Eurozone and US Treasuries amid concern of rate hikes by the US Federal Reserve. Today, the Central Bank of Malta (‘CBM’) published its monthly economic update which showed that in August macroeconomic variables continued to recover but overall economic activity remained below pre-pandemic levels. The CBM noted that while final deeds of sale for residential property rose on an annual basis, the number of promise-of-sale agreements decreased. Meanwhile, unemployment in July fell to 3.3% which is marginally below pre-pandemic levels.

Today, Mizzi Organisation Finance plc published a Prospectus in relation to a new €45 million bond issue at a coupon of 3.65% maturing in 2031 with the possibility of early redemption as from 2028. The net proceeds from the bond issue will be used for the part-refinancing of existing borrowings of Mizzi Organisation, a property development project in Blata l-Bajda, refurbishment of the ‘Arkadia’ complex located in Rabat, Gozo, and other general corporate funding purposes. The subscription period closes on Friday 8 October.

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