Daily Market Highlights (29.11.2021)

MSE Equity Price Index slides to 1-year low


The MSE Equity Price Index dropped by 1.42% to the lowest level since November 2020 at 3,758.861 points as the declines in the share prices of MIA, FIMBank, MIDI, BMIT and GHM outweighed the gains in BOV and IHI. Meanwhile, four other equities remained unchanged as overall trading activity amounted to €0.06 million. Download today’s Equity Market Summary.

Malta International Airport plc eased by 0.8% to the €5.90 level on five trades totalling 3,530 shares.

Today’s worst performing equity – FIMBank plc – slumped by 24.9% to a near 7-month low of USD0.29 on a single deal of 10,850 shares.

MIDI plc lost 19.1% to the €0.322 level whilst Grand Harbour Marina plc slid by 6.8% to the €0.69 level, albeit both companies traded on trivial volumes.

In the IT sector, BMIT Technologies plc moved 0.8% lower to the €0.49 level on a single trade of 4,100 shares.

Meanwhile, Bank of Valletta plc continued to trade within a tight range as it advanced by 1.2% to the €0.86 level on 1,662 shares.

Also among the large companies by market value, International Hotel Investments plc added 0.9% to the €0.585 level across 1,000 shares.

Elsewhere, HSBC Bank Malta plc traded flat at the €0.83 level on five deals totalling 29,983 shares.

PG plc remained at the €2.42 level on a total of 4,036 shares. Last Friday, PG declared a net interim dividend of €0.0208333 per share. This is 12.5% higher than the corresponding interim dividend paid out for the first half of the 2020/21 financial year. The interim dividend is payable on Friday 10 December to all shareholders as at close of trading tomorrow.

The ordinary shares of RS2 Software plc remained at the €1.69 level on a single trade of 1,000 shares.

MedservRegis plc stayed at the €0.65 level on negligible volumes. Today, MedservRegis issued an Interim Report providing an update on its financial performance. This indicated that the combined MedservRegis Group generated an aggregate adjusted EBITDA of €4.5 million during the nine-month period from January 2021 to September 2021 which translates into an adjusted EBITDA margin of 15%. In its statement, MedservRegis explained that it is well placed to benefit from the rebound in exploration and production activities in all markets where it operates. The start of new contracts in Egypt is expected to have a positive impact on results. A mega development project for the installation of production platforms in offshore Libya is on track to commence mid-2022. Meanwhile, drilling in Cyprus resumed in Q4 2021 and the order book for the Middle East remains strong for 2022. Elsewhere, MedservRegis signed a strategic alliance agreement with DP World Paramaribo Suriname with a view to recommencing operations in Latin America. In conclusion, MedservRegis noted that it is evaluating options and is in discussions to reduce its debt and/or reduce the costs of maintaining such debt.

The RF MGS Index extended last Friday’s gains with a further uplift of 0.08% to 1,087.871 points reflecting the positive price movements in the long-dated MGS. Concerns regarding the newly discovered Omicron variant of Covid-19 eased following initial observations of mild symptoms on infected patients. However, the World Health Organisation urged caution due to the severe consequences that may result from another global rise in infections. Meanwhile, economic data from the eurozone showed that inflationary pressures continued throughout November as the annual inflation rate in Spain is projected at 5.6% and in Germany at 5.2%.

This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data.  Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange.