Daily Market Highlights (30.06.2020)

MSE Equity Price Index extends positive trend


The MSE Equity Price Index trended higher for the fourth consecutive day as it added a further 0.35% to 4,052.669 points. The gains in four companies outweighed the drops in four other shares whilst BMIT, MIA and RS2 closed the day unchanged. Trading activity remained muted as only €0.11 million worth of shares changed hands. Download today’s Equity Market Summary.

Medserv plc was the best performing equity as it climbed 15% to the €0.69 level across 6,050 shares.

GO plc rallied 5.4% to regain the €3.50 level albeit on just 350 shares.

Low trading activity also took place in the two property-related companies Malta Properties Company plc and MIDI plc which added over 4% to €0.595 and €0.386 respectively.

International Hotel Investments plc eased by 0.8% to the €0.59 level on trivial volumes. Last Friday, IHI reported an EBITDA of just over €60 million for the 2019 financial year as virtually all the Group’s business segments reported growth. In their commentary, the Directors noted that despite the favourable prospects in terms of further international outreach (with new upcoming projects in Rome, Brussels, Dubai, Doha, Bucharest and Moscow), the negative effects from ‘COVID-19’ are now expected to linger beyond 2020/21. IHI reiterated its confidence that whilst projecting a scenario of little or no income for the foreseeable months (including a breakeven position after the payment of interest on bonds and bank loans as the least adverse possible scenario in 2021), it has sufficient resources and funds in place to maintain all its payment obligations as they arise through the course of the year.

Bank of Valletta plc retracted back to the €1.00 level (-1%) on ten deals totalling 59,622 shares.

A single deal of 5,212 shares forced the equity of HSBC Bank Malta plc to drop by 1% to the €0.95 level.

PG plc also ended the day 1% lower at the €1.95 level across 2,540 shares.

Meanwhile, Malta International Airport plc (4,200 shares) and RS2 Software plc (1,650 shares) traded flat at €5.80 and €2.40 respectively. The airport operator will resume commercial operations as from tomorrow with the reopening of Malta’s connectivity with various destinations.

BMIT Technologies plc held on to the €0.49 level across 6,000 shares.

The RF MGS Index opened the week in negative territory as it eased by 0.02% to 1,099.840 points. Uncertainty continued to dominate international financial markets amid considerable increases in the number of reported COVID-19 cases especially across the US. On the other hand, data gauging the level of consumer confidence in the US pointed to a strong rebound. Similarly, consumer spending in France was also encouraging whilst a preliminary report on inflation across the euro area in June reflected an increase to 0.3% compared to an expected reading of 0.1%.