Daily Market Highlights (30.11.2017)

  • The MSE Equity Price Index extended yesterday’s decline by a further 0.91% to a near fifteen-month low of 4,391.091 points, reflecting the drops in the share prices of BOV, HSBC, RS2 and Malta Properties, whilst Medserv and MIA closed the day unchanged. Download a copy of today’s Equity Market Summary.
  • The RF MGS Index drifted lower for the third consecutive day as it eased by a further 0.07% to an over one-week low of 1,125.680 points. Euro zone sovereign yields gained further ground today (bond prices fell) following the publication of upbeat inflationary data in Germany yesterday as well as robust Q3 GDP growth in the US. Moreover, outgoing Fed chief Janet Yellen reiterated that the world’s most influential central bank ought to continue tightening its monetary policy amid a strengthening global economic recovery.
  • Bank of Valletta plc moved back to its 2017 low of €1.75 (-3.3%) on volumes totalling 67,953 shares. Eligible shareholders have until Wednesday 6 December 2017 to participate in the 1-for-4 rights issue at a price of €1.43 per share.
  • Within the same sector, HSBC Bank Malta plc eased by 0.6% to a fresh 2017 low of €1.84 across 17,125 shares.
  • Also among the large companies by market capitalisation, RS2 Software plc shed 2.5% to move back to the €1.521 level on four deals totalling 7,270 shares. On Monday, RS2 issued an Interim Directors’ Statement explaining the Group’s current and prospective international expansion strategy. It revealed the formation of an alliance with a large corporation that provides 42% of the global travel market as well as the conclusion of an agreement with a Middle Eastern company for a licence sale and its subsequent implementation. Overall, RS2 is expecting revenues for the current financial year ending 31 December 2017 to remain stable and comparable to 2016. Furthermore, the Group is expecting to maintain, and possibly marginally improve its profitability, over 2016. The Group also noted that its sales pipeline across the different regions and across the two business lines remains very healthy and conducive to successfully implementing the Group’s expansion strategy.
  • Malta Properties Company plc also retreated by 2.5% to its lowest closing price ever of €0.468 albeit on trivial volumes.
  • Meanwhile, Medserv plc traded flat at the €1.121 level on five deals totalling 20,500 shares. Last week, Medserv issued a detailed Interim Directors’ Statement whereby it explained its current performance as well as the strong business pipeline for the coming years.
  • Malta International Airport plc retained the €4.65 level after recovering from an intra-day low of €4.64 (-0.2%). A total of 16,935 shares changed hands.