The MSE Share Index finished lower for the fourth consecutive trading session today as it retreated by a further 0.50 per cent to 4,497.349 points – the lowest level this month. Trading activity improved as €0.3 million worth of shares changed hands today – up from an average of €0.18 million in the previous three trading sessions. Week-on-week, the local equity index registered its third worst weekly performance for the year as it lost 1.55 per cent.
The 2.7 per cent decline in the share price of International Hotel Investments plc weighed heavily on the negative performance of the MSE Share Index today. Indeed, the equity slipped back to the €0.68 level on low volumes of just 3,515 shares. IHI preferred applicants (i.e. shareholders as at the close of trading on 27 June) have until Tuesday 19 July to apply for the new €55 million 4.0 per cent secured bonds maturing in 2026. The general public offer for the same bond issue opens on 20 July and closes on 22 July, or earlier in the case of over-subscription.
Also among the large companies, HSBC Bank Malta plc eased by 0.6 per cent to the €1.59 level across 4,200 shares. HSBC will publish its interim results on 3 August.
The worst performing equity today was FIMBank plc as it retreated from its seven-year high of USD1.019 (reached last Wednesday) to USD0.98 (-3.8 per cent) on high volumes totalling 300,000 shares – representing 87.4 per cent of the total value of equities traded today. The Board of Directors of FIMBank will be meeting on 9 August 2016 to consider and approve the interim financial statements for the half-year ended 30 June 2016 and also consider the declaration of an interim dividend.
Within the same segment, Bank of Valletta plc recaptured the €2.21 level (+0.5 per cent) on merely 1,197 shares.
Malta Properties Company plc closed the week 0.2 per cent higher at the €0.508 level also on low volumes.
The equity of GO plc continued to trade within a tight range and today it advanced by 0.4 per cent to the €2.86 level across 3,400 shares. Eligible GO shareholders have until next Friday 22 July to submit their relative Acceptance Form in connection with TT ML Limited’s offer to acquire GO shares at the price of €2.87 per share.
Meanwhile, a single deal of just 500 shares left the equity of 6pm Holdings plc unchanged at the GBP0.90 level.
Similarly, Malta International Airport plc maintained the €4.15 level across 3,687 shares. On Wednesday, MIA announced that it is now expecting 4.97 million passengers to pass through the airport this year, up by 5.1 per cent from the previous 2016 forecast of 4.73 million revealed in January 2016. This represents a 7.5 per cent uplift on the record number of 4.62 million passenger movements registered in 2015 and the seventh consecutive year of record performances. The interim financial statements of MIA will be published on 17 August.
On the bond market, the RF MGS Index finished lower for the fourth consecutive day as it retreated by a further 0.11 per cent to a two-week low of 1,155.894 points. The 10-year benchmark German Bund yield touched an intra-day three-week high of -0.018 per cent today from a low of -0.142 per cent yesterday. On the economic front, latest data showed that inflation in the single currency area came in at just 0.1 per cent in June on an annual basis, up from -0.1 per cent in May.
Preferred applicants of MIDI plc (i.e. holders of the 7 per cent MIDI plc 2016/18 (EUR) bonds, 7 per cent MIDI plc 2016/18 (GBP) bonds and shareholders of MIDI plc) have until next Monday 18 July to apply for the new €50 million 4.0 per cent secured bonds maturing in 2026. Bondholders of the 7 per cent GBP bonds can transfer their holding into the new 4 per cent EUR bonds at a rate of GBP0.834 per EUR1.
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