The share index climbed to its highest level in over a week largely due to the rebound in the share price of GO. HSBC and MPC also registered gains. On the other hand, RS2 posted a marginal decline while Malita Investments retreated to its 2016 low.
Following yesterday’s publication of the 2016 interim financial statements, the equity of GO reacted positively as it gained 3.2 per cent to the €2.91 level – the highest since late May – across 12,628 shares. GO posted a pre-tax profit figure of €17.1 million, which is 31.3 per cent higher than the corresponding period last year. The company’s results were positively impacted by a gain of €6.1 million arising from the acquisition of a subsidiary. Eliminating this one-off gain, EBITDA still improved by 19 per cent to €29.9 million.
Also among the large companies, HSBC advanced by 0.7 per cent from its 12-year low of €1.55 to close at the €1.56,1 level on weak volumes. The equity will start trading ex-dividend as from tomorrow.
The other positive performing equity today was Malta Properties Company as it rose to a near six-week high of 52c5 (+3.1 per cent) across 95,185 shares.
In the same segment, a single deal of just 2,500 shares sent the price of Malita Investments down one per cent to its 2016 low of 85c1. Recently, Malita published its interim results revealing a 65.7 per cent decline in net profits to €3.9 million largely reflecting a lower incidence of positive fair value movements on the company’s investment properties and a tax charge of nearly €1 million compared to a tax credit of €0.8 million in the comparable period last year.
RS2 Software retracted back to the €1.90 level (-0.3 per cent) across 41,125 shares. The IT Group is expected to publish its interim results tomorrow.
Meanwhile, three equities traded unchanged. Bank of Valletta held on the €2.23 level on volumes totalling 19,234 shares.
Similarly, BOV’s insurance associate, Mapfre Middlesea, closed flat at the €2.02,5 level on shallow volumes.
Simonds Farsons Cisk maintained its 10-week high of €6.35 across 6,869 shares.
This morning, FIMBank revealed its results for the six-month period ended June 30. The trade finance specialist recorded a net profit of $1.1 million which contrasts sharply with the $8 million loss suffered during the first half of 2015.
This achievement came on the back of a notable reduction in non-interest expenses and a substantial decrease in impairment allowances. The directors of FIMBank remain committed at guiding the bank in its turnaround strategy.
A total of 6,903,494 new shares of International Hotel Investments were admitted to listing today in relation to last year’s acquisition by IHI of the IHG Group. Trading in these new shares is expected to commence as from tomorrow.
On the bond market, the RF MGS Index extended yesterday’s gains as it advanced by a further 0.06 per cent to 1,161.462 points – the highest since the end of April 2015.
The indicative bid prices of the Central Bank of Malta for various Malta Government Stocks reached fresh highs once again today.
Downward pressure on euro zone sovereign yields is mounting as the available pool of investments which are eligible for the European Central Bank’s quantitative easing programme, is restricting itself even further after the Bank of England too decided to extend its monetary policy measures.
The 10-year benchmark German Bund slipped to -0.087 per cent today from -0.076 per cent yesterday.
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