MSE share index extends gains on weak volumes

The MSE Share Index added to yesterday’s gains as it advanced by a further 0.15% to 4,425.529 points, reflecting the gains in five equities which outweighed the marginal decline in RS2.

Trading activity across the equity market dropped to a value of just under €0.1 million – the lowest in the last twenty trading sessions. The local equity index remained virtually unchanged during this shortened week, registering a marginal gain of just 0.01%.

The most actively traded equity today was Malta Properties Company plc. The share price partially recovered from yesterday’s decline as it advanced by 1.9% to the €0.531 level on volumes totalling 69,551 shares.

Among the large companies, International Hotel Investments plc gained 1.4% to recapture the €0.635 level on negligible volumes.

Likewise, a single deal of just 1,900 shares lifted the equity of Bank of Valletta plc fractionally higher to the €2.252 level.

Medserv plc closed 0.1% higher at €1.551 on activity amounting to 15,140 shares.

Loqus Holdings plc traded for the first time in nearly seven weeks, edging up by 0.7% on a miniscule trade.

Meanwhile, HSBC Bank Malta plc and Malta International Airport plc both closed unchanged at €1.62 and €4.24 respectively on low volumes.

Malita Investments plc held on to its 2016 low of €0.851 as a further 22,000 shares traded.

The only negative performing equity today was RS2 Software plc. The equity managed to rebound from an intra-day low of €1.60 (-1.8%) but still closed lower with a drop of 0.3% to the €1.625 level across 5,900 shares.

On the bond market, the RF MGS Index recorded a three-day positive streak as it advanced by a further 0.18% to a fresh seventeen-month high of 1,173.607 points. Euro zone sovereign bond yields continued to digest the latest actions by the US Federal Reserve and the Bank of Japan in which both seemed to offer further support to the current record low interest rate scenario.

As a result, euro zone yields continued to drift with the 10-year benchmark German Bund yield dropping to -0.081% from -0.044% yesterday whilst the corresponding yields of Italy and Spain fell to 1.208% and 0.945% respectively. The indicative bid prices quoted by the Central Bank of Malta for all of the longer dated Government stocks (with the exception of the 3.00% 2040 I issue) yet again reached new record highs today.

The price of the recently issued 2.4% MGS 2041 (I) r advanced by a further 37 basis points to a new record high of 108.37% after touching 108.50% on activity totalling €1.28 million (nominal). 


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