The MSE Equity Price Index retracted by 0.2% from its four-week high of 4,480.777 points to 4,471.629 points as the declines in HSBC and MIA weighed negatively on the performance of the local equity benchmark. On the other hand, GO and Trident moved higher while BOV ended the day unchanged. Activity remained subdued as only €0.13 million worth of hands changed hands.
GO plc reached a new multi-year high of €4.32 (+0.9%) on continued positive sentiment. On Thursday, GO announced the allocation policy in respect of the IPO of BMIT Technologies plc. Applications received from ‘preferred applicants’ and the public amounted to €25.1 million compared to €10 million available on offer. GO explained that any refunds would be made by Thursday February 14, 2019. The shares are expected to be admitted to listing on the Official List of the Malta Stock Exchange on Friday February 15, 2019 and trading is expected to commence as from Monday February 18, 2019.
The equity of Malta International Airport plc failed to hold on to Thursday's new record level of €6.50 as the share price eased by 0.8% to the €6.45 level on activity totalling 5,026 shares. The airport operator published the January 2019 traffic results showing an increase of 4.1% in passenger movements. The slower growth rate was due to a decline in the seat load factor to 69% compared to 71.6% in the same period last year. On the other hand, aircraft movements increased by almost 10% while seat capacity rose by nearly 8%. MIA will be publishing its annual financial statements on February 20.
Also among the large companies, HSBC Bank Malta plc lost 1.1% to the €1.74 level albeit on trivial activity. The bank will kick-start the 2018 full-year reporting season on February 19, 2019.
Low trading activity also took place in the equity of GlobalCapital plc which plunged by almost 22% to an all-time low of €0.216.
In the property segment, Tigné Mall plc traded for the first time in over three weeks. The equity shed 2.1% to the €0.94 level after opening at a low of €0.90 (-6.3%). A total of 30,606 shares changed hands.
On the other hand, Trident Estates plc surged by 3.1% to regain the €1.35 level across 20,200 shares.
Meanwhile, two deals totalling 5,020 shares left the equity of Bank of Valletta plc unchanged at the €1.28 level.
The RF MGS Index recovered most of Thursday's decline as it rebound by 0.08% to 1,104.105 points. Euro sovereign bond yields trended mostly lower following Thursday's publication of new economic forecasts by the European Commission which largely painted a subdued outlook. On the other hand, yields of Italian government bonds continued to climb as the Commission highlighted the country’s dim prospects. In fact, the Commission slashed its GDP growth estimate for Italy to just 0.2% compared to the previous estimate of +1.2%.
Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.