The MSE Equity Price Index resumed its recent downward trend on Friday as it eased by 0.18% to 4,683.618 points. The decline was mostly due to the drops in the share prices of GO, MIA and BOV which, in aggregate, outweighed the gains in PG, Main Street Complex and MPC. Trading volumes contracted notably from yesterday as €0.27 million worth of shares changed hands.
Malta International Airport plc slipped by 0.8% to the €6.60 level on activity totalling 8,900 shares. On Friday, the equity started trading without the entitlement to a final net dividend of €0.09 per share.
GO plc also retracted by 0.8% to the €4.80 level albeit on just 1,000 shares. Shareholders as at close of trading on April 24 will be entitled to an ordinary final net dividend of €0.14 per share and will also receive a special interim dividend of €0.41 per share.
Also among the large companies, Bank of Valletta plc moved 0.7% lower to the €1.34 level on activity totalling 30,600 shares.
In the property segment, MIDI plc lost 1.6% to the €0.62 level across 1,585 shares. The company is due to publish the results for the 2018 financial year on April 25.
In contrast, both Main Street Complex plc and Malta Properties Company plc trended higher. Main Street Complex added 1.6% to the €0.65 level across 6,670 shares while MPC surged 8% to regain the €0.61 level on heightened activity totalling 151,750 shares. Shareholders of Main Street Complex as at close of trading on April 15 will be entitled to receive a final net dividend of €0.00981 per share.
A single deal of 5,900 shares lifted the equity of PG plc 1.4% higher to a near 16-month high of €1.47.
Meanwhile, HSBC Bank Malta plc traded unchanged at its seven-week high of €1.66 across 35,943 shares. The bank is scheduled to hold its annual general meeting on Wednesday April 17.
On Friday, Plaza Centres plc published its 2018 annual report and financial statements. The company reported a 3.7% drop in EBITDA and a 13.7% decline in profits reflecting the disruptions incurred during the conversion of the food hall on Level 0 at the Plaza Commercial Centre, increased operating costs (including one-time items) and depreciation charges, lower finance income as well as a higher tax charge.
The directors are recommending an unchanged net dividend of €0.0294 which is payable on June 12 subject to shareholders’ approval during the upcoming annual general meeting scheduled to be held on June 5. Shareholders as at close of trading on May 2 will be entitled to the dividend. In the annual report, the directors explained that the various investments undertaken by the company during 2018 were essential to support the continued demand for its properties. Looking ahead, the directors noted that they are envisaging an improvement in occupancy levels in 2019 when compared to 2018. The equity remained inactive on Friday.
The RF MGS Index trended higher for the sixth consecutive day as it added a further 0.08% to a two-week high of 1,116.374 points. Prices of Malta Government Stocks benefitted from a tightening in the credit spread between the yields of peripheral countries over the German counterparts. During the past five days the RF MGS Index gained 0.4% (the sharpest uplift in five weeks) amid an eventful week for international bond markets including the publication of new economic forecasts by the International Monetary Fund, the ECB monetary policy meeting which took place on Wednesday, the publication of the minutes of the latest monetary policy meeting of the US Federal Reserve as well as the further protracted negotiations related to Brexit.
Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.