The MSE Equity Price Index jumped 0.56 per cent to a fresh six-month high of 4,432.505 points as several equities posted gains (including BOV, GO, RS2, FIMBank and MIA) while only three shares ended in negative territory. Trading volumes continued to pick up as €0.54 million worth of shares changed hands across 17 shares, largely reflecting strong activity in BOV and GO.
Bank of Valletta plc trended higher for the first time this month as the equity rebounded by 3.1 per cent from its six-year low of €1.31 back to the €1.35 level on heightened activity totalling 160,963 shares.
GO plc extended its recent rally with a further gain of 2.6 per cent to a new 12-year high of €4.00 across 29,105 shares. In the coming weeks, GO should be publishing a circular in relation to the proposed sale of its 49 per cent shareholding in BMIT Technologies plc through an initial public offering. The offer is subject to shareholders’ approval through an extraordinary general meeting. The sale proceeds estimated at €49 million are earmarked to deliver returns to shareholders.
RS2 Software plc continued to recover and added 1.7 per cent to the €1.17 level across 17,584 shares.
Malta International Airport plc regained the €6.15 level (+0.8 per cent) albeit on just 1,593 shares while Simonds Farsons Cisk plc advanced by 0.6 per cent to regain its eight-month high of €7.80 on four deals totalling 3,209 shares.
Both FIMBank plc and PG plc ended at their highest levels this year. The trade finance specialist climbed 1.4 per cent to the $0.71 level across 33,900 shares while three deals totalling 17,184 shares lifted the equity of PG 0.7 per cent higher to the €1.41 level.
In the property segment, Malta Properties Company plc and Malita Investments plc gained 3 per cent and 0.6 per cent to €0.515 and €0.875 respectively. Activity in both equities was weak.
On the other hand, MIDI plc closed flat at its all-time high of €0.66 on moderate volumes totalling 15,000 shares. A local media article published on Tuesday reported that Tumas Group will be acquiring from MIDI an equity stake of at least 60 per cent in a new joint venture company for €100 million. The new company will reportedly proceed with the development of the Manoel Island project next year. However, following the publication of this report, MIDI clarified in a company announcement that, as such, it has not yet concluded any agreement with Tumas Group and that discussions are still ongoing. MIDI also made reference to its earlier announcement dated June 21, 2018, and reiterated that any material updates in relation to the potential development of Manoel Island would be communicated by MIDI in accordance with regulatory requirements.
A single deal of 5,000 shares left the equity of Trident Estates plc unchanged at the €1.35 level.
In the insurance sector, Mapfre Middlesea plc and GlobalCapital plc retained the €1.93 and €0.256 levels respectively on light volumes.
Medserv plc maintained the €1.07 level after opening at a low of €1.05 (-1.9 per cent). A total of 14,938 shares traded.
Meanwhile, both HSBC Bank Malta plc and International Hotel Investments plc finished the day lower on Wednesday. HSBC moved back to the €1.80 level across 28,715 shares while IHI shed 4.7 per cent to the €0.605 level on trivial activity.
MaltaPost plc eased by 1.8 per cent to the €1.62 level on just 552 shares.
The RF MGS Index trended higher for the first time in five days as it rebounded by 0.07 per cent to 1,080.816 points. Prices of MGS gained as bond yields in the eurozone moved slightly lower from their recent surge, possibly reflecting heightened uneasiness and volatility in equity markets across the world.
Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.