The MSE Share Index extended yesterday’s decline by a further 0.08 per cent to 4,528.825 points as the declines in the share prices of BOV and MaltaPost outweighed the gains registered in FIMBank and Loqus Holdings.
The highlight of the day was the 1.9 per cent increase in the share price of FIMBank plc which helped the equity climb to a fresh seven-year high of USD1.019. A total of 94,730 shares changed hands today. Yesterday, the trade finance specialist announced that its Board of Directors will be meeting on 9 August 2016 to consider and approve the interim financial statements for the half-year ended 30 June 2016 and also consider the declaration of an interim dividend. So far, FIMBank has been the best performing equity this year with a year-to-date uplift of 60.6 per cent .
The other positive performing equity today was Loqus Holdings plc as a single deal of 7,461 shares pushed the equity 3.1 per cent higher to the €0.135 level.
In contrast, both MaltaPost plc and Bank of Valletta plc ended lower today. MaltaPost retreated by 1.6 per cent dropping back to its 2016 low of €1.80 across 4,171 shares.
Meanwhile, Bank of Valletta plc lost 0.9 per cent to the €2.201 level across 36,184 shares.
Also amongst the large companies, the equities of GO, IHI and RS2 were all active today but no changes were registered to their respective share prices. Low turnover was particularly evident in GO plc, which maintained the €2.85 on trivial volumes. Eligible GO shareholders have until 22 July to submit their relative Acceptance Form in connection with TT ML Limited’s offer to acquire GO shares at the price of €2.87 per share.
Similarly, RS2 Software plc (5,380 shares) and International Hotel Investments plc (10,000 shares) closed unchanged at €2.14 and €0.699 respectively. IHI preferred applicants (i.e. shareholders as at the close of trading on 27 June) have until 19 July to apply for the new €55 million 4.0 per cent secured bonds maturing in 2026. The general public offer for the same bond issue opens on 20 July and closes on 22 July, or earlier in the case of over-subscription.
This morning, Medserv plc announced that its Board of Directors is scheduled to meet on 26 August 2016 to consider and approve the interim financial statements for the half-year ended 30 June 2016. No trades in Medserv shares took place today.
Malta International Airport plc issued an announcement this afternoon explaining that it is now expecting 4.97 million passengers to pass through the airport this year, up by 5.1 per cent from the previous 2016 forecast of 4.73 million (+2.4 per cent ) revealed in January 2016. This represents a 7.5 per cent uplift on the record number of 4.62 million passenger movements registered in 2015 and the seventh consecutive year of record performances. In June, the company registered a 6.8 per cent increase in passenger movements when compared to the corresponding period last year, bringing the total increase in passenger movements in the first half of 2016 to +9.8 per cent when compared to the first six months of 2015. Overall, growth was driven by an increase in seat capacity (+7.4 per cent ) and seat load factor (up to 80 per cent from 78 per cent in the first half of 2015). Commenting on the results, MIA CEO Mr Alan Borg said that the growth registered by MIA is even more significant when considering that it is occurring in both the peak and the shoulder months in line with the nationwide strategy of promoting Malta as a year-round destination.
On the bond market, the RF MGS Index extended yesterday’s decline by a further 0.06 per cent to its lowest level this month of 1,157.274 points. The 10-year German Bund yield advanced from -0.131 per cent of yesterday to -0.124 per cent today. Similarly, the 10-year yields of the Italian and Spanish government bonds also edged higher today. On the economic front, data published today by Eurostat showed that euro zone industrial production dropped by a more than expected 1.2 per cent in May on a monthly basis but rose by 0.5 per cent year-on-year. In particular, industrial production in the euro zone’s largest economy, Germany, fell by 1.3 per cent month-on-month – the worst in 2016.
Preferred applicants of MIDI plc (i.e. holders of the 7 per cent MIDI plc 2016/18 (EUR) bonds, 7 per cent MIDI plc 2016/18 (GBP) bonds and shareholders of MIDI plc) have until 18 July to apply for the new €50 million 4.0 per cent secured bonds maturing in 2026. Bondholders of the 7 per cent GBP bonds can transfer their holding into the new 4 per cent EUR bonds at a rate of GBP0.834 per EUR1.