The share index posted a three-day negative streak as it declined by a further 0.24% to 4,719.097 points. Trading activity was spread across 11 equities: four moved lower, another four closed the day unchanged whilst only three shares posted gains. The total value of equities traded improved to a four-day high of €0.3 million.
Malta International Airport lost 1.2% back to the €4.10 level on encouraging volumes totalling 29,674 shares. The airport operator is due to reveal its six-month financial performance on July 26.
Also among the large companies by market capitalisation, HSBC retreated by 1.6% to an over six-week low of €2.02 across 43,087 shares. The bank is due to reveal its interim financial results on July 31.
In the property segment, Malita Investments slumped 4.1% to a fresh 29-month low of 70c on five deals totalling 27,144 shares.
Tigne’ Mall also performed negatively today with a drop of 1% back to the 96c level albeit on light trading volumes. The company’s board of directors is scheduled to meet on August 10 to consider and approve the interim financial statements for the half-year ended June 30. The directors will also consider the payment of an interim dividend.
Low trading activity also took place in the equities of Medserv, PG and RS2 Software. All three shares traded unchanged at €1.27,5, €1.32 and €1.85 respectively.
International Hotel Investments also finished the day flat at the 62c level across 22,000 shares.
Bank of Valletta gained 0.2% to the €2.16,5 level across 9,590 shares whilst BOV’s insurance associate – Mapfre Middlesea – climbed 0.3% to the €1.87 level on two deals totalling 5,000 shares. BOV is scheduled to hold an extraordinary general meeting on July 27 ahead of a €150 million rights issue.
The other positive performing equity today was FIMBank which advanced by 2% to the 76cUS level across 18,777 shares. The trade finance specialist is due to reveal its six-month financial performance on August 9.
On the bond market, the RF MGS Index trended lower for the first time in eight days as it eased by 0.08% from its two-week high of 1,121.368 points to 1,120.496 points. Euro zone sovereign yields gained ground this morning ahead of the European Central Bank’s (ECB) monetary policy meeting held this afternoon as fresh producer prices data in Germany beat forecasts. However, yields reversed course and started dropping again after the ECB maintained its monetary policy unchanged (as widely expected) and left the possibility of increasing its monthly purchases of assets. The ECB noted that its current quantitative-easing programme will continue until the end of December 2017 “or beyond, if necessary”. Furthermore, the ECB added that it “continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases.”
Yesterday, Simonds Farsons Cisk announced that its board of directors resolved to redeem the outstanding €15 million 6% bonds on September 13. The directors also resolved to submit an application to the Listing Authority of the Malta Financial Services Authority in connection with a new €20 million unsecured bond issue maturing in 2027.
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