MSE Equity Price Index drops to 3-day low

The MSE Equity Price Index extended yesterday’s decline by a further 0.28% to a three-day low of 4,643.805 points, largely reflecting the 3.5% drop in the share price of IHI which outweighed the gains in BOV, HSBC, MIA and Farsons.

Trading volumes increased considerably as €1.42 million worth of shares changed hands. However, close to 80% of today’s total trading activity took place in the equity of Tigne’ Mall plc which eased by 1.5% back to the €0.96 level across 1.17 million shares.

International Hotel Investments plc closed below the €0.60 mark for the first time in over two-and-a-half years as the equity lost 3.5% to the €0.58 level across 58,000 shares.

Also among the large companies by market capitalisation, GO plc eased 0.8% to the €3.57 level on volumes totalling 15,700 shares.

In the property segment, both Malta Properties Company plc and Midi plc registered declines on low trading volumes. MPC fell 4.7% to the €0.505 level whilst Midi eased by 0.6% to €0.308.

In contrast, Malita Investments plc maintained the €0.749 level after opening at an intra-day low of €0.73. A total of 11,500 shares traded.

RS2 Software plc also finished the day unchanged at the €1.775 level across 16,490 shares.

Meanwhile, a single deal of 10,000 shares lifted the equity of HSBC Bank Malta plc 0.3% higher to the €1.93 level whilst Bank of Valletta plc gained 0.2% to the €2.105 level across 13,800 shares. BOV is expected to publish another set of interim financial statements by the end of October 2017 covering the 12-month period ending September 30, 2017. Investors are also awaiting details of the €150 million rights issue planned by the bank to bolster its capital ahead of more stringent capital requirements which will come into effect on January 1, 2019.

Simonds Farsons Cisk plc advanced to yet another all-time high of €8.55 (+0.6%) on three deals totalling 1,688 shares. Farsons is scheduled to meet on Wednesday September 27 to consider and approve the interim financial statements covering the six-month period ended July 31, 2017. The directors will also consider the declaration of an interim dividend.

Malta International Airport plc erased the declines suffered during the previous two trading sessions as the equity rebounded by 0.7% to recapture the €4.22 level across 21,760 shares. Last Sunday, the local media reported that Ryanair will be adding 12 new routes for next year’s summer season and will be basing its fifth aircraft in Malta. Ryanair also stated that following the increase to 54 routes as from next year, it should be generating 2.5 million passenger movements.

The RF MGS Index shed 0.19% to 1,127.307 points today as eurozone sovereign yields registered solid gains. Risk sentiment across financial markets improved considerably as worries over North Korea and Hurricane Irma continued to recede. Meanwhile, the Vice-President of the ECB was quoted as saying that the central bank’s unconventional monetary policy tools were successful in defeating the threat of deflation and that inflation will eventually hit the ECB’s target.

Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.

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