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MSE equity price Index halts 3-day negative streak

The MSE Equity Price Index moved higher for the first time this week as it rebounded by 0.22% from its near two-week low of 4,637.571 points to 4,647.724 points. Trading was relatively broad as twelve equites were active. Furthermore, volumes remained elevated as €0.62 million worth of shares changed hands.

Malta International Airport plc added 0.5% to the €4.241 level after briefly touching a fresh 2017 high of €4.28. Eight deals took place for a total of 40,030 shares. Recently, 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.

Also among the large companies by market capitalisation, Bank of Valletta plc regained the €2.105 level (+0.2%) as 23,884 shares traded.

Yesterday, BOV announced that it received regulatory approval from the European Central Bank to double its authorised share capital to €1 billion. The bank is expected to publish another set of interim financial statements by the end of October 2017 covering the twelve-month period ending 30 September 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 1 January 2019.

International Hotel Investments plc rebounded by 5% from its over two-and-a-half year low of €0.58 to the €0.609 level across 36,500 shares.

In the property segment, MIDI plc advanced 3.3% to regain the €0.31 level on healthy volumes totalling 330,000 shares.

In contrast, both Tigne’ Mall plc and Malta Properties Company plc closed the day unchanged. Tigne’ Mall retained the €0.96 level across 114,550 shares whilst a single deal of just 1,000 shares left the equity of MPC at the €0.505 level.

PG plc held on to its all-time high of €1.41 across 15,435 shares.

The equities of FIMBank plc and Mapfre Middlesea plc also traded unchanged. The trade finance specialist closed at USD0.75 on trivial volumes whilst three deals totalling 5,650 shares in Mapfre Middlesea left the share price at €1.88.

Meanwhile, Medserv plc slumped 7% to the €1.20 level across 44,000 shares.

The two other negative performing equities today were RS2 Software plc and HSBC Bank Malta plc. RS2 slipped by 2% to the €1.74 level after recovering from an intra-day low of €1.70 on volumes totalling 45,443 shares whilst HSBC eased by 0.5% back to the €1.92 level on just 3,550 shares.

The RF MGS Index registered losses for the third consecutive day as it dropped by a further 0.19% to 1,122.435 points – the lowest since 1 August 2017 – reflecting a continued upsurge in euro zone sovereign yields. This was driven by heightened expectations that the US Federal Reserve may raise interest rates again by the end of this

year. Meanwhile, the Bank of England left interest rates unchanged but indicated that “some withdrawal of monetary stimulus is likely to be appropriate over the coming months”.

Yesterday, Simonds Farsons Cisk plc announced the allocation policy with respect to the recently issued €20 million 3.5% unsecured bonds maturing in 2027. In total, the company received 3,215 applications for an aggregate value of nearly €49.3 million. The new bonds are expected to commence trading on Tuesday 19 September 2017.

www.rizzofarrugia.com

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