The MSE Equity Price Index added 0.17% to a one-week high of 4,382.607 points, reflecting the gains in the share prices of MIDI, Trident and GO which outweighed the declines in Tigne’ Mall and Malita.
Meanwhile, six other equities closed the day unchanged.
During the past five days, the local equity index increased by 0.24%, mostly driven by the increases in HSBC and MIDI.
MIDI plc rallied by 5.2% to the €0.448 level on eight deals totalling 204,400 shares. On Thursday, the company announced that it entered into preliminary discussions with Tumas Group Company Limited to explore the possibility of establishing a joint venture with respect to the development of Manoel Island. The discussions are at a preliminary stage and may or may not result in a transaction. Moreover, any eventual agreement will be subject to MIDI’s contractual obligations with the government of Malta and any necessary regulatory and share approvals in terms of law.
On Wednesday, MIDI also published an updated Financial Analysis Summary showing that the company is anticipating revenue of €67.8 million during 2018, EBITDA of €25 million and a profit after tax of €23.5 million. These results are expected to help the net asset value per share to rise to €0.47.
Within the same segment, Trident Estates plc regained the €1.31 level (+4.8%) albeit on trivial volumes. The company is scheduled to hold its AGM next Wednesday.
A single deal of 2,000 shares lifted the equity of GO plc 0.6% higher back to the €3.42 level.
Also among the large caps, BOV, HSBC, IHI and RS2 all closed unchanged on Friday. Bank of Valletta plc (17,500 shares) and HSBC Bank Malta plc (1,327 shares) retained the €1.745 and €1.83 levels respectively.
International Hotel Investments plc held on to the €0.68 level after opening at a low of €0.67 (-1.5%). A total of 30,600 shares traded. Shareholders as at close of trading next Tuesday will be entitled to a net interim dividend of €0.02 per share.
A single deal of just 1,640 shares left the equity of RS2 Software plc at the €1.25 level. Last Tuesday, RS2 held its AGM during which both the chairman and the CEO explained their strategic vision for positioning the company as a global supplier of payment processing solutions. Among other speakers, the AGM was also addressed by Daniela Mielke, who is the CEO of RS2 North America. Ms Mielke made reference to the potential growth opportunities within the US payments market.
Low trading activity also took place in the equities of FIMBank, Loqus and Tigne’ Mall. FIMBank plc and Loqus Holdings plc traded flat at the $0.52 and €0.10 levels respectively.
On the other hand, Tigne’ Mall plc slipped by 1.6% to the €0.935 level as the equity traded for the first time without the entitlement to a final net dividend of €0.012875 per share.
Malita Investments plc retreated by 1.7% from its 20-month high of €0.87 to the €0.855 level across 10,870 shares.
The RF MGS Index advanced by 0.08% to 1,104.024 points as eurozone sovereign bond yields declined despite encouraging preliminary readings of indices gauging activity of purchasing managers in Germany, France and the entire single currency area.
During this week, the RF MGS Index registered an uplift of 0.24% as the ECB’s recent decisions to wind down its asset-purchase programme by the end of this year but keep interest rates at their prevailing historic low levels at least through the summer of 2019, coupled with an escalation in global trade tensions, remained a drag on bond yields.
Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.