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MSE Equity Price Index surges by 1%

The MSE Equity Price Index extended its recent positive run as it climbed 1.04% to an over six-month high 4,478.618 points on Thursday. Several equities posted strong gains whilst only PG and MIA trended lower and RS2 closed the day unchanged. Trading volumes remained particularly strong as €0.47 million worth of shares changed hands across the 12 active equities.

Bank of Valletta plc continued to recover as it added a further 2.2% to the €1.38 level across 52,840 shares.

Also in the banking sector, HSBC Bank Malta plc regained the €1.81 level (+0.6%) across 27,102 shares whilst FIMBank plc moved to a fresh 2018 high of USD0.72 on a single deal of 32,500 shares.

GO plc rose to a fresh twelve-year high of €4.04 (+1%) on six deals totalling 11,420 shares. Yesterday, GO announced that it will be convening an extraordinary general meeting (“EGM”) on Monday 3 December 2018 in relation to the proposed sale of up to 49% of its shareholding in BMIT Technologies plc (“BMIT”) through an Initial Public Offering. In this respect, shareholders of GO as at close of trading on 31 October 2018 will be receiving notice of the EGM as well as a circular containing further details on the proposed partial sale of BMIT.

Positive sentiment towards Simonds Farsons Cisk plc persisted further as the equity added 1.3% to the €7.90 level (the highest since mid-January 2018) across 5,931 shares.

International Hotel Investments plc erased most of yesterday’s sharp drop as the equity rebounded by 4.1% to the €0.63 level albeit on just 4,300 shares.

In the property segment, Malta Properties Company plc moved closer to its 2018 high of €0.55 as the equity jumped nearly 4% to the €0.535 level on heightened activity totalling 153,568 shares.

Malita Investments plc advanced 2.9% to an over two-year high of €0.90 across 56,922 shares whilst MIDI plc reached a fresh record high of €0.665 (+0.8%) on four deals totalling 42,000 shares. A local media article published on Tuesday reported that Tumas Group will be acquiring from MIDI an equity stake of at least 60% in a new joint venture company for €100 million. The new company will reportedly proceed with the development of the Manoel Island project next year. However, following the publication of this report, MIDI clarified in a company announcement that, as such, it has not yet concluded any agreement with Tumas Group and that discussions are still ongoing. MIDI also reiterated that any material updates in relation to the potential development of Manoel Island will be communicated by MIDI in accordance with regulatory requirements.

Malta International Airport plc dropped by 0.8% back to the €6.10 level across 5,065 shares.

A single deal of just 1,750 shares forced the equity of PG plc 0.7% lower to the €1.40 level while RS2 Software plc closed the day unchanged at the €1.17 level across 34,594 shares.

The RF MGS Index moved higher again today as it added 0.06% to 1,081.504 points. Movements in the prices of MGS were positively impacted by the notable drop in the yields of German government bonds, which was however partially erased by the gains in the yields of peripheral countries amid a significant sell-off in global equity markets due to rising concerns on tightening monetary policy in the US.

Meanwhile, today the ECB published the minutes of the monetary policy meeting held last month. These showed that some rate setters expressed concerns about rising global trade tensions, but agreement was ultimately reached that the underlying strength of the euro economy can mitigate any increased downside risks.

www.rizzofarrugia.com

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