MSE Equity Price Index resurfaces above the 4,500 mark

MSE Equity Price Index resurfaces above the 4,500 mark

The MSE Equity Price Index extended its recent rally as it climbed 0.78% to a near seven-month high of 4,513.471 points. Activity on the local Exchange continued to be spread across various equities while overall volumes rose to the highest level this month of €0.67 million. During the past five days, the MSE Equity Price Index surged by just over 2 per cent. Coupled with the gains registered in the previous three weeks, the index is now in its strongest positive run since mid-January 2017.

The best performing equity today was FIMBank plc with a surge of almost 7 per cent to the $0.77 level after partially retreating from a fresh fourteen-month high of $0.79. A total of 72,701 shares changed hands.

Positive sentiment towards MIDI plc persisted further as the equity added a further 3.8 per cent to yet another record high of €0.69 across 65,585 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.

Similarly, GO plc added 1 per cent to an over 12-year high of €4.08 across 16,350 shares. On Wednesday, GO announced that it will be convening an extraordinary general meeting on Monday December 3, 2018 in relation to the proposed sale of up to 49 per cent of its shareholding in BMIT Technologies plc through an Initial Public Offering. In this respect, shareholders of GO as at close of trading on October 31, 2018 will be receiving notice of the EGM as well as a circular containing further details on the proposed partial sale of BMIT.

Malta International Airport plc regained the €6.15 level (+0.8%) across 2,720 shares while four deals totalling 4,356 shares lifted the equity of MaltaPost plc 1.2 per cent higher back to the €1.64 level.

In the property segment, Malita Investments plc rose 1.1 per cent to its highest level since early May 2016 of €0.91 across 32,928 shares.

Plaza Centres plc rebounded by 3 per cent from its 2018 low of €1.00 to the €1.03 level albeit on low volumes.

Malta Properties Company plc closed the day unchanged at the €0.535 level after failing to hold on to its highest level since January 2017 of €0.56 (+4.7%). A total of 67,508 shares traded.

Main Street Complex plc traded flat at its IPO price of €0.65 across 20,200 shares.

In the retail banking sector, HSBC Bank Malta plc maintained its two-month high of €1.81 across 24,900 shares and Bank of Valletta plc retained the €1.38 level on activity totalling 77,210 shares.

A single deal of just 6,000 shares left the equity of Medserv plc at the €1.07 level.

Simonds Farsons Cisk plc held on to its nine-month high of €7.90 level on strong activity of 21,509 shares.

PG plc also closed the day unchanged as the equity retained the €1.40 level across 21,900 shares.

Meanwhile, Trident Estates plc plunged 5.2 per cent to the €1.28 level albeit on trivial volumes.

Mapfre Middlesea plc eased by 0.5 per cent to the €1.92 level across 17,502 shares.

The RF MGS Index erased all the gains registered in the previous two days as it tumbled by 0.25 per cent (the sharpest drop in six days) to a fresh four-year low of 1,078.800 points. Prices of MGS trended lower amid widening spreads between the yields of peripheral countries and German government bonds reflecting a surge in risk aversion across global financial markets. During the past five days, the RF MGS Index shed 0.34 per cent and registered its fifth consecutive weekly decline.

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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