The MSE Equity Price Index extended last Friday’s 0.26% decline with a drop of a further 0.47% during today’s session to a fresh 3-week low of 4,466.906 points as six equities, including BOV, IHI and GO trended lower. On the other hand, only HSBC and Mapfre Middlesea trended higher whilst a further five equities ended the day unchanged. Trading activity rebounded as it exceeded the €0.2 million mark for the first time in a week.
Bank of Valletta plc failed to hold on to an intra-day high of €1.37 as it ended today’s session in negative territory at the €1.34 level representing a 0.7% decline from the previous closing price. Only 5,049 shares changed hands today.
Amongst the large equities by market capitalisation, GO plc eased by 1.5% back to the €3.96 level and International Hotel Investments plc slipped by 3.2% to the €0.61 with both equities registering shallow volumes.
Medserv plc shares also slumped 3.8% back to the €1.02 level across three deals totalling 16,300 shares.
Negative movements were also registered in the share price of Trident Estates plc and GlobalCapital plc amid insignificant trading activity.
On the other hand, the equity of HSBC Bank Malta plc moved 0.6% higher to recapture the €1.81 level across four deals totalling 6,912 shares.
The only other positive performing equity was Mapfre Middlesea plc with a 2.1% rise to €1.96 on a single deal of 510 shares.
Meanwhile, FIMBank plc rebounded from an intra-day low of USD0.725 to end today’s session unchanged at the USD0.755 level on healthy volumes of 106,454 shares.
Malta International Airport plc traded unchanged at the €6.20 level across eight deals totalling 12,940 shares.
Similarly, a further three equities, namely, RS2 Software plc, PG plc and Simonds Farsons Cisk plc also ended the day unchanged albeit on marginal volumes.
On the Alternative Companies List, Loqus Holdings plc jumped 23.97% to €0.075 across three deals totalling 28,000 shares.
The RF MGS Index trended in positive territory for the sixth consecutive day with a rise of a further 0.2% to a more than 6-week high of 1,087.756 points despite an improvement in investors’ risk appetite which led to a rebound in the benchmark 10-year German Bund yield to around the 0.39% level. Bond markets were relieved at the decision by Standard & Poor’s last Friday to maintain Italy’s ‘BBB’ rating whilst only changing its outlook to ‘negative’ from ‘stable’. The negative outlook reflects the international rating agency’s view that the 2019 budgetary measures of Italy will adversely affect the country’s growth prospects and debt levels. Standard & Poor’s also noted that the growth forecasts are “overly optimistic”. Nonetheless, Italian 10-year yields eased below the 3.3% level for the first time since 4 October.
This article is provided by Rizzo Farrugia investment consultants.