The MSE Equity Price Index shed 0.52% on Tuesday to a four-day low of 4,474.264 points, mostly driven by the sharp drop in the share price of IHI. On the other hand, RS2, PG and MPC trended higher while a further five equities closed the day unchanged. Trading volumes improved from Monday but remained relatively muted as €0.23 million worth of shares changed hands.
Following Monday's upsurge of 5%, the equity of International Hotel Investments plc tumbled by 6.3% to €0.59, albeit on just 8,129 shares.
Medserv plc also trended lower with a decline of 1.9% back to the €1.04 level across 15,000 shares.
In the property segment, MIDI plc retracted by a further 0.7% to €0.685 on activity totalling 100,000 shares.
On the other hand, Malta Properties Company plc regained the €0.56 level (+1.8%) on three deals totalling 100,000 shares.
PG plc added 0.7% to the €1.37 level on 13,500 shares while RS2 Software plc edged 0.9% higher to the €1.18 level across 9,850 shares.
Meanwhile, Malta International Airport plc retained the €6.25 level on low volumes totalling 1,600 shares. On Monday, MIA published an Interim Directors’ Statement showing that in the nine-month period up to September, revenues grew by 12.2% year-on-year to €70.8 million, EBITDA increased by 12.9% to €44.1 million and net profits rose by 16.5% to €24.9 million. Looking ahead, MIA stated that the traffic projections for the current winter schedule were positive. Moreover, the company remains optimistic that Q4 2018 will follow the positive trend registered so far this year, and that the full-year financial results are expected to be in line with the revised projections dated July 26, 2018. In July, MIA had adjusted higher its forecasted revenue figure for the current financial year ending December 31, 2018 to over €90 million (+9.3% over FY2017). It had also upgraded its FY2018 forecast EBITDA and net profit figures to over €53 million (+9.1% over FY2017) and €29 million (+20.1% over FY2017) respectively.
In the banking sector, both Bank of Valletta plc (16,130 shares) and Lombard Bank Malta plc (200 shares) closed Tuesday's trading session unchanged at €1.34 and €2.40 respectively. Last Friday, Lombard announced that it was notified by the National Development and Social Fund (NDSF) of its firm intention to dispose of all or part of its shareholding in Lombard and to commence the process for the disposal in an orderly manner. The NDSF informed the bank that the completion of the disposal shall be conditional and dependent on market conditions, regulatory approvals and other conditions which are currently being evaluated by the NDSF. The NDSF holds 21,651,746 ordinary shares of Lombard, representing 49.01% of the total issued share capital of the bank.
A single deal of just 767 shares left the equity of MaltaPost plc at the €1.62 level.
GO plc traded flat at the €4.00 level across 4,300 shares. The company is scheduled to hold an extraordinary general meeting on December 3, 2018 related to the proposed sale of up to 49% of its shareholding in BMIT Technologies plc through an Initial Public Offering.
The RF MGS Index lost 0.12% to 1,082.402 points as sovereign bond yields trended higher amid improved market sentiment in global equity markets on the back of renewed optimism over a possible reduction in the current dispute between the US and China over trade. Meanwhile, the Italian government was due to send its revised 2019 fiscal budget to the European Commission for approval. The revised budget may include more realistic growth forecasts and mechanisms to prevent the deficit exceeding 2.4% of GDP.
Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.