The MSE Equity Price Index remained virtually unchanged at just above 4,488 points. Activity was however buoyant, reflecting increased volumes in Medserv, GO and PG. In total, €0.83 million worth of shares changed hands today.
Medserv plc jumped 4.8% to the €1.09 level on strong volumes totalling 224,395 shares. Yesterday, Medserv announced that it was awarded a new shore base contract valued at USD30.6 million (equivalent to €26.8 million) in an area offshore Guyana (a new region for Medserv) where the US oil and gas giant ExxonMobil recently made important discoveries. The contract is for a period of fifteen months commencing 1 January 2019, and Medserv will be providing integrated logistics support services to the national oil company of the Republic of Suriname – “Staatsolie”. Medserv also noted that this new contract will be serviced through the company’s own internal resources and will not require any major capital expenditure. Moreover, this new contract, together with already contracted business, further underpins the projected revenue growth forecast of the company for years 2019 to 2020.
International Hotel Investments plc regained the €0.60 level (+1.7%) across 70,000 shares whilst Bank of Valletta plc added 0.4% to €1.345 albeit on just 4,377 shares.
The other positive performing equity today was Malita Investments plc with a gain of 1.1% back to the €0.91 level on 82,757 shares.
In contrast, Malta International Airport plc lost 1.6% to the €6.20 level across 12,095 shares.
HSBC Bank Malta plc retracted by a further 0.6% to €1.78 on activity totalling 4,280 shares. Recently, the bank indicated that it will soon provide an update on its medium-term capital plan.
Meanwhile, both GO plc and PG plc traded unchanged on strong volumes. GO maintained the €4.00 level across 36,272 shares whilst five deals totalling 152,500 shares left the equity of PG at the €1.36 level. GO is scheduled to hold an Extraordinary General Meeting on 3 December 2018 related to the proposed sale of up to 49% of its shareholding in BMIT Technologies plc through an Initial Public Offering.
RS2 Software plc retained the €1.17 level after recovering from an intra-day low of €1.16 (-0.9%). A total of 26,500 shares traded.
The RF MGS Index trended higher for the first time in seven days as it rebounded by 0.08% to 1,078.715 points. Malta Government Stock prices gained as credit spreads between the yields of euro peripheral countries and the corresponding yields of German government bonds tightened, reflecting improved sentiment across equity markets as well as renewed hopes that Italy and the European Commission might reach a comprise over Italy’s fiscal plans.
Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.