The MSE Equity Price Index opened the week in positive territory as it climbed by 0.28% to a two-week high of 4,492.996 points. Five equities trended higher, including Medserv, IHI and BOV. On the other hand, GO and Loqus drifted lower whilst FIMBank and MIA closed the day unchanged. Activity was encouraging as trading volumes improved to €0.46 million, largely reflecting heightened interest in FIMBank.
Medserv plc continued to advance as the equity surged by a further 4.3% to the €1.20 level (the highest since early March 2018) across 49,840 shares. Last week, Medserv announced the award of a major contract in South America. 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. 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.
Bank of Valletta plc added 0.8% to the €1.34 level after recovering from an intra-day low of €1.31 (-1.5%). A total of 64,000 shares changed hands.
Also among the large companies, International Hotel Investments plc regained the €0.60 level (+1.7%) albeit on just 2,904 shares.
Both Mapfre Middlesea plc (10,078 shares) and Plaza Centres plc (30,000 shares) gained 1% to €1.98 and €1.03 respectively.
In contrast, GO plc lost 1% to the €3.96 level on activity totalling 10,000 shares. The company is scheduled to hold an Extraordinary General Meeting on 3 December related to the IPO of BMIT Technologies plc.
Loqus Holdings plc shed 17.6% back to the €0.07 level across 197,589 shares.
Meanwhile, FIMBank plc retained the USD0.79 after opening at a low of USD0.76 (-3.8%). Trading in the equity took place on strong volumes totalling 194,122 shares.
Malta International Airport plc also closed flat at the €6.15 level across 10,369 shares.
The RF MGS Index moved higher for the fourth consecutive day as it added a further 0.1% to 1,081.002 points. Malta Government Stock prices moved higher amid hopes that Italy will revise lower its 2019 budget deficit targets in order to avoid disciplinary action from the European Commission. Meanwhile, in a speech at the ECON committee of the European Parliament, ECB President Mr Mario Draghi reiterated his views on the current dynamics of the single currency economy and also expressed his confidence that “underlying inflation will gradually rise in the period ahead."