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Equity market continues to decline

The MSE Equity Price Index moved lower for the fourth consecutive day as it eased by a further 0.07% to a one-month low of 4,458.139 points. The declines in the share prices of MIDI and Trident (albeit on trivial volumes) marginally outweighed the small gain in BOV. Meanwhile, another six shares closed the day unchanged whilst volumes improved markedly to €0.51 million, largely reflecting robust activity in GO.

MIDI plc shed 2.9% to the €0.675 level albeit on just 2,280 shares. A report in the local media today noted that following a positive recommendation by the Planning Directorate, the Planning Authority is now likely to give the green light for the development of Manoel Island in two weeks’ time.

Trident Estates plc retreated by 2.6% back to the €1.50 level on activity of only 3,000 shares.

On the other hand, Bank of Valletta plc finished 0.4% higher at the €1.315 level after recovering from its multi-year low of €1.30. A total of 59,502 shares changed hands.

Within the same sector, HSBC Bank Malta plc retained the €1.80 level across 6,113 shares. As indicated in the Interim Directors’ Statement dated 9 November 2018, the bank is expected to issue an update on its medium-term capital plan in the coming weeks.

GO plc also traded unchanged at the €3.90 level on robust volumes totalling 80,749 shares. On Monday, GO shareholders approved the IPO of BMIT Technologies plc.

Malta International Airport plc held on to the €6.10 level across 15,704 shares. the airport operator is soon expected to publish the November traffic results.

RS2 Software plc retained the €1.15 level after opening 2.6% lower at the €1.12 level. Only 3,698 shares changed hands.

Low trading activity also took place in the equities of International Hotel Investments plc and Simonds Farsons Cisk plc, both of which ended flat at €0.60 and €8.20 respectively.

The RF MGS Index climbed 0.13% to a five-week high of 1,088.202 points as euro zone sovereign bond yields continued to drift lower amid high volatility in equity markets which, in turn, reflect renewed concerns over trade relations between the US and China. On the economic front, several surveys gauging sentiment among purchasing managers across the single currency economy pointed towards an encouraging rebound.

www.rizzofarrugia.com

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