The MSE Equity Price Index opened the week slightly higher as it added 0.02% to 4,705.554 points. Overall, six equities trended in positive territory including BMIT and MIDI, both of which traded on robust volumes. On the other hand, BOV, HSBC and GO posted declines whilst a further three shares closed the day unchanged.
BMIT Technologies plc advanced 1% to recapture the €0.53 level on strong activity totalling 546,531 shares having a market value of €0.29 million. The company is due to hold its AGM on 27 May.
Similarly, MIDI plc rebounded by 1.7% from its 2019 low of €0.59 to the €0.60 level across 432,998 shares having a market value of €0.26 million. Last Thursday, MIDI reported record revenues of €52.5 million and a net profit of €11.6 million for the 2018 financial year largely reflecting the delivery a large part of the apartments within the Q2 residential block.
Shareholders as at close of trading on 8 May will be entitled to a net dividend per share of €0.008 (representing an increase of 14.3% over the previous year). Looking ahead, the Directors explained the progress being made with respect to the Manoel Island project as well as plans for the development of the last remaining site within Tigné Point.
Within the same sector, Plaza Centres plc regained the €1.04 level (+1%) on volumes of 14,457 shares. Shareholders as at close of trading on 2 May will be entitled to receive a net dividend per share of €0.0294.
PG plc moved 0.6% higher to the €1.55 level across 17,500 shares whilst Mapfre Middlesea plc gained 1.7% back to its three-year high of €2.40 albeit on insignificant volumes. Shareholders of Mapfre Middlesea as at close of trading tomorrow will receive total net dividends of €0.18476 per share.
The best performing equity today was FIMBank plc as it climbed 3.7% to the USD0.705 level on light trading volumes. The trade finance specialist will be holding its AGM on 7 May.
In contrast, both Bank of Valletta plc and HSBC Bank Malta plc posted declines today. BOV eased by 0.7% to the €1.325 level across 32,363 shares whilst HSBC moved back to the €1.72 level (-0.6%) on activity totalling 26,834 shares. Last Friday, BOV announced that it has filed proceedings before the European Court of Human Rights in Strasbourg with a view to safeguard its fundamental right to a fair hearing in the case related to the Deiulemar Group. BOV is due to hold its AGM on 9 May.
GO plc fell 2.2% to the €4.50 level after opening at a low of €4.40 (-4.3%). Only 1,800 shares traded.
Meanwhile, Malta International Airport plc (1,295 shares) and Main Street Complex plc (12,000 shares) traded unchanged at €6.70 and €0.63 respectively. MIA is due to hold its AGM on 15 May whilst the AGM of Main Street Complex will be held on 17 May.
Grand Harbour Marina plc maintained the €0.74 level after failing to hold on to an intra-day high of €0.745. A total of 26,900 shares changed hands.
Tomorrow is the last day of the 2018 earnings reporting season. Medserv plc, International Hotel Investments plc and GlobalCapital plc will be publishing their annual financial statements.
The RF MGS Index reversed most of last Friday’s drop as it rebounded by 0.06% to 1,112.575 points.
Prices of Malta Government Stocks trended higher amid tightening credit spreads between peripheral sovereign bond yields over German counterparts, possibly reflecting the outcome of the Spanish general election which took place yesterday.
The results gave additional Parliamentary seats to Prime Minister Pedro Sánchez (who however must seek a junior coalition partner to form a government) whilst the far-right “Vox” party fared less than previously anticipated.
On the economic front, fresh data was largely disappointing indicating bigger contractions in business, consumer and industrial se0ntiment.
Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.