The stock exchange Equity Price Index eased slightly lower to 3,467.010 points on Wednesday as trading activity extended across eleven equities. Most of Wednesday's volumes however took place in the equity of PG plc which maintained the €1.86 level across 94,650 shares having a market value of €0.18 million and representing 64% of the total value of equities traded.
During last week’s AGM, PG explained that its performance since the start of the 2020/21 financial year has been above expectations. In fact, during the period from May to September 2020, PG generated almost the same level of profitability as last year. PG added that it is actively pursuing new growth opportunities within the supermarkets and associated retail operations but nonetheless remains firmly committed to its dividend payout ratio policy of at least 50%.
FIMBank plc also closed the day changed at its all-time low of USD0.30 albeit on just 4,863 shares.
Within the same sector, HSBC Bank Malta plc and Lombard Bank Malta plc added 1.4% and 10.2% to €0.72 and €1.94 respectively on light volumes.
Malta International Airport plc moved 2.2% higher to regain the €4.70 level across 12,250 shares.
BMIT Technologies plc extended its recent positive trend with a further gain of 1.7% to the €0.488 level on a total of 25,000 shares.
A single deal of 15,000 shares lifted the equity of MIDI plc 3% higher to the €0.34 level.
Also in the property segment, Malta Properties Company plc retracted back to the €0.49 level (-3.9%) on a trivial amount of shares.
Mapfre Middlesea plc and Simonds Farsons Cisk plc also traded on negligible volumes as both equities finished sharply lower at €1.92 (-4%) and €6.95 (-3.5%) respectively.
BOV at lowest level since June 2009
Bank of Valletta plc lost 1.9% to end at its lowest level since early June 2009 of €0.84 across 12,366 shares.
On Tuesday, BOV announced that in line with the most recent recommendation by the ECB that credit institutions should refrain from paying, or commit to paying, dividends for the 2019 and 2020 financial years, the board of directors of the bank decided to withdraw its original recommendation to the AGM to approve the payment of a final net dividend of €0.017 per share in respect of the 2019 financial year. BOV also added that it will reassess the situation during Q1 2021 as recommended by the ECB.
The RF MGS Index recorded its worse performance in nearly two weeks as it slid by 0.14% to 1,117.839 points. Attention across international financial markets remained focused on political developments taking shape in the US as lawmakers are trying to reach a bipartisan agreement over a new fiscal stimulus package.
Elsewhere, EU Chief Brexit negotiator Michel Barnier raised hopes about a last minute breakthrough after he explained to the European Parliament that "an agreement is within reach if both sides are willing to work constructively, if both sides are willing to compromise and if we are able to make progress in the next few days.”
Across the local corporate bond market, Von der Heyden Group Finance plc announced that it concluded the sale of the Cugó Gran Hotel which is located in Menorca, Spain. The company also added that the transaction is expected to have a positive impact on the overall cash position and also enable the full repayment of the €5 million loan that Von der Heyden Group Finance plc had granted to Timan Investments España S.L. (a sister company within the Von der Heyden Group) in relation to this property.