The MSE Equity Price Index approached the 4,800 mark (the highest level in over eleven years) as it rebounded by 0.45% to 4,791.853 points. Several equities trended higher including MIA, RS2 and BOV. On the other hand, only GO and Malita posted declines whilst Medserv closed unchanged.
Malta International Airport plc surged 2.9% to a fresh record high of €7.00 on activity totalling 11,009 shares.
Today, the airport operator published its traffic results for the month of April revealing a 10.5% increase in passengers to 653,100 movements as well as an improvement in the seat load factor to 83.3%. Since the start of the year, MIA welcomed a total of 1.86 million passengers, representing an increase of 5.3% over the corresponding period last year. MIA’s AGM is due to be held on 15 May.
RS2 Software plc also performed positively today with a gain of 2.5% back to the €1.62 level across 30,259 shares. Shareholders as at close of trading on 15 May will be entitled to a 1-for-8 bonus share.
Also among the large companies, Bank of Valletta plc added 0.4% to the €1.34 level on activity totalling 11,585 shares. The bank is due to hold its AGM on Thursday 9 May.
PG plc moved to yet another record high of €1.67 (+0.6%) across 44,250 shares.
BMIT Technologies plc advanced 0.9% to regain the €0.54 level on 92,277 shares. The company will be holding its AGM on 27 May.
In the property segment, Trident Estates plc extended yesterday’s strong uplift with a gain of a further 0.7% to the €1.41 level albeit on light trading volumes. Tomorrow, Trident is due to publish its results for the financial year ended 31 January 2019.
In contrast, Malita Investments plc lost 2.3% to the €0.85 level across 5,885 shares. Yesterday, Malita held its AGM during which shareholders approved all resolutions placed on the agenda including the distribution of a final net dividend of €0.01417 per share which is payable on Friday 10 May.
A single deal of just 1,501 shares forced the equity of GO plc to move 1.3% lower to the €4.40 level. GO’s AGM is scheduled for 28 May.
Meanwhile, Medserv plc maintained the €1.04 level after opening at a low of €0.98 (-5.8%). A total of 14,400 shares changed hands. The oil and gas services company is due to hold its AGM on 27 May.
Following yesterday’s upsurge of 0.23% which was the sharpest daily uplift in nearly two months, the RF MGS Index shed 0.13% today to 1,114.796 points. Prices of Malta Government Stocks moved considerably lower despite further gains in euro zone sovereign bonds amid heightened volatility across international financial markets reflecting various uncertainties related to trade. On the economic front, the European Commission (“EC”) issued its updated economic forecasts.
The EC is now forecasting a growth of 1.2% for the euro area in 2019, and a further expansion of 1.5% in 2020 compared to the earlier projections of 1.3% and 1.6% respectively.
With respect to Malta, the EC noted that Malta remains “one of the most dynamic economies in the EU” whilst the country’s rate of economic growth should remain well above the euro area average. In fact, the EC is estimating a growth in the Maltese economy of 5.2% in 2019 before easing to 4.6% in 2020.