The MSE Equity Price Index extended yesterday’s gain as it added a further 0.36% to 4,843.094 points. The uplift was mainly driven by HSBC, RS2, MIA and GO which, together with the positive performances of MIDI and PG, outweighed the declines in IHI, Medserv and Trident. Following the declines registered in the previous three weeks, the local equity index surged by 1.47% during the past five days representing the sharpest weekly uplift in five months.
RS2 Software plc added 1% to an all-time high of €1.98 across 23,820 shares. The equity rallied by almost 60% since the start of the year, translating into an increase of €142 million in the market value of the company.
HSBC Bank Malta plc regained the €1.30 level (+2.4%) across 21,023 shares whilst two deals totalling 2,200 shares lifted the equity of GO plc 0.5% higher to €4.36.
Also among the large companies, Malta International Airport plc opened at a high of €7.40 (+2.1%) before settling at the €7.30 level and representing a gain of 0.7%. A total of 3,400 shares changed hands.
PG plc also trended higher with a gain of 1.1% to the €1.87 level albeit on just 5,250 shares. Yesterday, PG held its Annual General Meeting during which shareholders approved all resolutions placed on the agenda.
MIDI plc regained the €0.715 level (+1.4%) across 44,140 shares.
Within the same segment, Trident Estates plc fell by a further 5% to a five-month low of €1.52 on volumes of 13,100 shares. Trident shareholders have until 29 October to acquire two new shares for every five shares held (2-for-5) at the rights issue price of €1.25 per share.
Medserv plc retracted by 1.7% to the €1.18 level after partially recovering from an intra-day low of €1.12 (-6.7%). A total 45,549 shares traded.
International Hotel Investments plc eased by 0.6% to the €0.845 level on trivial activity. On Tuesday, IHI announced that it entered into contractual arrangements to develop, lease and operate a new luxury hotel in central Rome. The new 55-room Corinthia Hotel Rome will be replacing the building formerly occupied by the Central Bank of Italy. Works on the property are expected to commence in 2020.
Meanwhile, Bank of Valletta plc (40,629 shares) and FIMBank plc (13,284 shares) closed flat at €1.10 and USD0.64 respectively.
Simonds Farsons Cisk plc retained the €12.10 level on a single deal of 600 shares.
Tigné Mall plc opened at a high of €0.94 (+3.3%) before closing unchanged at the €0.91 level across 65,529 shares.
The RF MGS Index erased most of yesterday’s decline as it rebounded by 0.12% to 1,167.999 points. As a result, the index finished the week only slightly lower compared to the sharp drops registered in the previous two weeks as Brexit and US-China trade talks continued to dominate movements across international financial markets. Moreover, this week was also characterised by the ECB monetary policy meeting (the last one chaired by outgoing President Mario Draghi) as well as the publication of further disappointing indicators for the eurozone economy.
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