Following Wednesday's strong uplift of 1.9%, the MSE Equity Price Index retreated by 0.65% to 4,837.896 points on Thursday. The drops in FIMBank, HSBC and BOV, coupled with the declines in Medserv and Tigné Mall, outweighed the gains in five other companies including IHI and GO. Volumes remained buoyant as a total of €0.48 million worth of shares changed hands.
International Hotel Investments plc extended its recent rally as the equity added a further 1.3% to the €0.81 level (the highest since June 2015) across 81,942 shares. IHI is due to hold its AGM on 13 June. Shareholders as at close of trading on 26 June are entitled to receive a net dividend per share of €0.02.
Also among the large companies, GO plc ended 0.5% higher at the €4.28 level after strongly recovering from an intra-day low of €4.02 (-5.6%). A total of 15,817 shares traded. GO is scheduled to hold its AGM on Tuesday 28 May.
In the property segment, Malta Properties Company plc regained the €0.62 level across 78,500 shares. The company will be holding its AGM on 11 June.
Trident Estates plc moved to a fresh 2019 high of €1.68 albeit on just 5,225 shares. Today, the equity started to trade without the entitlement to a final net dividend of €0.0067 per share.
The other positive performing equity today was Malita Investments plc as it rebounded by 2.4% back to the €0.845 level across 40,000 shares.
In contrast, Tigné Mall plc slipped by 1.6% to its 2019 low of €0.90 on activity totalling 25,000 shares. Shareholders as at close of trading on 18 June are eligible to receive a final net dividend of €0.0131 per share.
Following yesterday’s strong uplift of over 14%, the equity of Medserv plc lost 13.1% today to the €0.965 level across 32,900 shares. Yesterday, Medserv published an updated Financial Analysis Summary providing forecasts for the current financial year ending 31 December 2019 as well as an Interim Report providing an overview of the company’s performance during the first three months of 2019.
The company is projecting a significant turnaround in operational results, largely reflecting increased business in various regions (particularly in Suriname, South America) as well as improved profit margins. Overall, Medserv is expecting to almost double its EBITDA to a record high of €14.1 million in 2019 from €7.32 million last year.
Bank of Valletta plc continued to trade within a tight range as it eased by 0.7% to the €1.33 level on 54,226 shares. Shareholders as at close of trading on 6 June will receive one bonus share for every ten shares held.
A single deal of 5,483 shares forced the equity of HSBC Bank Malta plc to move 2.4% lower to the €1.66 level whilst FIMBank plc lost 4.6% to the USD0.62 level also on light trading volumes.
Meanwhile, Malta International Airport plc (2,530 shares) and Simonds Farsons Cisk plc (7,044 shares) maintained their respective all-time highs of €7.95 and €10.50.
On Thursday, Farsons started to trade without the entitlement to a final net dividend of €0.10 per share.
RS2 Software plc maintained the €1.38 level across 10,500 shares. The company is due to hold its AGM on 18 June.
Mapfre Middlesea plc also traded flat at the €2.26 level on insignificant volumes.
Today, BMIT Technologies plc announced that its wholly-owned subsidiary BM IT Ltd entered into a promise of sale agreement for the acquisition of the building that currently houses BMIT’s data centre in Handaq, Qormi. The consideration of the deal amounts to €4 million and the promise of sale agreement is valid and effective up to the 23 January 2020.
In this respect, BMIT also explained that through this acquisition, the company will be able to carry on a significant part of its operations from its own property, thus minimising or avoiding risks associated with a migration to another facility including financial expense, operational disruption and risk of loss of business.
The acquisition will also mean that BMIT will no longer have to honour the remaining term of the current lease resulting it in incurring less expenditure on rental of premises. The equity remained inactive today.
The RF MGS Index extended Wednesday's gains as it added a further 0.07% to 1,117.080 points, reflecting heightened volatility across international financial markets amid renewed trade tensions between the US and China as well as indications that the US Federal Reserve is likely to maintain interest rates unchanged this year compared to expectations for a rate cut.
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