MSE Equity Price Index drops below 4,800 mark
The MSE Equity Price Index extended Monday's decline by a further 0.4% to 4,798.859 points on Tuesday as the drops in Farsons, IHI, BOV and RS2 outweighed the gains in HSBC and Malita. MIDI ended the day unchanged whilst trading volumes in equities contracted sharply to just €0.15 million.
Bank of Valletta plc was the most active equity today as it regained the €1.06 level (+0.9%) across 57,000 shares.
Also among the large companies, International Hotel Investments plc retracted by a further 1.3% back to the €0.75 level across 14,160 shares. IHI has not yet announced the date of the publication of the interim financial statements due by the end of August.
Simonds Farsons Cisk plc was the worst-performing equity today with a drop of 3% to the €9.80 level on 1,000 shares.
RS2 Software plc opened at a low of €1.90 (-2.6%) before partially recovering to the €1.94 level (-0.5%) on a total of 13,000 shares. The company has not yet announced the date of the publication of the interim financial statements due by the end of August.
Conversely, HSBC Bank Malta plc recorded a new fifteen-year low of €1.48 (-0.7%) before ending the day 0.7% higher at the €1.50 level across 22,564 shares. On Wednesday, the equity starts trading ex-div.
In the property segment, a single deal of just 5,000 shares lifted the equity of Malita Investments plc 1.2% higher to the €0.85 level. Shareholders as at close of trading on Monday 19 August will receive a net interim dividend of €0.00858 per share.
MIDI plc maintained the €0.70 level also on low volumes totalling 12,676 shares. The company is scheduled to publish its 2019 interim results on 21 August.
On Monday, Malta Properties Company plc published its interim financial statements for the six-month period ended 30 June 2019. The company reported significantly improved results on the back of higher revenues as well as lower operating and finance costs.
In their commentary, the directors of MPC gave an overview of the various projects that the company has in its pipeline. Moreover, they also explained that discussions related to the potential acquisition of most of the shareholding in SmartCity (Malta) Ltd are still ongoing and that this potential transaction could be a game-changing opportunity for the company which it can tap in view of its sound financial position. The equity remained inactive today.
The RF MGS Index surged by 0.26% to above the 1,170 mark as prices of Malta Government Stocks continued to be lifted by the prevailing uncertainties across international financial markets.
These also included concerns over the health of the euro zone economy as fresh data published today pointed towards worsening investor sentiment to the lowest level since late 2011.
Meanwhile, some optimism emerged when news broke out that the US will be delaying the introduction of tariffs on a large number of imports from China until mid-December 2019.