The MSE Equity Price Index dropped by 1.5% to a near five-month low of 3,713.477 points on Thursday as several equities declined. On the other hand, HSBC trended higher whilst a further four companies ended unchanged. Trading activity improved further to €0.28 million largely on the back of increased volumes in RS2.
RS2 Software plc eased by 0.9% to the €2.32 level across 49,567 shares having a market value of €0.11 million.
Also among the large companies, International Hotel Investments plc lost 7.7% to the €0.48 level (just above its all-time low of €0.476) on a total of 18,612 shares.
Simonds Farsons Cisk plc shed 1.3% back to the €7.50 level across 3,787 shares.
Mapfre Middlesea plc retracted back to the €2.00 level (-5.7%) albeit on 2,200 shares.
The worst performing equity today was Trident Estates plc as it tumbled 11.4% to the €1.48 level across 24,688 shares.
Similarly, Tigné Mall plc plummeted 10% to an over five-year low of €0.72 across 7,440 shares.
A single deal of 9,950 shares forced the equity of MIDI plc to move 6.9% lower back to the €0.35 level.
Within the same sector, Plaza Centres plc dropped by 1.1% to the €0.93 level across 39,960 shares.
In contrast, Malta Properties Company plc maintained the €0.54 level across 28,000 shares. On Monday, MPC published its interim financial results showing a reduction in revenues as the lost income from the properties which have been vacated and have either been sold or are subject to a promise of sale agreement offset the upward inflationary adjustments on lease terms.
The company also incurred an increase in costs amid higher level of business development activity including due diligence exercises on possible acquisitions. Looking ahead, MPC reiterated that its business model is resilient to the prevailing economic uncertainties and that it is continuing to pursue activities aimed at delivering additional shareholder value through the maximisation of its current property portfolio as well as extrinsic growth.
Bank of Valletta plc (6,330 shares) and Malta International Airport plc (2,265 shares) traded flat at €0.944 and €4.80 respectively. Today, MIA announced its July traffic results following the resumption of commercial activity on 1 July 2020. MIA registered a drop of 80.9% in passenger movements to 152,818 which the company said was in line with the overall trend in Europe. In fact, a passenger performance analysis conducted by Airports Council International showed that, on average, European airports registered a contraction of 78% in activity during the month of July. Furthermore, the same analysis showed that Italy, Germany, the UK and France, all of which were among MIA’s top five markets for July 2020, reported drops in passenger numbers that ranged between 74% and 87%.
GlobalCapital plc held on to its multi-year high of €0.53 across 9,815 shares.
Meanwhile, HSBC Bank Malta plc rebounded by 1.2% to regain the €0.85 level on a total of 7,300 shares.
Today, GO plc issued a company announcement detailing the allocation policy in respect of the €40 million 4% unsecured bonds 2030 issued by its telecoms subsidiary in Cyprus – namely Cablenet Communication Systems plc. In this respect, GO reiterated that in terms of the Prospectus dated 21 July 2020, Cablenet had entered into pre-allocation agreements with a number of financial intermediaries whereby an aggregate amount of €32 million worth of bonds were allocated. The remaining balance of €8 million worth of bonds was made available for subscription by ‘Preferred Applicants’ – namely GO plc shareholders and GO plc employees. Cablenet received a total of 1,031 applications from ‘Preferred Applicants’ for a total amount of €10.91 million. Applications for amounts up to €10,000 will be satisfied in full while applications for amounts in excess of €10,000 will be allotted the first €10,000 and 27.9% of the balance, rounded down to the nearest €1,000. Interest on the bonds will start accruing as from 18 August 2020 and refunds of unallocated monies will be processed by 21 August 2020. The bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on 21 August 2020 and trading may commence as from 24 August 2020.
The RF MGS Index erased some of yesterday’s sharp drop as it rebounded by a minimal 0.02% to 1,109.055 points. Sovereign bond yields in the euro area remained within a tight range ahead of the publication of inflation data in Germany and Spain which were in line with estimates. On the other hand, the unemployment rate in France dropped to 7.1% from 7.8% and well below the forecasted increase to 8.3%. Meanwhile, the number of jobless claims in the US slipped below the one million mark for the first time in more than four months.