MSE Daily Trading Report, 30 June 2020

The MSE Equity Total Return Index advanced by a further 0.351% as it reached 8,347.534 points. Out of 11 active equities, gainers and losers tallied to four-a-piece. A total turnover of €107,260 was generated across 34 transactions.

In the banking industry, Bank of Valletta plc recorded the highest liquidity with a total turnover of €59,931. The bank declined by 0.99% as it closed at €1.00, as a result of 10 deals involving 59,622 shares.

Its peer, HSBC Bank Malta plc also registered a 1.04% loss as it reached the €0.95 price level. A sole deal of 5,212 shares generated a total turnover of €4,951.

Malta International Airport plc was active but closed unchanged at €5.80. A total of 4,200 shares were spread over nine deals, worth €24,360.

The best performance was recorded by Medserv plc as price was up by 15% to €0.69. A total turnover of €3,755 was generated as three deals involving 6,050 shares were executed.

Telecommunications company, GO plc, advanced by 5.42% as 350 shares changed hands across two transactions. The equity ended the session at €3.50 while total turnover stood at €1,166. Its subsidiary, BMIT Technologies plc traded once over 6,000 shares which did not impact the previous closing price of €0.49. Total turnover amounted to €2,940.

RS2 Software plc closed unchanged at €2.40. The equity traded once over 1,650 shares, worth €3,960.

In the property sector, two deals involving 2,500 MIDI plc shares pushed the price 4.32% higher to €0.386. Similarly, Malta Properties Company plc closed at €0.595, translating into a 4.39% rise in price. The equity traded once on slim volume.

Retail conglomerate, PG plc, traded 1.02% lower at €1.95 as 2,540 shares changed ownership over two deals. A total turnover of €4,963 was recorded.

A sole deal of 130 International Hotel Investments plc shares dragged the price by 0.84% into the red. The equity ended the session at €0.590. Last Friday, the board approved the financial statements for the year ended December 31, 2019. The company has achieved a record pre-tax net profit for 2019, totalling €13.9 million, translating onto a 63% increase. Adjusted EBITDA has grown to €60.3 million in 2019, almost double the €33 million in 2014. This is the result of higher revenues in hotels, better containment of costs and improved conversions to operating profits, apart from further acquisitions and investment in new businesses. Revenues increased to €268 million, an improvement of €12 million relative to the previous year mostly due to improved revenues from existing businesses.

Once again, the group reported a positive working capital of €16.8 million, which is a further improvement of €6.9 million compared to the figure of €9.9 million reported in 2018. This additional improvement is in consequence of a further increase of €22.5 million in cash and cash balances, which was partly offset by a reduction in trade receivables of €9.8 million and a combined increase of €8.2 million in trade payables and current portion of bank borrowings.

The company entered into arrangements with a third party investor to develop and eventually lease a prime property in Rome. The property is the former headquarters of the Bank of Italy and will be transformed into a luxury Corinthia Hotel. Moreover, Development work on the Corinthia Hotels in Bucharest, Brussels and Dubai has proceeded in 2019, and works on site in Moscow, Rome, and Doha have commenced in 2020.

Last Friday, Harvest Technology plc announced that the forthcoming Annual General Meeting will be held on July 30, 2020. No trading activity was recorded during the session.

In the Corporate Debt market, 19 issues were active, of which four headed north while another eight closed in the opposite direction. The 3.5% Bank of Valletta plc € Notes 2030 S2 T1 headed the list of gainers with a 1.98% change in price, as it closed at €101.98. Conversely, the 4% International Hotel Investments plc Secured € 2026 lost 1.76%, ending the session at €100.20.

In the Sovereign Bond market, out of 11 active issues, six registered gains while another two lost ground. The 2.1% MGS 2039 closed 3.4% higher at €129.25. On the other hand, the 2.5% MGS 2036 (I) ended the session at €119.00, translating into a negative 4.8% movement in price.

In the Prospects MTF market, the 4.875% AgriHoldings Plc Senior Secured € 2024 and the 5.5% Anchovy Studios plc € Unsecured 2027 were both active but closed unchanged at €100.50 and €100.00, respectively.

 

The Equities traded today were:

Symbol Code	Volume Traded	Value Traded	Trades	Closing Price	% Change
BOV	59,622	59,930.98	10	1.000	-0.99
HSB	5,212	4,951.40	1	0.950	-1.04
GO	350	1,165.60	2	3.500	5.42
IHI	130	76.70	1	0.590	-0.84
MIA	4,200	24,360.00	9	5.800	0.00
MDS	6,050	3,754.50	3	0.690	15.00
RS2	1,650	3,960.00	1	2.400	0.00
MDI	2,500	961.00	2	0.386	4.32
MPC	350	196.70	2	0.595	4.39
PG	2,540	4,963.00	2	1.950	-1.02
BMIT	6,000	2,940.00	1	0.490	0.00

The Corporate Bonds traded today were:

	Closing Price	% Change
4.25% GAP Group plc Secured € 2023	101.000	0.00
5.1% 1923 Investments plc Unsecured € 2024	99.980	0.00
4.25% Best Deal Properties Holding plc Secured € 2024	100.000	0.00
5.1% 6PM Holdings plc Unsecured € 2025	99.880	-0.02
4.25% Corinthia Finance plc Unsecured € 2026	100.500	0.00
4% MIDI plc Secured € 2026	101.200	-0.78
4% International Hotel Investments plc Secured € 2026	100.200	-1.76
5% Dizz Finance plc Unsecured € 2026	99.450	-0.05
4.8% Mediterranean Maritime Hub Finance plc Unsecured € 2026	97.050	-0.92
3.75% Mercury Projects Finance plc Secured € 2027	102.000	0.00
4.35% SD Finance plc Unsecured € 2027	101.500	0.15
4% Eden Finance plc Unsecured € 2027	101.500	0.00
4% Stivala Group Finance plc Secured € 2027	102.500	-0.49
3.75% Bortex Group Finance plc Unsecured € 2027	101.000	-0.01
4.15% Phoenicia Finance Company plc Unsecured € 2023-2028	98.990	0.00
3.65% Stivala Group Finance plc Secured € 2029	102.000	0.49
3.8% Hili Finance Company plc Unsecured € 2029	98.500	-0.51
3.75% AX Group plc Unsec Bds 2029 Series II	101.100	0.10
3.5% Bank of Valletta plc € Notes 2030 S2 T1	101.980	1.98

The Government Stocks traded today were:

	Closing Price	% Change
5.1% MGS 2022(I)	110.600	-0.06
4.8% MGS 2028 (I)	134.190	0.01
4.5% MGS 2028 (II)	132.120	0.01
5.25% MGS 2030 (I)	147.000	0.00
5.2% MGS 2031 (I)	146.670	0.12
4.65% MGS 2032 (I)	144.000	0.00
4.45% MGS 2032 (II)	144.000	0.00
2.5% MGS 2036 (I)	119.000	-4.80
2.1% MGS 2039 (I)	129.250	3.40
3% MGS 2040 (I)	140.000	1.45
2.4% MGS 2041 (I)	130.000	0.78

The Prospect Bonds traded today were:

	Closing Price	% Change
4.875% AgriHoldings Plc Senior Secured € 2024	100.500	0.00
5.5% Anchovy Studios plc € Unsecured 2027	100.000	0.00

This article, which was compiled by Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice and the contents therein should not be construed as such. Jesmond Mizzi Financial Advisors Limited is licensed to conduct investment services by the MFSA and is a Member Firm of the Malta Stock Exchange. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or on Tel: 21224410, or email [email protected].