MSE Index declines further

MSE Daily Trading Report, 26 August 2020

The MSE Equity Total Return Index declined by a further 0.076% as it reached 7,606.929 points. Five equities were active during today’s short trading session as market was halted due to connection issues. One equity advanced while another one lost ground. A total turnover of €48,108 was generated across 13 transactions.

HSBC Bank Malta plc was the most liquid as it recorded a total turnover of €21,600. Four deals involving 27,000 shares did not impact the bank’s previous closing price of €0.80.

Three deals involving 6,661 RS2 Software plc shares dragged the price by 0.86% into the red. A total turnover of €14,978 was generated as the price declined to €2.30.

The only positive performer was Malta Properties Company plc as it traded once on slim volume. As a result, the equity closed 2% higher at €0.51.

A sole transaction of 130 Malta International Airport plc shares did not alter the previous closing price of €4.98.

Similarly, Harvest Technology plc was active but closed unchanged at €1.46. A total of 7,450 shares were spread across four transactions, worth €10,819.

Meanwhile, the following companies issued announcements but were not active during today’s session.

Yesterday afternoon, MIDI plc announced the approval of the unaudited interim financial statements for the six months ended June 30, 2020. Revenue for the half year amounted to €1.1 million versus the €9.6 million recorded during end of June 2019.  This was solely generated by the property and rental management sector of the group resulting in an overall operating loss of €0.7 million, while a profit of €4.3 million was registered in 2019. The MIDI group has registered a loss before tax of €0.9 million compared to a profit before tax of €4 million registered for the same period last year.

Total assets have decreased marginally from €234.6 million as at December 31, 2019 to €234.1 million, while the group’s net asset value also decreased from €104.0 million to €102.9 million. This translates in a net asset value per share of €0.48 versus the €0.49 recorded in December 31, 2019.

Global Capital plc announced that the board is scheduled to meet on August 28, 2020, to consider and, if deemed appropriate, approve the unaudited half-yearly financial report for the six-month period ended June 30,2020.

Plaza Centres plc announced that the Annual General Meeting shall be held on a remote basis on October 14, 2020.

Grand Harbour Marina plc announced that the directors approved the half yearly report for the financial period January 1, 2020 to June 30, 2020. Group loss before tax for the six-months ended June 30, 2020, which includes the 45% share of the losses of IC Cesme, amounted to €0.05 million versus a profit before tax of €0.33 million recorded in June 2019. During the period under review, net cash flows from operating activities amounted to €0.36 million, translating into a 33.3% decline when compared to June 2019.

The company registered €2.1 million in operating revenues, a marginal increase over the corresponding period of 2019, despite experiencing significant disruption due to the COVID-19 pandemic, while underperforming by €0.3 million when compared to the first half of 2018, attributable to the loss of income from visitor contracts and the consequential lower revenue from utilities.

EBITDA also performed slightly better than 2019 and 2018, thanks to the change in strategy adopted by the Group, savings on cost of sales and sales-related expenses which offset some of the sales shortfall, and the government support in the form of wage subsidy. There was no dividend payment during the six months ended June 30, 2020.

The company reaffirmed that the it has sufficient resources to meet all its payment obligations, including but not limited to salaries and annual bond interest payments and its ability to redeem in full its current €15 million bond, maturing in 2027.

In the Corporate Debt market, 10 issues were active, of which three headed north while another four closed in the opposite direction. The 5% Hal Mann Vella Group plc Secured € 2024 registered the best performance with a positive 0.49% change in price, to close at €103.50. On the other hand, the 5% MeDirect Bank Plc Subordinated Unsecured € 2022-2027 lost 1.96%, reaching its par value.

In the Sovereign Bond market, out of four active issues, three decline while the 3% MGS 2040 (I) was active but closed unchanged at €130.00. The 2.4% MGS 2041 (I) registered the largest decline in price of 4.41%, ending the session at €130.00.

In the Prospects MTF market, no trading activity was recorded.

The Equities traded today were:

The Corporate Bonds traded today were:

The Government Stocks traded today were:

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].