HSBC Bank Malta reaches 6-week high

 

The MSE Equity Price Index moved lower for the fourth consecutive session as it lost 0.67% to 3,862.038 points. The declines in IHI and MIA outweighed the gains in BOV and HSBC whilst three other equities closed unchanged. Overall trading activity rose modestly to a one-week high of €0.14 million. Download today’s Equity Market Summary.

Most of today’s trading activity took place in the equity of HSBC Bank Malta plc which rallied by 5.7% to a six-week high of €0.83 after recovering from an intraday low of €0.77 (-1.9%). A total of 134,038 shares changed hands.

Also in the retail banking sector, Bank of Valletta plc climbed 1.7% to the €0.895 level on a single trade of 1,500 shares.

Meanwhile, International Hotel Investments plc slumped by just over 10% to the €0.61 level on a single deal of 24,500.

Malta International Airport plc also ended the session lower as it lost 1.6% to the €6.00 level on two deals totalling 460 shares.

Elsewhere, Malta Properties Company plc remained at its 13-month high of €0.57 on 10,000 shares.

A single deal of 5,000 shares left the share price of PG plc at the €2.44 level.

Similarly, GO plc stayed at the €3.36 level on light volumes.

The RF MGS Index retracted to a 33-month low as it lost 0.08% to 1,090.086 points. MGS yields sustained their upward trend as the eurozone inflation rate for August was confirmed at 3%, well above the ECB’s target of 2%, reflecting increases in prices following supply shortages and the low base effect from last year. The main contributors to the surge in inflation were energy prices, cost of services, industrial goods, and food. Meanwhile in the UK, retail sales fell for the fourth consecutive month, thus disappointing forecasts which were anticipating a rebound.