MSE Equity Price Index posts three-day losing streak

The MSE Equity Price Index contracted by a further 0.30% to 3,670.797 points as the declines in MIA, IHI, and MPC outweighed the gains in BOV, GO, and PG. Meanwhile, four other equities closed unchanged. Download today’s Equity Market Summary.

International Hotel Investments plc was today’s worst-performing equity as it slumped by 8.5% to an all-time low of €0.43 across six trades totalling 77,890 shares.

Malta International Airport plc moved 2.5% lower to the €5.80 level over three deals totalling 900 shares.

Malta Properties Company plc declined by 5.4% to a two-week low of €0.35 albeit on low volumes.

Elsewhere, Bank of Valletta plc surged by 2.5% to the €1.24 level after marginally retreating from an intra-day high of €1.25 (+3.3%). BOV was today’s most actively traded equity as 52,827 shares changed hands across seven trades.

Also among the large companies by market value, PG plc gained 2% to an over three-month high of €2.08 on a single trade of 862 shares. Yesterday, PG plc announced that its Board of Directors is scheduled to meet on Monday 18 December 2023 to consider and approve the interim financial statements for the six-month period ended 31 October 2023.

GO plc advanced by 1.4% to the €2.92 level across four trades totalling 5,890 shares. Yesterday GO plc announced that it concluded the transaction with BMIT Technologies plc for a consideration of €46.6 million. Through this acquisition, GO sold Passive Telecoms Assets in respect of 278 sites together with the corresponding maintenance functions, all related agreements (including the Master Service Agreement), and an employee responsible for managing the Passive Tower Rights Portfolio. BMIT and GO also entered into a transitional services agreement through which GO will provide certain support services to BMIT during this initial transition period.

BMIT Technologies plc held the €0.39 level on one deal of 2,000 shares.

HSBC Bank Malta plc closed unchanged at the €1.24 level after recovering from an intra-day low of €1.23 (-0.8%) on two trades of 2,202 shares.

Simonds Farsons Cisk plc and Loqus Holdings plc remained unchanged at the €6.80 and €0.19 levels respectively on muted activity.

The RF MGS Index extended yesterday’s gains by 0.33% to reach a fresh eight-month high of 885.982 points. Today, ECB board member Isabel Schnabel highlighted that despite a greater-than-expected decrease in headline inflation, monetary policy must remain restrictive in order to bring inflation back down to the 2% target. Data published today showed that the economy in the Eurozone contracted by less than initially expected during November driven by an upward revision in the activity of the services sector.  Meanwhile, in the US, the private sector continued to grow in line with expectations across both the services and manufacturing segments. Nonetheless, the job openings in October fell by much more than forecasted to the lowest level in over two and a half years.