MSE Equity Price snaps six-day positive streak

The MSE Equity Price Index moved lower for the first time in seven sessions as it eased by 0.09% to 3,715.196 points. The declines in MIA, HSBC, and BMIT outweighed the gain in APS. Trading activity in local equities was muted €0.02 million. Download today’s Equity Market Summary.

Malta International Airport plc retreated from yesterday’s one-year high as it shed 0.8% to the €5.95 level across two deals totalling 432 shares. Last Wednesday, MIA announced its updated investment programme for the period between 2023 to 2028 totalling €250 million. The investment includes the construction of Apron X and the Terminal Expansion Project, with initial works already ongoing for both projects. The plan also includes the installation of a new photovoltaic farm, an overhaul of the airport’s heating, ventilation, and air conditioning systems, as well as an upgrade to the VIP Terminal and La Valette lounge. Today, the new national airline KM Malta Airlines announced that it has been granted the licence to fly and operate as an airline. It also published details of its first summer schedule offering 1.43 million seats between 31 March 2024 and 26 October 2024. Earlier this week, Ryanair announced that its summer schedule will include 2.7 million seats.

Also among large companies by market value, HSBC Bank Malta plc fell by 0.8% to the €1.23 level over two trades totalling 9,994 shares. Yesterday, HSBC Malta was awarded the Bank of the Year Award for 2023 by The Banker, an international financial publication.

IT Technologies plc slumped 4.4% to an all-time low of €0.39, albeit on a single deal of 3,000 shares.

APS Bank plc recovered yesterday’s losses as it rebounded by 3.6% to the €0.58 level on muted activity.

The RF MGS Index moved lower for the first time this week as it fell by 0.07% to 878.652 points as the declines in prices of long-dated MGS outweighed the gains in short-dated MGS. Nonetheless, the Index still surged by 1.41% over the past week. Several large investment banks shared views that the global economy will grow by 2.9% this year, but the growth rate is expected to ease to 2.6% in 2024. Meanwhile, data published today showed that manufacturing activity during November contracted across the Eurozone, the US, and the UK. Particularly, the rate of decline in the US was higher-than-expected.

This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange.