Three equities pull MSE Equity Price Index lower

The MSE Equity Price Index moved 0.29% lower to 3,597.934 points as the declines in HSBC, IHI, and MIA outweighed the gains in Plaza and Farsons. Meanwhile, two other equities closed unchanged as the total trading activity was muted at just €0.06 million. Download today’s Equity Market Summary.

HSBC Bank Malta plc moved 1.7% lower to the €1.15 level across two trades totalling 4,007 shares.

International Hotel Investments plc shed 2.2% to the €0.45 level over seven trades totalling 45,820 shares. Last week, IHI announced that the recent offer of €60 million 6.0% unsecured bonds 2033 has been oversubscribed. As a result, the offer period for preferred applicants and Corinthia Group employees was closed ahead of schedule on 20 October 2023 and the Intermediaries Offer will not take place. Meanwhile, the offer period for maturing bondholders will remain open until 26 October 2023 as originally planned. The company noted that it will be announcing the basis of acceptance and allocation policy by 2 November 2023.

Also among the large companies by market capitalisation, Malta International Airport plc eased by 0.9% to a five-month low of €5.45 on two trades totalling 725 shares.

In contrast, Plaza Centres plc surged by 27.5% to a one-month high of €0.65 across two deals totalling 2,200 shares.

Simonds Farsons Cisk plc advanced by 0.8% to the €6.60 level on muted activity.

Bank of Valletta plc closed unchanged at the €1.22 level after failing to hold to an intraday high of €1.24 (+1.6%) across ten deals totalling 19,909 shares. Last Friday, BOV announced that its Board of Directors is scheduled to meet on Thursday 26 October 2023 to consider the payment of an interim dividend.

Also in the banking sector, APS Bank plc traded flat at the €0.59 level on two trades totalling 4,844 shares. APS is expected to publish its financial results for the nine-month period ended 30 September on Thursday 26 October 2023.

Today, MedservRegis plc announced that following the approval of a shareholder circular by the Malta Financial Services Authority, it will be convening an Extraordinary General Meeting on Thursday 16 November 2023 to approve the reduction of the share premium account for the purpose of offsetting losses of the company.

The RF MGS Index gained 0.12% to 844.382 points, despite that sovereign bond yields in the eurozone and the US continued to increase. In fact, the US 10-year Treasury yield exceeded the 5% level for the first time in over sixteen years amid growing concerns over the US Government budget deficit as it nears the USD 2 trillion. Furthermore, the underlying economy remains strong and supportive of the Federal Reserve’s tighter policy stance which is set to keep interest rates at elevated levels for a longer period.

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.