AX Group and IHI bond issues oversubscribed

The MSE Equity Price Index remained practically unchanged at 3598.869 points as the gains in GO, HSBC, and Trident were offset by the declines in Hili Properties and Main Street. Meanwhile, two other equities closed unchanged as the total trading activity amounted to €0.07 million. Download today’s Equity Market Summary.

International Hotel Investments plc 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 will be 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.

Similarly, yesterday evening AX Group plc announced that the recent offer of €40 million 5.85% unsecured bonds 2033 has been oversubscribed. As a result, the offer period will be closed ahead of schedule on 19 October 2023 and the Intermediaries Offer will not take place. The company noted that it will be announcing the basis of acceptance by 26 October 2023.

HSBC Bank Malta plc gained 0.9% to a one-week high of €1.17 across five trades totalling 18,870 shares. HSBC recovered from an intraday low of €1.15 (-0.9%).

Also among large companies by market capitalisation, GO plc advanced by 1.4% to a one-month high of €2.92 over three deals amounting to 5,100 shares.

Trident Estates plc surged by 8.7% to a one-month high of €1.25 on two trades totalling 1,419 shares.

In contrast, Hili Properties plc slumped by 12.8% to the €0.19 level across six deals totalling 87,000 shares.

Also in the property sector, Main Street Complex plc shed 5.3% to a one-year low of €0.39, albeit over trivial volumes.

The RF MGS Index declined for the fifth consecutive session as it moved 0.19% lower to a fresh all-time low of 841.9342 points. Today, the US 10-year treasury yield increased for the fourth consecutive day reaching a 16-year high of just below the 5% level. Data published today showed that the weekly number of individuals filing for unemployment last week fell more than expected to the lowest level since last January. The data suggests that the labour market remains resilient despite the aggressive monetary policy of the Federal Reserve over the past months. Also in the US, existing home sales in September dropped to the lowest level in 13 years as the higher mortgage rates is impacting the US property market.

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.