BOV and GO attract high trading activity

The MSE Equity Price Index posted a three-day negative streak as it eased by a further 0.05% to a fresh two-week low of 3,803.780 points. The declines in BOV and M&Z outweighed the gain in APS, while another five equities closed unchanged. Trading activity in local equities climbed to a seven-week high of €0.61 million, mostly dominated by GO and BOV. Download today’s Equity Market Summary.

Bank of Valletta plc shed 0.8% to the €1.30 level after partially recovering from an intra-day low of €1.29 (-1.6%). BOV was today’s most actively traded equity with 231,346 shares changing hands having a market value of just under €0.3 million.

Today’s only other negative performing equity – M&Z plc – declined by 0.7% to an over three-month low of €0.67, albeit on lacklustre activity.

GO plc traded flat at the €2.98 level as 100,000 shares changed hands.

Also among large companies by market cap, Malta International Airport plc held the €5.75 level on a single trade of 377 shares. MIA shareholders as of the close of trading on Monday 21 August 2023 will receive a net interim dividend of €0.03 per share, payable by not later than Friday 15 September 2023.

A single trade of 1,000 shares left the share price of HSBC Bank Malta plc at the €1.25 level.

Malita Investments plc closed unchanged at the €0.62 level after recovering from an intra-day low of €0.60 (-3.2%) across two deals totalling 11,750 shares. Malita’s Board of Directors is scheduled to meet on Tuesday 22 August 2023 to consider and approve the interim financial statements for the six-month period ended 30 June 2023. The Directors will also consider the payment of an interim dividend.

Santumas Shareholdings plc held the €1.30 level on trivial volumes.

APS Bank plc gained 1.6% to the €0.62 level on a single trade of 500 shares. APS shareholders as of the close of trading on 23 August 2023 will receive a net interim dividend of €0.0056 per share, which shareholders can elect to receive the dividend either in cash or through the issuance of new ordinary shares at an attribution price of €0.57 per share.

Today, International Hotel Investments plc and Hili Properties plc both announced that their respective Board of Directors are scheduled to meet by Thursday 24 August 2023 to consider and approve the interim financial statements for the six-month period ended 30 June 2023.

The RF MGS Index declined by a further 0.19% to a fresh one-month low of 865.933 points. In the US, the minutes of the most recent Federal Reserve monetary policy meeting were published yesterday and showed that the committee will be considering further rate hikes in view of the upside risks to inflation. Nonetheless, the minutes also showed that not all committee members agreed with the rate hike set during the meeting and preferred if the committee continues to assess the impact of previous hikes before increasing rates further. Meanwhile, the Atalanta Federal Reserve increased their estimates for the annualised GDP growth in the third quarter in the US to 5.8%, compared to earlier forecasts of 5%. In this context, US Treasury yields climbed to a 16-year high with the US 10-year Treasury yield moving above the 4.3% level.

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