MSE Equity Price Index climbs to three-week high

The MSE Equity Price Index rose by 0.94% to 3,742.015 points as the gains in MIA, BOV, APS, Hili Properties, HSBC, and Trident outweighed the declines in BMIT, GO, IHI, MaltaPost and M&Z. Meanwhile, two other equities remained unchanged as the total trading activity in local equities amounted to €0.16 million. Download today’s Equity Market Summary.

HSBC Bank Malta plc surged by 5.4% to a multi-year high of €1.55 across four deals amounting to 5,100 shares.

Also in the banking sector, APS Bank plc advanced by 1.0% to the €0.515 level over three trades amounting to 21,157 shares.

Similarly, Bank of Valletta plc moved 0.7% higher to the €1.41 level across five deals totalling 12,360 shares.

Also among large companies by market value, Malta International Airport plc gained 2.7% to the €5.70 level on a single deal of 2,500 shares.

Hili Properties plc advanced by 5.0% to the €0.21 level across six trades totalling 111,300 shares. Shareholders of Hili Properties as at the close of trading on Friday 21 June will be entitled for a final net dividend of €0.0108 per share, subject to approval at the upcoming Annual General Meeting to be held on Tuesday 25 June 2024.

Also in the property sector, Trident Estates plc surged by 13.6% to the €1.25 level on three trades amounting to 6,100 shares. The volume-weighted average price of the day was of €1.14 (+3.6%).

GO plc declined by 2.7% to the €2.90 level as 21,000 shares changed hands.

GO’s digital infrastructure & IT services subsidiary BMIT Technologies plc fell by 4.4% to the €0.344 level over trivial volumes.

MaltaPost plc shed 0.9% to a two-month low of €0.446 on a single trade of 4,500 shares.

International Hotel Investments plc slumped by 2.2% to a two-month low of €0.44 on two trades amounting to 2,400 shares.

M&Z plc moved 0.8% lower to the €0.595 level after partially recovering from an intraday low of €0.55 (-8.3%) across five deals totalling 10,300 shares. Last week, M&Z shareholders approved a share buyback programme of up to 500,000 shares at a price of €0.60 per share.

PG plc traded flat at the €1.94 level as 2,080 shares changed hands. The Board of Directors of PG plc is scheduled to meet on Tuesday 25 June 2024 to consider the distribution of an interim dividend.

The ordinary shares of RS2 plc held the €0.80 level on muted activity.

The RF MGS Index increased for the fourth consecutive session as it rose by 0.14% to a one-week high of 892.309 points. During an interview today, the ECB’s chief economist Philip Lane expressed confidence that inflation will fall back to its 2% target next year whilst noting that he does not expect the trajectory to be linear. Furthermore, Mr Lane said that the current wage increases are not a cause for concern as they implied lower wage growth in subsequent years.

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.