PG dominates trading activity

The MSE Equity Price Index fell by 0.31% to 3,707.330 points as the declines in PG, BOV, MIA as well as the ordinary and preference shares of RS2 outweighed the gains in GO, BMIT, and Malta Properties. Download today’s Equity Market Summary.

PG plc was the most actively traded equity for the second consecutive session as it shed 0.5% to the €1.94 level across six trades totalling 46,860 shares, having a market value of €0.09 million and accounting for over 60% of today’s value traded across local equities. The Board of Directors of PG plc is scheduled to meet on Tuesday 25 June 2024 to consider the distribution of an interim dividend.

Bank of Valletta plc eased by 0.7% to the €1.40 level over three trades totalling 23,360 shares.

Also among large companies by market value, Malta International Airport plc fell by 1.8% to the €5.55 level on trivial volumes.

Both the ordinary (-5.9%) and preference (-3.5%) shares of RS2 plc fell to multi-year lows of €0.80 and €0.82 on lacklustre volumes.

In contrast, GO plc increased by 2.8% to the €2.98 level as 1,551 shares hands.

GO’s digital infrastructure & IT services subsidiary BMIT Technologies plc rose by 3.4% to the €0.36 level on two deals totalling 14,000 shares.

Malta Properties Company plc closed 6.3% higher at the €0.34 level after recovering from an intraday low of €0.302 (-5.6%) across three trades amounting to 17,286 shares. MPC’s volume-weighted average price of the day was of €0.314 (-1.9%).

The RF MGS Index increased for the third consecutive session as it rose by 0.25% to 891.017 points, reflecting decreases in eurozone sovereign bond yields. In particular, the German 10-year bund yield fell to a two-month low below 2.35% from highs of 2.65% at the start of the week. On the other hand, the French 10-year remained close to a seven-month high at about 3.17% amid political uncertainty, including an upcoming early election. Consequently, the spread between the German and French 10-year bond yields widened to about 80 basis points, the highest since the European sovereign debt crisis in 2011. Meanwhile, data released today showed that inflation in France during May was at 2.6%, less than the expected figure of 2.7%.