HSBC closes at a four-year high

The MSE Equity Price Index fell by 0.23% to 3,718.656 points as the declines in six equities outweighed the gains in another six equities. Notably, today’s total trading activity in local equities was at a two-month high of €0.62 million. Download today’s Equity Market Summary.

Bank of Valletta plc moved 0.7% higher to the €1.41 level after recovering from an intraday low of €1.39 (-0.7%) across eighteen trades totalling 68,791 shares.

Also in the banking sector, HSBC Bank Malta plc increased by 3.5% to a four-year high of €1.47 over nine deals amounting to 74,650 shares.

Lombard Bank Malta plc rose by 1.3% to the €0.79 level as 5,000 shares changed hands.

Similarly, FIMBank plc surged by 5.3% to a four-month high of USD0.20 over six deals amounting to 121,942 shares.

PG plc was today’s most actively traded equity as it climbed by 0.5% over five trades totalling 100,000 shares.

Malta Properties Company plc advanced by 4.6% to the €0.32 level on two deals of 10,380 shares.

On the other hand, Malta International Airport plc decreased by 0.9% to the €5.65 level on a single trade of 3,000 shares. Last Tuesday, MIA announced that passenger movements during May 2024 increased by 18.2% to a record 858,402 compared to the same month last year. The passenger movements during the first five months of 2024 amounted to 3.21 million, representing an increase of 19.6% over the corresponding period last year.

GO plc fell by 3.3% to the €2.90 level across three trades amounting to 2,700 shares.

Meanwhile, GO’s subsidiary, BMIT Technologies plc moved 0.6% lower to the €0.348 level over six deals totalling 417,300 shares.

International Hotel Investments plc slumped by 5.9% to the €0.45 level over three trades amounting to 30,800 shares.

Both the ordinary (-5.6%) and preference (-4.5%) shares of RS2 plc fell to multiyear lows at the €0.85 level on weak volumes.

The RF MGS Index rose by 0.37% to 888.826 points. During yesterday’s monetary policy meeting, the US Federal Reserve opted to leave the target federal funds rate unchanged between 5.25% – 5.50%. In the following conference, the Chair of the US Federal Reserve Jerome Powell stated that the current policy is cooling inflation without causing major disruptions to the economy. In this respect, policymakers do not expect more than one interest rate cut by the end of this year. Furthermore, the US Federal Reserve reiterated expectations that the economy will grow by 2.1% in 2024 and 2.0% in the following two 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.