HSBC & MIA drag MSE Equity Price Index lower

The MSE Equity Price Index moved back into negative territory with a marginal decline to 4,819.219 points as HSBC, MIA, RS2 and Main Street trended lower to offset the rebound in BOV and GO. Meanwhile, a further five equities ended the day unchanged. Trading activity rebounded with almost €0.3 million worth of shares changing hands today compared to €0.18 million yesterday. Download today’s Equity Market Summary.

HSBC Bank Malta plc drifted 0.6% lower back to the €1.62 on shallow volumes of 6,863 shares.

Similarly, the share price of Malta International Airport plc moved 0.7% lower to €7.45 across six deals totalling 16,600 shares. Today, Ryanair confirmed the acquisition of Malta Air with the aim of growing its local operations to reach five million passengers within five years compared to the current 3 million passengers it serves in a year.

RS2 Software plc also trended in negative territory with a 0.7% drop to €1.39 albeit on an insignificant deal of 65 shares.

Higher volumes of 40,000 shares transacted in Main Street Complex plc as the equity slipped 3.2% back to the €0.61 level.

On the other hand, Bank of Valletta plc edged 0.4% higher to the €1.265 level across seventeen deals totalling 50,499 shares.

Likewise, GO plc jumped 1.3% to regain the €4.56 level on low volumes of 5,200 shares.

Meanwhile, BMIT Technologies plc held on to the €0.545 level on a single deal of 9,500 shares.

Various equities from the property segment also traded unchanged today with Malita Investments plc holding on to the €0.855 level on just 2,300 shares and Trident Estates plc maintained the €1.78 level on insignificant volumes. Similarly, Tigné Mall plc retained the €0.91 level on 40,000 shares

The only other active equity was MaltaPost plc with 3,935 shares changing hands at the €1.40 level representing no change from the previous closing price. This afternoon, the postal operator announced the formation of a new insurance company together with APS Bank plc, Atlas Insurance PCC Ltd and GasanMamo Insurance Limited which, subject to the necessary regulatory approvals, will carry out the business of life insurance.

The RF MGS Index moved lower for the first time in six days as it retreated by 0.07% from its near two-year high of 1,132.061 points to 1,131.300 points. International financial markets continued to be largely dominated by the uncertainties related to the current trade dispute between the US and China which is compelling major central banks to take a more cautious approach when it comes to monetary policy. Indeed, the Governor of the Bank of Finland, who is also one of the most suggested contenders to replace Mr Mario Draghi as head of the ECB when his term expires, was quoted today as saying that the ECB “may… lower the monetary policy rates and introduce possible mitigating measures, and/or relaunch net purchases under the securities purchase programme” in case of deteriorating economic conditions.