Farsons shares rally to 6-week high
The MSE Equity Price Index inched 0.07% lower to 3,923.543 points as the declines in HSBC and MPC outweighed the gains in Farsons and GO. Meanwhile, BMIT, MIA and Trident all traded unchanged as overall trading activity was subdued, amounting to just under €0.05 million. Download today’s Equity Market Summary.
Simonds Farsons Cisk plc added 2.3% to a 6-week high of €8.95 across 2 deals totalling 222 shares.
GO plc rose by 0.6% as it closed at a 5-week high at thee €3.40 level across a single deal of 3,000 shares. Yesterday GO announced an investment of €25 million in a third submarine cable, which has been named as ‘LaValette’. This forms part of the global PEACE System (Pakistan East Africa Connecting Europe) project – a multi-million-euro connectivity effort which consists of a submarine cable connecting countries across the globe on its way from Asia to France. GO’s part of this global network directly connects Malta to France, Egypt, and beyond, making GO the first operator in Malta to have additional redundancy on international connectivity to another country other than Italy.
Elsewhere, HSBC Bank Malta plc closed 2.4% lower at the €0.81 level on volumes of 6,913 shares, after having touched an intraday low of €0.79 (-4.8%).
Also among the large equities by market cap, Malta International Airport plc remained at the €6.30 level as 3,650 shares changed hands.
Malta Properties Company plc retraced back to the €0.525 level as it plunged by 6.3%, albeit across trivial volumes. MPC’s Annual General Meeting is scheduled to be held remotely tomorrow.
BMIT Technologies plc traded flat at the €0.48 level across a single deal of 11,300 shares.
Similarly, Trident Estates plc closed unchanged at the €1.50 level as 1,309 shares changed hands.
The RF MGS Index erased all of yesterday’s gains as it fell by 0.06% to a one-week low at 1,098.283 points. Eurostat data showed that Eurozone industrial production fell by 1% in May, higher than the estimated 0.2% decline. This represented the first drop in three months and major contributors included a reduction in non-durable consumer goods, energy, and capital goods. Meanwhile, Spain’s inflation rate remained at 2.7% in June, the same as in May, but the figure represents the highest inflation rate since February 2017. Furthermore, in the UK, the inflation rate surprisingly reached a three-year high of 2.5% in June, above market forecasts of 2.2%. The Bank of England expects inflation to exceed 3% later this year but believes that price pressures are only transitory.