Malta Properties Company reaches 14-month high

 

The MSE Equity Price Index added 0.21% to 3,889.222 points as the gains in GO, IHI, MPC and Farsons outweighed the loss in Santumas. Meanwhile, four other equities closed unchanged as overall trading activity amounted to €0.09 million. Download today’s Equity Market Summary.

Malta Properties Company plc added 0.9% to a 14-month high at €0.575 on a single trade of 5,000 shares. Last week the company announced that it entered into a promise of sale agreement with a+ Investments Ltd to purchase and acquire the ‘Mediterranean Building’ office complex located in Ta’ Xbiex for a total consideration of €8.75 million.

Simonds Farsons Cisk plc was today’s best performing equity with an uplift of 1.2% to the €8.35 level on six trades totalling 1,375 shares after recovering from an intraday low of €7.85 (-4.8%). Farsons is expected to publish its interim results on Wednesday 29 September.

Elsewhere, International Hotel Investments plc added 0.8% to the €0.61 level on one deal of 500 shares.

GO plc climbed 0.6% to a 5-week high at €3.42 on negligible volumes.

Meanwhile, Santumas Shareholdings plc erased yesterday’s gains as it slumped by 4.3% to the €1.10 level on two trades totalling 4,600 shares.

In the retail banking sector, Bank of Valletta plc remained at the €0.88 level on five trades totalling 45,267 shares after failing to hold to an intraday high of €0.895 (+1.7%).

Plaza Centres plc held to the €0.915 level on three deals totalling 26,000 shares.

The ordinary shares of RS2 Software plc maintained the €1.78 level after recovering from an intraday low of €1.73 (-2.8%).

PG plc traded flat at the €2.44 level as 600 shares changed hands.

The RF MGS Index posted the largest daily decline in three weeks as it dropped by 0.42% to 1,087.000 points. The Ifo business climate indicator for Germany fell for the third consecutive month as Europe’s largest economy is expected to endure prolonged problems with procurement of raw materials and intermediate products. Elsewhere, concerns regarding the potential default of China’s property developer Evergrande continued to mount as the company failed to meet its interest payment obligations that were due yesterday. In an interview published today, ECB President Christine Lagarde recognised the importance of the matter in context that all financial markets are interconnected, but also acknowledged that the eurozone has limited direct exposure to the property debt crisis in China.