MSE Equity Price Index climbs to two-month high

 

The MSE Equity Price Index rose by 0.28% to reach a two-month high of 3,856.318 points as the gains in GO, HSBC, and Trident outweighed the declines in eight equities. Meanwhile, five other equities closed unchanged as today’s total trading activity in local equities amounted to €0.24 million. Download today’s Equity Market Summary.

HSBC Bank Malta plc gained 2.8% to the €1.46 level across six deals amounting to 12,050 shares.

Also among large companies by market value, GO plc advanced by 3.7% to the €2.80 level over six trades totalling 26,385 shares. Nonetheless, the volumed weighted average price for the day was of €2.70.

Trident Estates plc moved 0.9% higher to the €1.12 level over four deals amounting to 2,756 shares.

In contrast, APS Bank plc shed 0.9% to the €0.58 level across four trades totalling 12,178 shares. Yesterday, APS issued a Quarterly Financial Update providing information about its performance during the nine-month period ended 30 September 2024. Net interest income dropped by 11.6% to €49.1 million as the continued growth in gross interest income (+9.7% to €84.7 million) was offset by higher interest expenses (+64.5% to €13.9 million). Net fees and commission income increased by 2.8% to €6.4 million. APS also registered gains of around €2.6 million reflecting fair value gains on financial assets. Meanwhile, the financial performance was dented by a €1.1 million charge on Expected Credit Losses (ECL) stages. Profit before tax amounted to €16.5 million, which is 29.2% below last year’s comparable figure of €23.3 million. Since the end of 2023, shareholders’ funds increased by 2.6% (or €7 million) to €280.1 million, which translates into a net asset value per share of €0.738.

Plaza Centres plc slumped by 6.6% to the €0.57 level on one trade of 95,000 shares.

Hili Properties plc decreased 1.7% to the €0.226 level on a single deal of 60,000 shares.

Also in the property sector, Malita Investments plc fell by 4.6% to the €0.52 level as 50,000 shares changed hands.

Simonds Farsons Cisk plc declined by 0.7% to the €6.65 level across seven trades amounting to 1,569 shares.

Grand Harbour Marina plc (-1.1%), Santumas Shareholdings plc (-0.8%) and Harvest Technologies plc (-0.5%) all fell to the €0.86, €1.24 and €0.915 levels respectively over trivial volumes.

Meanwhile, Bank of Valletta plc closed unchanged at the €1.78 level across five trades amounting to 13,465 shares. Yesterday, BOV issued a Quarterly Financial Update providing information about its performance during the nine-month period ended 30 September 2024. Net interest income surged by 14.5% to €290.5 million through the continued growth in gross interest income (+14% to €329.5 million). Net fees and commission income moved 5.4% higher to €56.7 million. BOV also registered gains of around €11.8 million in trading income. The financial performance was boosted by a €9.5 million release of Expected Credit Losses (ECL). BOV recorded a pre-tax profit of €223.7 million which is 36.9% higher than the €163.4 million generated in the same period last year. Total equity grew by 9.3% (or +€0.11 billion) to €1.39 billion resulting in a net asset value per share of €2.373 (31 December 2023: €2.171).

Also in the banking sector, Lombard Bank Malta plc held the €0.83 level on minimal activity.

MIDI plc traded flat at the €0.24 level as 32,700 shares changed hands.

A single trade of 1,000 shares left the share price of Malta International Airport plc unchanged at the €5.85 level.

PG plc closed unchanged at the €1.90 level on one deal amounting to 1,629 shares.

The RF MGS Index recovered some of yesterday’s loses as it increased by 0.12% to 909.331 points. Data released today showed that unemployment in the US in October stood at 4.1% as anticipated despite temporary setbacks including a large-scale strike and the highest ever recorded figure of people being unable to work due to bad weather. In this respect, the US labour market only added 12 thousand jobs during October, which is the lowest figure since December 2020 and far below the 113 thousand which was anticipated.

 

This report contains only public information and is not to be construed as investment advice or an offer to buy or sell 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.