MaltaPost raises its local postage rates

 

The MSE Equity Price Index fell by 0.31% to 3,850.654 points as the declines in GO, HSBC, MIA and Malta Properties outweighed the gains in APS, BMIT, IHI, Grand Harbour Marina and MaltaPost. Meanwhile, three other equities closed unchanged as today’s trading activity amounted to €0.23 million. Download today’s Equity Market Summary.

MaltaPost plc surged by 4.9% to a four-month high of €0.47 across seven deals amounting to 79,443 shares. Yesterday MaltaPost announced that as of Monday 9 September 2024, the local postage rate is set to increase by €0.07, with the local letters up to 50 grams increasing from €0.38 to €0.45. MaltaPost explained that the changes are expected to ensure the financial sustainability of the Universal Postal Service Obligation in the face of ongoing market challenges including a reduction in traditional postal volumes and increasing costs.

Grand Harbour Marina plc gained a further 1.7% to the €0.875 level across three trades totalling 50,463 shares. Last week, Grand Harbour Marina published its interim financial statements for the six-month period ended 30 June 2024, showing that revenues remained relatively unchanged at €2.06 million, but total operating costs moved 4.5% lower at €1.34 million mainly reflecting a drop in direct and personnel costs. GHM’s financial performance was positively affected by the share of profit of €3.26 million from its investment in IC Çeşme Marina located in Turkey (in contrast to the share of loss of €0.06 million reported in H1 2023), significantly boosted by a reduction in foreign exchange losses following IC Çeşme’s repayment of euro-denominated loans. GHM reported a pre-tax profit of €3.66 million (H1 2022: €0.24 million). After accounting for a tax charge of €0.16 million, the net profit for the period under review amounted to €3.49 million.

APS Bank plc increased by 1.6% to the €0.5 level on a single deal of 8,661 shares.

BMIT Technologies plc climbed by 1.2% to the €0.344 level across three trades amounting to 56,000 shares.

International Hotel Investments plc moved 1.4% higher to the €0.436 level over trivial volumes.

On the other hand, GO plc shed 2.1% to the €2.84 level across two deals amounting to 1,000 shares.

HSBC Bank Malta plc declined by 0.6% to a one-month low of €1.63 level over four trades amounting to 7,339 shares.

Also among the large companies by market value, Malta International Airport plc declined by 2.5% to the €5.95 level across three deals totalling 2,999 shares.

Malta Properties Company plc slumped by 5.3% to the €0.322 level over two deals amounting to 3,573 shares.

Bank of Valletta plc closed unchanged at the €1.68 level over nine trades totalling 57,640 shares.

Lombard Bank Malta plc and Santumas Shareholding plc held the €0.79 and €1.30 levels respectively over trivial volumes.

The RF MGS Index recovered some of yesterday’s losses as it rose by 0.15% to 903.049 points reflecting a sharp decline in sovereign bond yield in the Eurozone, as the German 10-year bund yield hovered just above 2.25% falling from about 2.33% yesterday. Data released today showed that the manufacturing sector in the United States contracted by more than expected, albeit declining less than the previous month. Consequently, this marked the 21^st monthly manufacturing contraction in the last 22 months.  Furthermore, new orders fell for the third consecutive month resulting in a further fall in production and depletion of the backlog of orders.

 

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.