Daily Review 04.07.2024

BOV climbs to 6-month high


The MSE Equity Price Index rose 0.25% to 3,743.694 points as the gains in BOV, MIA, and IHI outweighed the declines in Grand Harbour Marina, Malta Properties, M&Z, Farsons and Mapfre Middlesea. Meanwhile, four other equities closed unchanged. Download today’s Equity Market Summary.

Bank of Valletta plc advanced by 1.4% to a six-month high of €1.46 across eight deals amounting to 20,200 shares.

Also among the large companies by market value, Malta International Airport plc moved 1.8% higher to the €5.70 level on four trades amounting to 6,775 shares. Yesterday, MIA won the ACI Europe Best Airport Award in the category of airports hosting 5 to 10 million passengers annually. ACI Europe explained that the judges noted MIA’s proven track record, efficient operations, and its motivated team which has sustainability, excellence, and innovation at its core.

International Hotel Investments plc gained 0.5% to the €0.414 level on two deals totalling 10,000 shares.

On the other hand, M&Z plc dropped by 3.4% to a one-week low of €0.56 on one trade of 8,695 shares.

A single deal of 200 shares pulled the share price of Simonds Farsons Cisk plc 0.7% lower to the €6.95 level.

Grand Harbour Marina plc slumped by 29.5% to the €0.62 level albeit on trivial volumes.

Malta Properties Company plc (-3.8%) and Mapfre Middlesea plc (-0.7%) both fell to the €0.308 and €1.33 levels respectively on muted activity.

APS Bank plc closed unchanged at the €0.515 level as 42,900 shares changed hands. Yesterday, APS announced that its Board of Directors is scheduled to meet on Thursday 25 July 2024 to consider the approval of the interim financial results covering the six-month period ended 30 June 2024. The Directors will also consider the declaration of an interim dividend, subject to regulatory approval.

GO plc stayed at the €2.94 level on a single trade of 2,000 shares.

BMIT Technologies plc and Malita Investments plc held the €0.35 and €0.48 levels respectively on low volumes.

The RF MGS Index remained relatively unchanged at 887.346 points. Today, the ECB published the minutes of its latest monetary policy meeting held in June where the deposit rate facility was lowered to 3.75%, after being held for nine months at 4.00%. Despite lowering rates by 25 basis points, the ECB noted that inflation risks were skewed to the upside. In fact, some members were unconvinced that inflation will converge to 2% by 2025, particularly due to persistently high service costs. Furthermore, the ECB revised its headline inflation projections for 2024 and 2025 upwards to 2.5% and 2.2% respectively as well as core inflation expectations to 2.8% (2024) and 2.2% (2025). Meanwhile, during a lecture today, the ECB’s chief economist Philip Lane stated that he expects that wage pressures will cool down over the next two years, which will positively contribute to stabilising inflation.


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