Sharp declines across multiple equities

 

The MSE Equity Price Index fell by 2.34% to a one-month low of 3,760.746 points as the declines in thirteen equities outweighed the gains in MaltaPost and Malta Properties Company. Meanwhile, three other equities closed unchanged as today’s trading activity amounted to €0.21 million. Download today’s Equity Market Summary.

The ordinary shares of RS2 plc fell by 23.1% to a multi-year low of €0.50 over five deals totalling 12,505 shares. Meanwhile, the preference shares of RS2 plc decreased by 0.8% to the €0.60 level on a single trade of 4,000 shares.

Simonds Farsons Cisk plc shed 2.2% to the €6.70 level on two deals amounting to 2,100 shares.

Trident Estates plc declined by 3.4% to the €1.15 level after recovering from an intraday low of €1.00 (-16%) as 2,780 shares changed hands.

Also in the property sector, Plaza Centres plc slumped by 12.7% to a one-month low of €0.55, albeit over trivial volumes.

Malita Investments plc plummeted by 9.2% to the €0.545 level after partially recovering from an intraday low of €0.468 (-22%) across three deals totalling 7,500 shares.

PG plc fell by 5.8% to a one-month low of €1.80 across five deals amounting to 7,970 shares.

HSBC Bank Malta plc moved 1.2% lower to the €1.61 level over six trades totalling 13,774 shares.

Also in the banking sector, FIMBank plc slumped by 12.7% to the USD0.165 level on a single trade of 22,500 shares.

Bank of Valletta plc shed 0.6% to the €1.67 level across twelve deals amounting to 52,264 shares.

Mapfre Middlesea plc moved 5.3% lower to the €1.25 level on one deal of 4,187 shares.

A single deal of 4,559 shares pulled the share price of International Hotel Investments plc 4.6% lower to the €0.416 level.

BMIT Technologies plc moved 0.6% lower to the €0.342 level across three trades totalling 46,629 shares.

On the other hand, Malta Properties Company plc surged by 5.6% to the €0.34 level on four trades totalling 30,100 shares.

MaltaPost plc increased by 2.1% to the €0.48 level on two deals amounting to 9,006 shares. Last Monday, 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.

Elsewhere, GO plc traded flat at the €2.84 level as 4,500 shares changed hands.

Hili Properties plc held the €0.195 level on a single deal of 2,970 shares.

APS Bank plc closed unchanged at the €0.50 level across five deals amounting to 9,150 shares.

The RF MGS Index rose by 0.33% to 906.057 points, reflecting the downward movement in eurozone sovereign bond yields, with the German 10-year bund yield falling to a two-week low of around 2.23%. Despite that the private sector economy in the euro area grew for the fifth consecutive month in August, marking the strongest performance in over three months, the growth rate was lower than the preliminary estimates of two weeks ago. Furthermore, the latest inflation data from the euro area showed that producer prices excluding volatile energy costs fell by 0.1% from the previous month. Overall, producer prices in July were 2.1% lower when compared to a year earlier.

 

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.