Daily Review 05.07.2024

MSE Equity Price Index falls to one-week low


The MSE Equity Price Index fell by 0.44% to a one-week low of 3,727.422 reflecting the declines in HSBC, GO, and Plaza. Meanwhile, seven other equities closed unchanged as today’s trading activity in local equities amounted to €0.14 million. Download today’s Equity Market Summary.

HSBC Bank Malta plc slumped by 2.6% to a one-week low of €1.50 level across three deals totalling 5,759 shares.

Also among large companies by market value, GO plc moved 1.4% lower to the €2.90 level over four trades amounting to 1,792 shares.

Plaza Centres plc fell by 4.8% to the €0.60 level on two deals totalling 63,200 shares.

Meanwhile, Bank of Valletta plc closed unchanged at the €1.46 level after recovering from an intraday low of €1.43 (-2.1%) across six trades amounting to 19,842 shares.

Also in the banking sector, APS Bank plc held the €0.515 level on a single trade of 4,850 shares. Last Wednesday, 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.

International Hotel Investments plc closed unchanged at the €0.414 level as 61,800 shares changed hands.

A single trade of 9,500 shares left the share price of PG plc unchanged at the €1.98 level.

Malta International Airport plc closed unchanged at the €5.70 level across two deals of 1,700 shares.

BMIT Technologies plc and Malta Properties Company plc both held the €0.35 and €0.308 levels respectively on muted activity.

The RF MGS Index increased by 0.18% to a one-week high of 888.941 points. In the US, labour market data released today showed that unemployment during June unexpectedly increased to 4.1%, the highest since November 2021, compared to forecasts of it remaining flat at 4.0%. Furthermore, annual wage growth last June decreased marginally to the lowest figure in the last three years, in line with projections. Such weakening economic conditions may direct policymakers to reduce rates, in contrast to indications provided in the latest minutes of the Federal Open Market Committee, where officials generally indicated that inflation was not falling quickly enough to merit a reduction in the federal funds rate. Whilst many members argued that they were not confident enough that inflation was comfortably heading towards 2%, others showed an openness to hike rates even further if inflation were to persist at an elevated level.


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.