BOV and HSBC pull MSE Equity Price Index lower

 

The MSE Equity Price Index fell by 0.58% to 3,815.179 points as the declines in BOV, HSBC, BMIT, Lombard, Harvest and the preference shares of RS2 outweighed the gains in MIA, PG, APS, Hili Properties and Convenience. Meanwhile, three equities closed unchanged as today’s total trading activity in local equities amounted to just below €0.1 million. Download today’s Equity Market Summary.

Bank of Valletta plc shed 1.2% to the €1.63 level after partially recovering from an intra-day low of €1.59 (-3.6%) across fourteen deals totalling 22,523 shares.

Also in the banking sector, HSBC Bank Malta plc fell by 3.5% to the €1.64 level across three trades amounting to 5,400 shares. Last week, the Board of Directors declared a net interim dividend of €0.065 per share, which represents the highest interim dividend paid by HSBC Malta in over 10 years. The dividend is payable on 17 September 2024 to all shareholders as at close of trading on 13 August 2024.

Lombard Bank Malta plc dropped by 3.8% to the €0.76 level on a single deal of 1,900 shares.

BMIT Technologies plc decreased by 2.9% to the €0.33 level on two trades amounting to 6,100 shares. BMIT will publish its interim financial results tomorrow.

The preference shares of RS2 plc declined by 0.7% to an all-time low of €0.755  on one trade of 1,913 shares.

Harvest Technologies plc moved 3.0% lower to the €0.97 level on one deal of 1,648 shares.

Malta International Airport plc gained 0.9% to the €5.90 level on two trades totalling 5,324 shares. Last week, the Board of Directors declared a net interim dividend of €0.06 per share, which is double the interim dividend paid in 2023. The dividend is payable by not later than Friday 13 September 2024 to all shareholders as at the close of trading on Tuesday 20 August 2024.

APS Bank plc increased by 1.7% to the €0.49 level over three trades amounting to 5,394 shares.

Hili Properties plc surged by 6.4% to a one-month high of €0.2 as 10,000 shares changed hands.

PG plc gained 0.6% to the €1.81 level albeit over trivial volumes. Today, PG plc announced that its Board of Directors is scheduled to meet on Tuesday 27 August 2024 to consider the approval of the Annual Report and financial statements for the year ended 30 April 2024.

The Convenience Shop (Holding) plc gained 5% to the €1.05 level on negligible activity.

Meanwhile, Malita Investments plc held the €0.49 level on a single trade of 10,000 shares.

A single trade of 2,000 shares left the share price of Santumas Shareholding plc unchanged at €1.30.

Malta Properties Company plc traded flat at the €0.33 level on over two trades amounting to 1,384 shares.

The RF MGS Index rose for the sixth consecutive session increasing by a further 0.16% to a fresh seven-month high of 906.510. The surge in MGS prices coincides with the continuous declines in sovereign bond yields over the past two weeks. In particular, the German 10-year bund yield reached a seven-month low, at around the 2.1% level. Furthermore, the 10-year US treasury yield was at its lowest point since May 2023 at about 3.7%, after steadily declining by almost 60 basis points from a peak of 4.29% on 24 July 2024. The drop in yields follows the US Federal Reserve indication of a possible interest rate cut in September as well as disappointing US labour market data released last Friday, illustrating that the current policy stance may be too restrictive. Moreover, data released today showed the private sector economy in the US grew less than anticipated during July, which could further strengthen the case for future interest rate cuts.

 

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.