Daily Review 08.07.2024

Four equities drop to multi-week lows


The MSE Equity Price Index fell by 0.56% to a one-month low of 3,706.382 as the declines in MIA, Malita, M&Z and Hili Properties outweighed the gain in Malta Properties Company. Meanwhile, six other equities closed unchanged as today’s trading activity in local equities amounted to €0.18 million. Download today’s Equity Market Summary.

Malta International Airport plc shed 2.6% to a three-week low of €5.55 across five trades amounting to 4,930 shares.

Malita Investments plc slumped by 6.3% to a two-week low of €0.45 across three deals totalling 31,056 shares.

Also in the property sector, Hili Properties plc plummeted by 8.7% to a one-month low of €0.19 on a single deal of 30,000 shares.

M&Z plc fell by 1.8% to an all-time low of €0.55 on one trade of 2,000 shares.

On the other hand, Malta Properties Company plc gained 3.9% to the €0.32 level on two deals totalling 11,467 shares.

Meanwhile, Bank of Valletta plc traded flat at the €1.46 level as 63,019 shares changed hands.

Also in the banking sector, APS Bank plc held the €0.515 level across five trades amounting to 10,015 shares. APS’s 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.

HSBC Bank Malta plc closed unchanged at the €1.50 level on one deal of 1,063 shares.

A single trade of 1,300 shares left the share price of GO plc unchanged at the €2.90 level.

GO’s digital infrastructure subsidiary BMIT Technologies plc remained at the €0.35 level as 10,000 shares changed hands.

International Hotel Investments plc held the €0.414 level on a single deal of 41,609 shares.

The RF MGS Index rose by 0.17% to a one-week high of 890.454 points. Despite the continued political uncertainty in France as the snap election did not result in an outright winner, the French sovereign bond yields moved lower with the 10-year yield dropping to a two-week low of 3.17%. Meanwhile, during an interview today, Dutch Central Bank Chief Klass Knot stated that he believes that there is no case for any interest cuts during the upcoming monetary policy meeting next week, but he would be open to discussing a potential cut during the September meeting. Furthermore, he noted that the main risks of inflation in the coming months are a combination of quick wage growth with a mediocre productivity improvement and the uncertainty over firms’ ability to absorb higher labour costs coupled with lower profit margins.


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.