Daily Review 08.10.2024

Mapfre MSV Life accepts Tigné Mall takeover offer

The MSE Equity Price Index fell by 0.29% to 3,766.106 points as the declines in BOV, HSBC, MIA, and GO outweighed the gains in MPC. Meanwhile, four other equities closed unchanged as today’s total trading activity in local equities was muted at €0.07 million. Download today’s Equity Market Summary.

Today, Tigné Mall plc announced it was informed that its substantial shareholder, Mapfre MSV Life plc, has accepted the takeover offer launched by Marsamxett Properties Ltd with respect to its 20,000,000 ordinary shares, reflecting a holding of 35.46% of the Company’s share capital.

Bank of Valletta plc declined by 0.6% to the €1.68 level over twenty trades totalling 7,850 shares. Today, BOV announced the first tranche of the upcoming Unsecured Euro Medium Term Bond Programme will be available for subscription by all categories of investors, subject to regulatory approval. Furthermore, applications by retail clients will be subject to a suitability test conducted by the authorised financial intermediary irrespective of the investment service being provided. With regards to the bond issue distribution, €60 million will be reserved for preferred applicants, €25 million for professional clients and €15 million for the general public.

Also in the banking sector, HSBC Bank Malta plc shed 0.7% to the €1.46 level on a single deal of 618 shares.

One trade of 2,000 shares pulled the share price of Malta International Airport plc 0.8% lower to the €5.95 level. Yesterday, MIA announced that it welcomed 896,471 passengers during September 2024, an increase of 10.4% compared to the corresponding month last year. Passenger movements exceeded their relative 2023 figures for the ninth consecutive month.

GO plc fell by 0.7% to the €2.72 level on four deals amounting to 7,015 shares.

On the other hand, Malta Properties Company plc surged by 7.6% to the €0.366 level on two deals totalling 13,000 shares.

Malita Investments plc held the €0.53 on a single trade of 10,000 shares.

PG plc closed unchanged at €1.90 as 6,845 shares changed hands.

MIDI plc traded flat at the €0.25 level across volumes totalling 3,204 shares.

Plaza Centres plc closed unchanged at the €0.63 level on two trades amounting to 5,448 shares.

The RF MGS Index registered a four-day losing streak as it fell by a further 0.11% to a fresh two-week low of 912.941 points. During a speech today, Federal Open Market Committee (‘FOMC’) member Adriana Kugler noted that last week’s labour market data shows a resilience in the labour market which gives the federal reserve more room to be patient about the timing of reducing the federal funds rate. Furthermore, another FOMC member, John Williams, stated that he believes that the current monetary policy is well positioned for the Federal Reserve’s goals. In fact, he does not anticipate that the 50-basis point rate cut during the last monetary meetings will be replicated in future rate decisions.

 

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.