BOV dominates trading activity

 

The MSE Equity Price Index rose by 0.23% to reach a one-week high of 3,780.882 points as the gains in MIA, Mapfre Middlesea, and HSBC outweighed the declines in GO, Hili Properties, Malita, and Malta Properties. Meanwhile, three other equities closed unchanged as today’s trading activity amounted to €0.63 million. Download today’s Eqiuity Market Summary.

Bank of Valletta plc was today’s most actively traded equity as it closed unchanged at the €1.69 level across eight trades amounting to 240,668 shares having a market value of €0.40 million.

International Hotel Investments plc traded flat at the €0.422 level as 5,083 shares changed hands.

AX Real Estate plc held the €0.45 level over trivial volumes.

Mapfre Middlesea plc surged by 8.1% to a three-month high of €1.34 across three trades totalling 14,000 shares.

Malta International Airport plc moved 0.8% higher to the €6.00 level over five trades amounting to 30,960 shares.

HSBC Bank Malta plc gained 0.7% to the €1.46 level after recovering from an intraday low of €1.35 (-6.8%) across five deals totalling to 6,178 shares.

On the other hand, Malta Properties Company plc slumped by 4.4% to the €0.35 level over three deals 3,837 shares.

Also in the property sector, Malita Investments plc shed 1.9% to the €0.52 level on a single deal of 5,000 shares.

GO plc decreased by 0.7% to the €2.70 level across five trades amounting to 3,780 shares.

Hili Properties plc moved 0.9% lower to the €0.226 level on muted activity.

The RF MGS Index declined by 0.18% to a one-month low of 912.177 points. Data released today showed that inflation in the US during September slowed for the sixth consecutive month to a three-year low of 2.4% on the back of a decline in energy prices, albeit still higher than the 2.3% which was forecasted. In fact, core inflation unexpectedly increased for the first time in almost two years to 3.3% driven by a sharp rise in service costs. Meanwhile, the number of Americans filing for unemployment last week was well above forecasts and surged to a fourteen-month high.

Over the past two days, both the ECB and the Federal Reserve released the minutes of their last monetary policy meetings. The ECB expressed concerns about recent downward revision to economic growth in the euro area. Moreover, the minutes highlighted that core and services inflation remain resilient and a restrictive monetary policy is needed until it is clear that these are falling to the ECB’s targets. Elsewhere, the Fed’s minutes highlighted that the pace of future federal fund rate cuts is not guaranteed. Moreover, the minutes emphasised that the half-point cut should not be interpreted as a sign of a less favourable economic outlook, and that it is to be seen as a means to safeguard jobs following a rise in unemployment.

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