MIA, HSBC & GO push the MSE Equity Price Index higher

 

The MSE Equity Price Index increased by 0.25% to 3,693.054 points as the gains in GO, HSBC, MIA as well as Santumas outweighed the declines in BMIT, Harvest, and Tigné Mall. Meanwhile, four other equities closed unchanged as today’s total trading in local equities amounted to €0.12 million. Download today’s Equity Market Summary.

Malta International Airport plc rebounded by 1.8% to the €5.65 level across three deals totalling 4,690 shares.

Also among large companies by market value, HSBC Bank Malta plc moved 1.3% higher to the €1.53 level across seven trades totalling 17,771 shares. Today, HSBC announced that its Board of Directors is scheduled to meet on Wednesday 31 July 2024 to consider the approval of the interim financial statements for the six-month period ended 30 June 2024. The Directors will also consider the declaration of an interim dividend.

A single trade of 2,000 shares pushed the share price of GO plc 0.7% higher to the €2.94 level.

Santumas Shareholdings plc increased by 0.8% to the €1.19 level across three deals amounting to 8,101 shares.

On the other hand, BMIT Technologies plc shed 2.2% to the €0.35 level on two deals of 40,759 shares.

Harvest Technology plc plummeted by 15.3% to the €1.00 level on two deals of 1,600 shares.

Tigné Mall plc fell by 1.2% to the €0.82 level on a single deal of 5,000 shares.

Meanwhile, Malita Investments plc traded flat at the €0.47 level as 49,250 shares changed hands.

Lombard Bank Malta plc closed unchanged at the €0.77 level across two trades amounting to 3,348 shares.

Also in the banking sector, APS Bank plc held the €0.51 level on trivial volumes. APS will publish its interim financial results on Thursday 25 July 2024. The Directors will also consider the declaration of an interim dividend, subject to regulatory approval.

M&Z plc remained unchanged at the €0.55 level on one deal of 6,160 shares.

Today, Plaza Centres plc announced that its Board of Directors is scheduled to meet on Wednesday 31 July 2024 to consider the approval of the interim financial statements for the six-month period ended 30 June 2024.

The RF MGS Index rose for the tenth consecutive session as it advanced by a further 0.11% to a fresh three-month high of 897.282 points. Yesterday, the Federal Reserve Chair Jerome Powell commented that the federal funds rate will be cut before inflation reaches 2% otherwise the restrictive policy would drive inflation below the target. Furthermore, Powell added that he anticipates that the inflation target will be reached without considerable economic consequences. In contrast, the Chief Economist of the International Monetary Fund Pierre Olivier Gourinchas advocated that despite the recent positive inflationary direction, the Federal Reserve should wait longer to cut rates to ensure that there are no further upside inflationary surprises, particularly given the strength of the US labour market.

 

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.