MGS issue scheduled for July

 

The MSE Equity Price Index remained relatively unchanged at 3,694.197 points as the gains in BOV, HSBC and Farsons were counterbalanced by the declines in VBL, PG and Hili Properties. Meanwhile, three other equities closed unchanged as today’s total value traded across local equities amounted to €0.16 million. Download today’s Equity Market Summary.

Bank of Valletta plc moved 1.4% higher to the €1.46 level across three deals totalling 2,642 shares.

Also in the banking sector, HSBC Bank Malta plc gained 1.3% to the €1.55 level across six trades totalling 21,106 shares. Yesterday, 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.

The share price of Simonds Farsons Cisk plc increased by 0.7% to the €6.85 level across three trades amounting to 1,500 shares.

On the other hand, PG plc shed 1.0% back to the €1.96 level over four trades totalling 20,000 shares.

Similarly, Hili Properties plc decreased by 1.1% to the €0.188 level as 40,357 shares changed hands.

Also in the property sector, VBL plc plummeted by 29.2% to a seven-month low of €0.16 on two deals of 65,445 shares.

A single trade of 2,630 shares left the share price of Trident Estates plc unchanged at the €1.20 level.

Malta International Airport plc traded flat at the €5.65 level on two trades of 1,247 shares.

Tigné Mall plc held the €0.82 level on a single deal of 55,370 shares.

Today, FIMBank plc announced that its Board of Directors is scheduled to meet on Wednesday 28 August 2024 to consider approval of the interim financial statements for the six-month period ended 30 June 2024.

Yesterday, the Treasury circulated a notice regarding a new stock issue of up to €400 million across two new Malta Government Stocks, namely the 3.40% MGS 2027 (VI) [fungible issue] and the 3.50% MGS 2034 (III). The prices of these MGSs will be announced on Thursday 25 July 2024 with subscriptions for the General Public to open on Monday 29 July 2024 and close on Wednesday 31 July 2024. On the other hand, tenders in the form of sealed bids will open on Friday 2 August 2024 and close on the same day at noon – or earlier at the discretion of the Accountant General. Further information will be available in the Offering Circular to be published on Friday 19 July 2024.

The RF MGS Index advanced by a further 0.18% to a fresh four-month high of 898.939 points. The Index is currently on an eleven-session positive streak, gaining 1.6% from its recent low of 884.541 points registered on 2 July in line with the drop in the benchmark 10-year German Bund yield from 2.6% in early July to just above 2.4% today as inflation somewhat eases. Nonetheless, in the Summer World Economic Outlook released yesterday, the International Monetary Fund (IMF) noted that inflationary risks have increased, “raising the prospect of higher-for-even-longer interest rates.” In particular, the IMF mentioned that escalating trade tensions could increase the costs of imported goods along the supply chain. Meanwhile, the IMF’s projections for global economic growth were left unchanged from April’s forecasts at 3.2% and 3.3% for 2024 and 2025 respectively.

 

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.