GO and BMIT push the MSE Equity Price Index higher

 

The MSE Equity Price Index climbed by 0.07% to 3,795.775 points as the gains in GO and BMIT outweighed the declines in Farsons and The Convenience. Meanwhile, seven other equities closed unchanged as today’s total trading activity amounted to €0.18 million. Download today’s Equity Market Summary.

GO plc advanced by 1.4% to the €2.80 level on two trades amounting to 1,800 shares.

Similarly, GO’s IT services and data infrastructure subsidiary BMIT Technologies plc moved 1.7% higher to the €0.35 level on a single trade of 12,664 shares.

On the other hand, Simonds Farsons Cisk plc shed 0.7% to the €6.75 level on two deals totalling 400 shares.

The Convenience Shop (Holding) plc declined by 1.0% to the €1.00 level over trivial volumes.

Meanwhile, Bank of Valletta plc closed unchanged at the €1.69 level as 47,487 shares changed hands.

Also in the banking sector, APS Bank plc closed unchanged at the €0.585 level over seven deals amounting to 39,919 shares.

HSBC Bank Malta plc closed unchanged at the €1.45 level over six deals totalling 11,731 shares.

A single trade of 3,429 shares left the share price of FIMBank plc unchanged at the USD0.169 level.

Plaza Centres plc closed unchanged at the €0.58 level as 33,352 shares changed hands.

Hili Properties plc traded flat at the €0.216 level on two deals amounting to 104,500 shares.

Also in the property sector, Trident Estates plc closed unchanged at the €1.12 level on two trades totalling 2,720 shares.

The RF MGS Index fell by 0.32% to 914.301 points, fully reversing yesterday’s gains. During a speech today, the Bundesbank President Joachim Nagel stated that inflation in the euro area is not as low as the ECB would like and that prices need to remain sufficiently high to resolve price pressures. In respect, he anticipates that inflation will rise again towards the year and possibly end 2024 around 2.5%. He highlighted wage growth as a key issue as it could put upward pressure on prices, particularly in light of anticipated salary increases after the upcoming collective bargaining agreements. Elsewhere in the US, the home mortgage rate fell to 6.15%, the lowest rate in almost two years. Furthermore, applications for home loans were greater than projected driven by lower borrowing costs and improved housing affordability.

On the local front, Finance Minister Clyde Caruana stated that to abide by EU regulations, Malta would need to reduce its deficit to 1.5% from 4.6% in 2023. Caruana reassured that there is a four-year plan to achieve this. In fact, the deficit is anticipated to fall to 4.0% in 2024 and ease further to 3.5% and 3.0% in 2025 and 2026 respectively. Moreover, he stated that Malta’s economic growth is expected to be well ahead of the average of the euro area at about 4.3% next year, whilst inflation will stabilise at about 2% for the next two years.

 

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 d ata. 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.