Five equities pull the MSE Equity Price Index lower

 

The MSE Equity Price Index fell by 0.47% to 3,858.606 points as the declines in MIDI, Malita, Trident, Farsons, and BMIT outweighed the gain in Hili Properties. Meanwhile, seven other equities closed unchanged. Nonetheless, overall trading value in local equities was muted at €0.08 million. Download today’s Equity Market Summary

Malita Investments plc slumped by 9.3% to the €0.45 level across five trades amounting to 50,000 shares.

Also in the property sector, MIDI plc plummeted by 8.0% to the €0.23 level on a single deal of 73,571 shares.

Trident Estates plc fell by 3.5% to the €1.10 level across four trades amounting to 10,970 shares.

A single deal of 21,500 shares pulled the share price of BMIT Technologies plc 2.9% lower to the €0.34 level.

Simonds Farsons Cisk plc shed 2.2% to the €6.70 level across three deals amounting to 1,700 shares.

On the other hand, Hili Properties plc moved 2.0% higher to the €0.206 level on a single trade of 23,850 shares. Today, Hili Properties announced that its Board of Directors is scheduled to meet on Wednesday 28 August 2024 to consider the approval of the interim financial statements for the six-month period ended 30 June 2024.

APS Bank plc held the €0.50 level on one trade of 6,500 shares. Today, the equity started trading without the entitlement for a net interim dividend of €0.0053 per share.

Also in the banking sector, Bank of Valletta plc closed unchanged at the €1.67 level across six trades totalling 13,015 shares.

Malta International Airport plc closed unchanged at the €6.10 level after recovering from a low of €6.00 (-1.6%) on two deals totalling 2,670 shares. Today, the equity started trading without the entitlement for a net interim dividend of €0.06 per share.

Also among large companies by market cap, PG plc traded flat at the €1.91 level as 6,350 shares changed hands. PG will publish its full-year results for the financial year ended 30 April 2024 on Tuesday 27 August.

The Convenience Shop (Holding) plc held the €1.05 level on trivial volumes. The company is expected to publish its interim results on Tuesday 27 August.

Main Street Complex plc held the €0.34 level on one trade of 417 shares. Main Street is expected to publish its interim results later today.

The ordinary shares of RS2 plc also closed unchanged at the €0.70 level on muted activity. RS2 will publish its interim results next Wednesday 28 August.

The RF MGS Index rose by 0.16% to 905.592 points. In Germany, wage growth excluding one-offs such as bonuses and inflation compensation payments accelerated to 4.2% from 3.0% in the previous quarter, despite total negotiated wages slowing down to 3.1% from 6.2%. In this respect, the Bundesbank stated that focus should be shifted to reducing wages excluding one-offs as unions continue to demand large pay increases. According to the ECB’s Chief Economist Philip Lane, the target annual wage growth for the euro area is 3%.

Yesterday, the Central Bank of Malta published updated economic forecasts until 2026. In this respect, Malta’s economy is anticipated to grow by 4.4% in 2024 followed by 3.5% and 3.4% in 2025 and 2026 respectively. Growth over the period is anticipated to be driven by a rapid growth in private consumption as well as a recovery in private investment. The unemployment rate is set to remain at close to 3% with the average wage anticipated to grow at a significantly faster rate on the back of the pronounced inflation in the recent past as well as a tight labour market. Meanwhile, inflation is anticipated to fall to 2.5% by the end of this year and reach 2.0% by 2026. Nonetheless, the inflation figures were revised upwards by 0.1 percentage point in each forecasted year when compared to earlier projections.