BOV climbs to a fresh six-year high

 

The MSE Equity Price Index rose by 1.1% to 3,812.440 points, mainly on the back of gains in BOV. Furthermore, HSBC, Hili Properties, IHI, MIA, and Farsons also moved higher whilst another five equites declined. Meanwhile, three other equites closed unchanged as today’s trading activity in local equities totalled €0.35 million. Download today’s Equity Market Summary.

Bank of Valletta plc was the most actively traded equity for the seventh consecutive session as it surged by 2.3% to a fresh six-year high of €1.76 level across eighteen deals totalling 111,331 shares.

Also in the banking sector, HSBC Bank Malta plc gained 1.5% to the €1.38 level across three trades amounting to 2,017 shares.

Malta International Airport plc increased by 1.7% to the €6.00 level over seven deals totalling 2,713 shares.

Also among large companies by market value, International Hotel Investments plc rose 6.7% to the €0.48 level across three trades amounting to 2,025 shares.

Hili Properties plc gained 1.8% to the €0.23 level over five deals totalling 380,664 shares.

Simonds Farsons Cisk plc moved 1.5% to the €6.80 on one trade of 500 shares.

On the other hand, BMIT Technologies plc fell by 3.4% to the €0.34 level over three deals amounting to 15,864 shares.

Mapfre Middlesea plc slumped by 7.6% to the €1.22 level across five deals totalling 15,900 shares.

Malta Properties Company plc shed 1.7% to the €0.34 level on two deals amounting to 7,300 shares.

Also in the property sector, VBL plc (-0.9%) and Trident Estates plc (-0.9%) both fell to the €0.226 and €1.11 levels respectively over trivial volumes.

Meanwhile, Malita Investments plc closed unchanged at the €0.545 level over two trades totalling 9,000 shares.

PG plc traded flat at the €1.89 level across volumes totalling 1,500 shares.

APS Bank plc held the €0.56 level over three deals amounting to 4,580 shares.

Today, Tigné Mall plc announced that it was informed that a total of 25,483,208 ordinary shares, representing just over 45.18% of the entire issued share capital of the Company were transferred to Marsamxett Properties Ltd as per conditions set out in the Offer Document of the Voluntary Public Takeover Offer. In a letter to the Directors of Tigné Mall, Marsamxett Properties Ltd stated that its shareholding increased to just under 94.87% of the issued share capital of Tigné Mall. Accordingly, Marsamxett Properties  confirmed its intention to exercise its right to require all the remaining shareholders of Tigné Mall to sell and transfer to it the remaining shares, through a “Squeeze-out”, for a cash payment of €1.04 per share held in Tigné Mall plc being the consideration and being the fair price in terms of Capital Markets Rule 11.43. Following the Squeeze-out, Marsamxett Properties  intends to apply for the de-listing of the ordinary shares of Tigné Mall.

The RF MGS Index snapped a five-day winning streak as it fell by 0.67% to 913.049 points, the largest daily decline since early June. Today, the German bund yield touched an intraday high of 2.33%, the highest level since the beginning of September. The IMF released an updated world economic outlook, in which it left its growth forecasts for the two upcoming years unchanged as the improved outlook for the United States offset the downgrade in other advanced economies, particularly Germany whose forecasts for 2024 (0%) and 2025 (0.8%) fell by 0.2 and 0.5 percent points respectively from the previous projections published in summer. Furthermore, the report noted that advanced economies are expected to reach their inflation targets sooner than developing countries. Moreover, the report outlined the risks of high services inflation, which is still prevalent in several countries.

 

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.