Corinthia’s New York Hotel opens for business

 

The MSE Equity Price Index eased by 0.07% to 3,825.353 points as the declines in AX Real Estate, BOV and Mapfre Middlesea outweighed the gains in Hili Properties, IHI and MaltaPost. Meanwhile, three other equities closed unchanged as today’s trading activity in local equities amounted to €0.11 million. Download today’s Equity Market Summary.

International Hotel Investments plc increased by 2.0% to the €0.49 level across four trades amounting to 3,300 shares. Today, IHI announced that the ultra-luxury hotel The Surrey, A Corinthia Hotel, situated at New York’s Upper East Side, opened for business today. The hotel features 70 guest rooms, 30 suites, and 14 private residences and will be managed by IHI’s wholly owned subsidiary Corinthia Hotels Limited.

MaltaPost plc advanced by 0.4% to the €0.452 level across two trades amounting to 8,905 shares.

Hili Properties plc gained 1.7% to the €0.23 level on a single trade of 7,000 shares.

Bank of Valletta plc shed 0.6% to the €1.75 level over seven deals amounting to 6,976 shares. Today, BOV announced that the recent offer of €100 million 5.00% unsecured subordinated bonds 2029-34 has been oversubscribed. As a result, the offer was closed ahead of schedule on 24 October 2024 at 14.00 hours. BOV noted that it will be carrying out a scaling down process in terms of the Final Terms. The company explained that it revised the timetable and will be announcing the allocation policy by 4 November 2024. The Interest Commencement Date was also moved to 4 November 2024. The Bonds are expected to be listed on 11 November 2024 and trading is expected to commence on 12 November 2024.

Mapfre Middlesea plc moved 2.3% lower to the €1.30 level over two deals totalling 45,000 shares.

AX Real Estate plc slumped by 6.7% to an all-time low of €0.39 level on a single deal of 5,000 shares.

Meanwhile, APS Bank plc held the €0.56 level as 5,560 shares changed hands.

Also in the banking sector, HSBC Bank Malta plc traded flat at the €1.42 level over two deals amounting to 2,501 shares.

Plaza Centres plc closed unchanged at the €0.63 level across five trades totalling 45,000 shares.

The RF MGS Index increase for the third successive session as it rose by 0.08% to 917.012 points as the gains in long dated MGS prices outweighed the declines in shorter dated MGS, amid a flattening yield curve. The Index fell by 0.12% throughout the past week despite moving higher on four of the five sessions. During a press conference earlier this morning, IMF Chief Kristallina Georieva stated that there are downside risks relating to global economic growth due to wars, weak demand in China, as well as the lagged effects of the tight monetary policy. The ECB’s Chief Economist, Philip Lane stated that he still believes that there will be an appropriate economic recovery despite acknowledging that recently released data signalled economic weakness.

 

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.