BOV climbs to 6-year high on strong volumes

 

The MSE Equity Price Index remained relatively unchanged at 3,859.020 points as the declines in IHI, the ordinary shares of RS2 and Convenience offset the gains in BOV, HSBC, and GO. Meanwhile, four other equities closed unchanged as today’s trading activity in local equities amounted to €0.57 million. Download today’s Equity Market Summary.

Bank of Valletta plc was today’s most actively traded equity as it moved 0.6% higher to a 6-year high of €1.69 across eighteen trades having a market value of €0.41 million.

Also in the banking sector, HSBC Bank Malta plc increased by 0.6% to the €1.65 level over four deals amounting to 9,000 shares.

GO plc gained 0.7% to the €2.92 level on two trades totalling 1,534 shares.

In contrast, International Hotel Investments plc fell by 4.4% to the €0.43 level on a single deal of 4,405 shares. IHI will publish its interim results on Friday 30 August.

The ordinary shares of RS2 plc declined by 1.4% to a multi-year low of €0.68 across five trades amounting to 18,350 shares. RS2 will publish its interim results next Wednesday 28 August.

The Convenience Shop (Holding) plc moved 3.8% lower to the €1.01 level as 5,000 shares changed hands. The company is expected to publish its interim results tomorrow.

Meanwhile, Malta International Airport plc traded flat at the €6.10 level across five trades totalling 16,043 shares.

Lombard Bank Malta plc held the €0.79 level on two deals amounting to 16,860 shares. Lombard is expected to publish its interim results on Wednesday 28 August.

Also in the banking sector, APS Bank plc closed unchanged at the €0.50 level over three deals totalling 11,434 shares.

MaltaPost plc held the €0.43 level over trivial volumes.

Today, Simonds Farsons Cisk plc announced that its Board of Directors is scheduled to meet on Wednesday 25 September 2024 to consider the approval of the interim financial statements for the six-month period ended 31 July 2024. The Directors will also consider the payment of an interim dividend.

The RF MGS Index rose by 0.14% to 907.096 points as eurozone sovereign bond yields remained rather stable. On Friday, the Federal Reserve concluded its annual economic conference in which the Chair Jerome Powell stated that he is more confident that inflation is on a sustainable path towards the target of 2%. He also noted that the labour market is no longer overheated and that the downside risks to employment have increased. Mr Powel confirmed that “the time has come for policy to adjust” and  thus the Federal Reserve will is expected to lower its rates in the coming meetings. Meanwhile, the ECB’s chief economist Philip Lane, who also spoke at the conference, said that progress is being made toward reaching the 2% target in the eurozone, but explained that the restrictive monetary policy is still needed. Nonetheless, he also noted that rates which are too restrictive would unnecessarily drive inflation below the target in the medium term at the cost of negative side effects on economic output and employment.

 

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.