Daily Review 29.10.2024
HSBC Malta pre-tax profit surges 17% in first nine months of 2024
The MSE Equity Price Index increased by 0.34% to 3,827.609 points as the gains in APS, HSBC, FIMBank, Malta Properties, and Mapfre Middlesea outweighed the declines in Lombard and PG. Meanwhile, three other equities closed unchanged. Download today’s Equity Market Summary.
HSBC Bank Malta plc was today’s most actively traded equity as it moved 0.7% higher to the €1.43 level across five trades totalling 15,223 shares. Today, HSBC Malta issued an Interim Directors’ Statement updating the market on its performance during the nine-month period ended 30 September 2024. The Bank explained that revenue increased by €19.0 million or 11% when compared to the comparable period last year, driven by higher customer activity amidst the higher interest rate environment The financial performance of HSBC Malta was also boosted by the improvement in the credit quality of its loan book, resulting in a release in Expected Credit Losses of €10.8 million in the first nine months of 2024. HSBC Malta reported a profit before tax for the first nine months of 2024 amounting to €118.0 million, an increase of 17% over the €100.8 million in pre-tax profits reported in the same period last year.
APS Bank plc gained 1.8% to the €0.57 on two deals amounting to 4,553 shares. APS will be publishing its financial results for the nine-month period ended 30 September 2024 on Thursday 31 October 2024.
FIMBank plc surged by 6.3% to USD0.17 over three trades totalling 11,250 shares.
Mapfre Middlesea plc rose by 5.4% to a four-month high of €1.37 on a single deal of 3,500 shares.
Malta Properties Company plc increased by 1.8% to the €0.338 level on muted activity.
On the other hand, Lombard Bank Malta plc shed 1.3% to the €0.79 level across five trades amounting to 8,913 shares.
PG plc fell by 1.0% to the €1.90 level over trivial volumes.
Bank of Valletta plc traded flat at the €1.76 level as 1,716 shares changed hands. BOV will be publishing an Interim Directors’ Statement for the nine-month period ended 30 September 2024 on Thursday 31 October 2024.
GO plc closed unchanged at the €2.70 level on two deals amounting to 3,200 shares.
International Hotel Investments plc held the €0.49 level on a single trade of 1,100 shares.
The RF MGS Index increased by 0.11% to 914.388 points. Inflationary pressures in the US housing market continued to ease as price growth declined for the fifth consecutive month in August. Nonetheless, housing prices in absolute terms still reached record highs, as they rose for the fifteenth consecutive month, with a year-on-year increase of 4.2%. Meanwhile, contrary to the recent trend, the US labour market showed signs of weakness as the number of total job openings in the US as at the end of September was much less than anticipated and reached the lowest level since January 2021.
Yesterday, the Ministry of Finance published the 2025 Budget Documents which included the Government debt projections to 2027. Total debt is expected to amount to €11.1 billion by the end of 2024 and increase to €13.5 billion by 2027. Nonetheless, the higher levels of debt are expected to remain in line with the increase in GDP. In fact, the debt to GDP level is expected to remain just under the 50% level. Budget deficit is expected to amount to 4.0% of GDP in 2024 and ease to 2.6% of GDP by 2027.
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.