Daily Review 30.07.2024
Tigné Mall climbs to €1.00 on robust volumes
The MSE Equity Price Index remained relatively unchanged at 3,763.841 points as the gains in five equities were offset by declines in BOV, Malita and the ordinary share of RS2. Meanwhile, five other equities closed unchanged as today’s daily trading activity in local equities surged to a 9-month high of €3.60 million. Download today’s Equity Market Summary.
Trading across the shares of Tigné Mall plc accounted for the majority of today’s trading volumes. Tigné Mall surged by 5.3% to a six-year high of €1.00 across nine trades having a market value of €3.34 million. Tigné Mall is expected to publish its interim results on Friday 2 August 2024 and the Directors will also consider the declaration of an interim dividend.
HSBC Bank Malta plc advanced by 0.6% to the €1.59 level across five trades totalling 6,711 shares. HSBC will publish its interim results tomorrow. The Directors will also consider the declaration of an interim dividend.
Also in the banking sector, Lombard Bank Malta plc increased by 2.6% to the €0.79 level on trivial volumes.
Hili Properties plc moved 1.7% higher to the €0.183 level on a single deal of 13,000 shares.
LifeStar Insurance plc rose to the €0.49 level over two trades amounting to 5,000 shares.
Bank of Valletta plc shed 0.6% to the €1.57 level over eighteen trades amounting to 114,069 shares. Yesterday BOV published its interim financial results for the six-month period ended 30 June 2024. BOV reported an interim profit before tax of €148 million, driven by a surge in net interest income. The growth in interest income reflected an expansion in both customer lending and proprietary investment portfolios.
Also among large companies by market value, the ordinary shares of RS2 plc fell by 2.5% to a multi-year low of €0.775 as 3,038 shares changed hands.
Malita Investments plc slumped by 5% to the €0.456 level across four trades amounting to 7,350 shares.
International Hotel Investments plc held the €0.41 level on a single deal of 10,000 shares.
Malta International Airport plc traded flat at the €5.65 level over three trades amounting to 4,400 shares. MIA will publish its interim results on Thursday 1 August 2024. The Directors will also consider the declaration of an interim dividend.
GO plc also traded flat at the €2.90 level as 4,400 shares changed hands.
Similarly, GO’s digital infrastructure subsidiary BMIT Technologies plc held the €0.34 level on two deals amounting to 33,000 shares.
Simonds Farsons Cisk plc remained at the €6.85 level on muted activity.
The RF MGS Index rose for the second consecutive session as it increased by 0.15% to reach a four-month high of 900.481 points. The increase in MGS prices reflects the decline in eurozone yields as the German 10-year bund yield fell to an over-one-month low of 2.33%. Economic growth in the eurozone during the second quarter of 2024 was at 0.3%, exceeding expectations of 0.2%. as the higher-than-expected growth in Italy, Spain, and France outweighed an unexpected slight decline in the German economy, contrary to a flat forecast. Furthermore, inflation in Spain was the lowest since February at 2.9% in July compared to expectations of 3.3%. The slowdown of inflation in Spain was mainly driven by a softer increase in food and electricity prices. Moreover, core inflation in Spain was 2.8%, the lowest figure in over two and a half years.
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.