GO stock trading takes center stage

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The MSE stock price index fell 0.20% to 3,738.261 points, reflecting declines in five stocks.

Meanwhile, Trident Estates was the lone performing stock on Friday, while four other stocks closed unchanged. Equity trading activity improved to 0.26 million euros from 0.02 million euros on Thursday.

For the second day in a row, the most actively traded stock was GO plc, which fell 0.6% to a four-week low of €3.10 on three trades totaling 51,000 shares with a market value of of €0.16 million.

Also among large companies by market value, Bank of Valletta plc fell 1.1% to the 86c level on a total of 16,192 shares.

A single trade of 19,700 shares forced M&Z plc’s share price down 1.9% to the 75c5 level.

Grand Harbor Marina plc fell 2.8% to the 70c level on 16,500 shares.

Hili Properties plc fell 4.2% to the 23c level, albeit on insignificant volumes.

Elsewhere, PG plc kept the €2.22 level on 8,450 shares. Today, PG announced that its board of directors is due to meet on June 28 to consider the distribution of an interim dividend for the year ending April 30, 2022.

HSBC Bank Malta plc (16,360 shares) and International Hotel Investments plc (6,000 shares) traded at 75c and 73c, respectively.

A single trade of just 2,300 shares left Malta Properties Company plc’s share price at the 51v5 level.

Also in the real estate sector, Trident Estates plc jumped 8.3% to regain the level of €1.44 on three transactions totaling 15,200 shares.

The RF MGS index posted the biggest daily decline in nearly three months, slipping 0.87% to a new all-time low of 952.438 points. Eurozone sovereign bond yields continued to climb after yesterday’s statement from the ECB confirming its intention to raise interest rates by 25 basis points in July, followed by a further rate hike in September .

Meanwhile, on Friday, the Central Bank of Malta released updated projections for the local economy.

Malta’s GDP is expected to grow by 5.4% in 2022, followed by further growth of 4.9% and 3.8% in 2023 and 2024 respectively. Inflation has been revised upwards to 5% in 2022 and 2.9% in 2023 from previous forecasts of 2.7% this year and 1.9% in 2023.

The BCM also noted that relative to GDP, Malta’s debt is expected to hover around the 58% level by 2024.

This report contains public information only and should not be construed as investment advice or an offer to buy or sell securities. The information contained herein is based on data obtained from sources believed to be reliable, but no representations or warranties are made as to the accuracy of the data. Stock markets are volatile and subject to fluctuations that cannot be reasonably predicted. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company authorized to provide 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.

www.rizzofarrugia.com

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