The share index retreated by a minimal 0.04 per cent from its 11-week high to 4,478.458 points as the declines in the share prices of RS2 and MIDI outweighed the gains registered in Malta Properties, Tigne’ Mall and Plaza Centres. Meanwhile, both BOV and HSBC closed unchanged.

Positive sentiment towards Malta Properties Company plc persisted as the equity advanced by a further 1.9 per cent to a fresh near six-month high of 60c across 16,000 shares.

Yesterday, MPC revealed that it entered into a tripartite memorandum of understanding regarding a proposed development at the St George’s Exchange site in St Julian’s which is currently held on lease by GO.

The development consists of a mixed-use development, which is envisaged to incorporate residential and commercial areas, including a shopping mall of at least 10,000 sqm, as well as a car park.

Malta Properties will use the entire proceeds received from the agreement to finance its 50 per cent stake in the joint venture which will own and operate the shopping mall to be built within the complex. It is projected that the project will be completed by 2023.

Also in the property segment, Tigne’ Mall and Plaza Centres both finished higher today. Tigne’ Mall recaptured the €1.08 level (+1.4 per cent) across 10,000 shares whilst Plaza Centres extended yesterday’s gains by a further 0.9 per cent to €1.13 across 31,000 shares.

Last week, Plaza announced that it has now completed the purchase of ‘Tigne Place’, Sliema.

In contrast, a single deal of just 3,000 shares pulled the equity of MIDI to its lowest level in over ten months of 33c (-2.9 per cent).

The other negative performing equity today was RS2 Software which retreated by 0.7 per cent to the €1.62,9 level across 23,017 shares.

Among the large companies, HSBC failed to hold on to its six-month high of €1.66 as it closed unchanged at €1.64. A total of 9,960 shares changed hands today.

Bank of Valletta maintained its five-month high of €2.27 on volumes totalling 24,813 shares. BOV’s financial statements as at September 30 will be published by the end of October.

On the bond market, the RF MGS Index moved lower for the fourth consecutive day as it shed a further 0.11 per cent to 1,172.804 points. Whilst the 10-year benchmark German bund remained relatively flat at around the -0.10% level, the corresponding yields of Italy and Spain rose.

Meanwhile, the international financial media made reference to statements made by the European Central Bank’s (ECB) chief economist – Peter Praet – who reiterated that the ECB is set to keep its interest rates low until it gets inflation back to its target of close but lower than two per cent.

Mr Praet said that the ECB will continue to monitor the health of the European banking sector, noting that a protracted period of low profits would make banks less able to lend by hampering their ability to set aside capital.

www.rizzofarrugia.com

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.