The MSE Equity Price Index erased yesterday’s gains of 0.04% as it slipped by 0.14% to 4,471.731 points today. Trading activity was spread across eleven equities – three shares moved higher, another three trended in negative territory whilst five equities closed the day unchanged. Trading volumes increased markedly to a three-week high of €0.53 million.

The equity of GO plc was the most actively traded today as a total of 67,000 shares (having a market value of €0.24 million) changed hands. The share price ended flat at the €3.60 level after briefly touching a new 2017 high of €3.62.

International Hotel Investments plc and Lombard Bank Malta plc also closed the day unchanged at €0.62 and €2.20 respectively albeit on trivial volumes.

In the property segment, MIDI plc retained the €0.33 level across 120,000 shares whilst two deals totalling 12,100 shares left the equity of Malita Investments plc at the €0.751 level.

On the other hand, Plaza Centres plc advanced by 0.9% to the €1.011 level on light volumes.

The equities of Bank of Valletta plc and HSBC Bank Malta plc performed positively for the second consecutive trading session. BOV’s share price finished the day 0.1% higher at the €1.811 level after recovering from an intra-day low of €1.80 (-0.6%) but failing to hold on to an intra-day high of €1.845 (+1.9%). A total of 78,326 shares traded.

HSBC Bank Malta plc gained 0.6% to the €1.873 level across 35,889 shares. Yesterday, HSBC issued an Interim Directors’ Statement for the period covering 1 July 2017 to 15 November 2017. The Bank revealed that it suffered a decline in pre-tax profits when compared to the same period last year.

The decline was broadly in line with management expectations and reflects the prevailing unfavourable low interest rate environment as well as the bank’s prioritisation of risk management actions. HSBC also made reference to an increase in loan impairment charges primarily due to a tightening in the impairment assessment of non-performing home loan exposures that have been delinquent for more than six years.

Overall, HSBC reiterated that its regulatory capital ratios strengthened further and remain above the fully-loaded capital requirements. In this respect, the Bank has now commenced a review to assess how best to deploy this capital moving forward.

Also among the large companies by market capitalisation, Malta International Airport plc dropped by 0.9% to the €4.58 level on two deals totalling 2,190 shares.

Simonds Farsons Cisk plc lost 1.6% to the €8.76 level across 1,506 shares whilst PG plc fell by 2% to the €1.45 level albeit on thin volumes.

The RF MGS Index extended yesterday’s gains of 0.15% by a further 0.21% to an over one-week high of 1,127.260 points. Euro zone sovereign yields continued to trend lower today, possibly reflecting the political uncertainty in Germany after Chancellor Angela Merkel failed to form the necessary coalition to govern.

www.rizzofarrugia.com

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