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MSE Equity Price Index retreats to over three-month low

HSBC shares down 3.4 per cent

Following the gains in the previous two trading sessions, the MSE Equity Price Index retreated by 0.42% to an over three-month low of 4,279.972 points. The drop in the local equity index was mainly driven by the sharp decline in HSBC which outweighed the gains in MIDI and Trident. Meanwhile, a further four shares closed the day unchanged.

HSBC Bank Malta plc lost 3.4% to a three-month low of €1.71 albeit on just 6,857 shares.

Mapfre Middlesea plc moved 1.6% lower to the €1.86 level on activity of 10,000 shares.

A single deal of 11,400 shares forced the equity of Malita Investments plc to retreat back to the €0.89 level.

Also in the property segment, Trident Estates plc added 0.8% to the €1.32 level across 6,340 shares whilst MIDI plc surged by 5.6% to an all-time high of €0.57 on volumes totalling 97,900 shares. Yesterday, MIDI reported a net profit of €10.5 million for the first six months of 2018, largely reflecting the delivery of various Q2 apartments to their respective owners. In their commentary, the Directors explained that the company continued to move forward with its masterplan for Manoel Island.

As such, MIDI is now forecasting that the outline development permit will be approved by the Planning Authority later on this year and that construction works should commence early in 2019. Moreover, MIDI reiterated that discussions with Tumas Group Company Limited in connection with the development of Manoel Island are at a preliminary stage. In this respect, MIDI also stated that any eventual agreement will be subject to the company’s contractual obligations and any necessary regulatory and shareholder approvals in terms of law.

RS2 Software plc maintained the €1.19 level after recovering from a low of €1.12. A total of 62,656 shares traded. Yesterday, the company reported a net profit of €4.81 million. The Directors explained that during 2018, RS2 continued with its business strategy of implementing more clients into its managed services business. Moreover, RS2 is in extensive discussions with Tier-1 banks and e-wallet providers in Asia Pacific and the US to roll out Global Acquiring services to their merchants; partnering with a smart terminal supplier to deliver acquiring/payment services to merchants around the globe targeting 11 countries in Asia Pacific; and engaged in a potential project to provide Payment Services for merchants using digital assets on a Blockchain technology.

GO plc closed flat at the €3.40 level after opening at a high of €3.44 (+1.2%). A total of 8,717 shares changed hands.

Malta International Airport plc traded unchanged at the €5.55 level across 3,295 shares whilst twelve deals totalling 26,607 shares left the equity of Bank of Valletta plc at the €1.51 level.

Today, International Hotel Investments plc reported an adjusted EBITDA of €26.1 million for the first six months of 2018. This is marginally higher than the corresponding period last year. Looking ahead, the Directors noted that the general business outlook for IHI’s hotels and catering operations remains positive. Moreover, Corinthia Hotels Limited, which is IHI’s hotel management company, remains active in its drive for global growth.

The RF MGS Index moved higher first the first time in seven days as it edged 0.06% higher to 1,087.365 points. Eurozone sovereign yields moved lower today amid renewed uncertainties over global trade as US President Donald Trump warned that he will pull out the world’s largest economy from the World Trade Organisation if this does not “shape up”. Meanwhile, preliminary data showed that inflation within the single currency economy eased to 2% in August from the previous reading of 2.1%.

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