The MSE Equity Price Index shed 0.43% to a fresh 1-month low of 4,792.272 points on Wednesday, largely due to the sharp drop in IHI as well as declines in BOV and Malita.

On the other hand, HSBC, MIA and GO trended higher whilst BMIT ended the day unchanged. Trading activity significantly slowed down today with only €62,707 worth of shares changing hands.

International Hotel Investments plc slumped 5.3% back to the €0.805 level on just three deals totalling 5,246 shares.

Similarly, Bank of Valletta plc eased by 0.9% to the €1.10 level on shallow volumes of 9,100 shares.

The only other negative performing equity today was Malita Investments plc with a 1.1% drop back to the €0.90 level on a single trade of 20,000 shares.

Meanwhile, HSBC Bank Malta plc rebounded by 1.6% to regain the €1.29 level on weak volumes of 3,000 shares.

Last Monday, the bank announced that following its decision to roll-out a new strategic plan to increase its focus on digital banking services and to modernise its branch network, HSBC is expecting staffing levels to reduce by around 180 and, as a result, in the financial year ending 31 December 2019 the bank will incur a restructuring charge of approximately €16 million. HSBC however noted that it expects to benefit from ongoing cost savings in future years.

Slim trading activity was also evident in GO plc as the equity edged 0.5% higher to the €4.22 level on just 2,000 shares.

Likewise, Malta International Airport plc shares edged 0.7% higher to close at the €7.25 level on insignificant volumes of 660 shares.

Meanwhile, BMIT Technologies plc held on to the €0.515 level as a further 26,000 shares changed hands.

The RF MGS Index trended higher for the third consecutive session with a further 0.2% increase to 1,152.976 points as the benchmark 10-year German Bund yields slipped to -0.384% for the first time since the beginning of the month. However, by this afternoon the benchmark 10-year German Bund yield recovered to -0.354% following comments by top representatives of the European Central Bank (ECB) in which they expressed their confidence that the European economy is not heading for a recession and that gradual growth will be registered during the next two years.

Harvest Technology plc published a Formal Notice in connection with an offer of 9,112,256 ordinary shares at a price of €1.50 per share. Harvest is focused on three principal business activities, namely: (i) the provision of systems integration services and IT solutions which are conducted through PTL Ltd (“PTL”); the provision of automation solutions via APCO Ltd (“APCO”); and (iii) the provision of payment processing solutions under the ‘Apcopay’ brand through APCO Systems Ltd (“APCO Systems”). Furthermore, Harvest holds the entire share capital of Ipsyon Ltd (“Ipsyon”) which, in turn, owns the intellectual property rights and the software pertaining to ‘Apcopay’.

www.rizzofarrugia.com

Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results.

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