Muted activity across local equities

The MSE Equity Price Index increased by 0.07% to 3,895.864 points as the gains in BOV, MIA, PG, and AX Real Estate were largely offset by the declines in Hili Properties, APS, and MaltaPost. Meanwhile, two other equities closed unchanged as the total trading activity was muted at €0.07 million. Download today’s Equity Market Summary.

Bank of Valletta plc gained 0.7% to the €1.35 level across three trades totalling 11,573 shares.

Malta International Airport plc moved 1.8% higher to an almost one-month-high of €5.80 as 3,010 shares changed hands.

Also among large companies by market cap, PG plc rose by 1% to the €2.12 level on a single deal of 3,300 shares.

AX Real Estate plc surged by 4% to a 10-month high of €0.52 across nine trades totalling 41,700 shares.

A single trade of 1,000 shares pushed the share price of Loqus Holdings plc higher to the €0.20 level.

On the other hand, Hili Properties plc plummeted by 10% to an all-time low of €0.18 on two deals totalling 12,000 shares. Nonetheless, the majority of the shares changed hands at the €0.192 level (-4%).

MaltaPost plc slumped by 10% to a one-month low €0.43, albeit on one trade of 3,038 shares. MaltaPost shareholders as at close of trading on Monday 8 January will be eligible to receive a final net dividend of €0.02 per share. Shareholders will have the option to receive the dividend either in cash or by the issue of new shares at the attribution price of €0.44 per share.

APS Bank plc declined by 1.8% to a one-week low of €0.54 across two deals totalling 3,753 shares.

Trident Estates plc traded flat at the €1.27 level over two trades amounting to 1,500 shares.

Main Street Complex plc held the €0.40 level on trivial volumes.

The RF MGS Index recovered some of yesterday’s losses as it increased by 0.40% to 902.721 points. Yesterday, the Federal Reserve published the minutes of its latest monetary policy meeting which showed that most policymakers are foreseeing rate cuts by the end of 2024 since inflation fell faster than expected. Elsewhere in the eurozone, inflation in Germany increased to 3.8% in December, compared to 2.3% in November. The growth in inflation was in line with expectations driven by higher energy prices due to the reduction of government subsidies when compared to a year earlier. In fact, energy prices rose by an annual rate of 4.1% as opposed to a 4.5% decline in November. Meanwhile, core inflation, which excludes energy and food prices, decreased to 3.5% (November 2023: 3.8%) which is the lowest level since July 2022. Meanwhile, in the United Kingdom, the economy continued to show signs of recovery as the growth in the manufacturing and services sectors during December was revised upwards from previous forecasts. Furthermore, mortgage approvals in the UK reached a five-month high in November despite higher mortgage interest rates during the month.

This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake 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.