MSE Equity Price Index climbs to four-month high

The MSE Equity Price Index surged by 1.89% to 3,859.802 points, the highest level since last August, as all six equities that traded today moved in positive territory. Today’s trading activity in equities reached a three-week high of €0.56 million, mostly reflecting the activity in GO and BOV. Download today’s Equity Market Summary.

GO plc increased by 3.4% to a four-month high of €3.00 across twelve trades totalling 90,814 shares, having a market value of €0.27 million. GO provided an update on its financial performance for the nine-month period up to 30 September 2023 in its latest Shareholders Newsletter. The Group’s consolidated revenue reached €178 million, representing a growth of 11% compared to the same period in 2022. EBITDA also grew by 11% to €69 million.

Bank of Valletta plc closed the session 3.8% higher at the €1.35 level after failing to hold onto an intra-day high of €1.45 (+11.5%) across seventeen trades totalling 143,856 shares.

Also in the banking sector, APS Bank plc surged by 7.4% to a three-week high of €0.58 over seven deals amounting to 46,786 shares. Nonetheless, today’s volume-weighted average price was of €0.55.

Lombard Bank Malta plc rose by 5.9% to a three-month high of €0.90 as 11,289 shares changed hands.

PG plc advanced by 2.9% to the €2.16 level across three deals totalling 20,000 shares.

Simonds Farsons Cisk plc climbed 5.9% higher to the €7.15 level over five trades totalling 1,960 shares.

The RF MGS Index advanced by 0.39% to 909.266 points, the highest level since September 2022 and an 8.1% increase from the Index’s all-time low of 841.337 points registered on 19 October 2023. The increase in bid prices for MGS reflects the sharp decline in MGS yields in recent weeks, in line with yield movements across the eurozone sovereign bond market. In particular, today the 10-year German bund yield fell to an over one year low of 1.9%, as expectations of interest rate cuts by the ECB and other major central banks continue to mount. In recent weeks, inflation levels continued to ease while economic growth in also expected to remain weak across the major economies.

Today, the Central Bank of Malta published an economic update which showed that during November, economic sentiment decreased below the long-term average as deteriorating sentiment in the retail and services sector outweighed improvements in construction and among consumers. Furthermore, Malta’s inflation fell to 3.9% in November compared to 4.2% in the previous 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.