RS2 surges to a 6-month high

The MSE Equity Price Index snapped a four-day downward streak as it rose by 0.80% to 3,698.286 points mostly driven by gains in RS2. Meanwhile IHI, Medserv and PG also increased in value, whilst BOV and Lombard closed lower. Furthermore, two equities traded flat as the day’s trading activity totalled €0.42 million. Download today’s Equity Market Summary.

RS2 Software plc was today’s best performing equity as it gained 15.2% to a 6-month high to the €1.21 price level. RS2 was also the most actively traded equity as 248,696 shares changed hands over twenty-eight deals. Today, RS2 held its AGM which approved all resolutions on the agenda.

Also among large companies by market value, PG plc closed 0.5% higher at the €1.89 level across two trades totalling, 23,760 shares.

Similarly, International Hotel Investments plc recovered 1.9% to close at the €0.54 level on a single deal of 800 shares.

MedservRegis plc advanced by 11.7% to the €0.67 level following Tuesday’s 20% plunge as a single trade saw 3,000 shares changed hands.

In contrast Bank of Valletta plc shed 1.6% to close at a two-week low at the €1.21 level over seventeen deals totalling 64,738 shares.

Also in the banking sector, Lombard Bank Malta was today’s worst performer as it closed 4% lower at the €0.96 level across three trades totalling 5,893 shares.

Meanwhile, AX Real Estate plc closed unchanged at the €0.45 level over two deals totalling 5,532 shares.

Malta International Airport plc traded flat at the €5.50 level as 360 shares changed hands.

The RF MGS Index shed 0.31% to 870.174 points. Yesterday, the US Federal Reserve decided to pause interest rate hikes following eleven consecutive rate hikes as the US inflation rate in May reached a two-year low of 4.0%. However, the Federal Open Market Committee projections show expectations of another two 25 basis point rate hikes by the end of 2023. Meanwhile, today the European Central Bank implemented the eighth consecutive hike to interest rates. The interest rate increase places the deposit rate at a 22-year high of 3.5% and marks a 400-basis point increase over the past year. Furthermore, the ECB raised its core CPI forecast for 2023 to 5.1% from a previous 4.6%.

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.