Local equities drift lower for the third consecutive session

The MSE Equity Price Index fell by a further 0.72% to a fresh three-month low of 3,713.235 points as the declines in the ordinary shares of RS2, GO, BOV, BMIT, and PG outweighed the gains in MPC. Meanwhile, APS Bank plc traded flat at the €0.56 level as 5,374 shares changed hands. Trading activity in local equities was muted at a three-week low of €0.02 million. Download today’s Equity Market Summary.

The ordinary shares of RS2 plc shed 1% to the €1.01 level on one deal of 10,000 shares.

Bank of Valletta plc moved 2.1% lower to the €1.38 level over three deals totalling 6,205 shares. Shareholders as at close of trading on 26 April 2024 will be entitled to a final net dividend of €0.0455 per share.

GO plc slumped by 3.9% to a three-month low of €2.96 on muted activity. Shareholders as at close of trading on 26 April 2024 will be entitled to a final net dividend of €0.05 per share.

GO’s IT services subsidiary BMIT Technologies plc fell by 1% to the €0.38 level on one trade of 3,000 shares. The Directors of BMIT are recommending the payment of a net dividend of €0.02456 per share, payable to all shareholders as at close of trading on 25 April 2024, who will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.351 per share.

A single trade of 300 shares pulled the share price of PG plc 1% lower to the €2.00 level.

In contrast, Malta Properties Company plc rebounded by 11.9% to a three-week high of €0.32 albeit on trivial volumes. Shareholders as at close of trading on 18 April 2024 will be entitled to a final net dividend of €0.013 per share.

The RF MGS Index registered the sharpest daily decline in two months as it fell by 0.57% to a one-month low of 892.427 points reflecting the rebound in international government bond yields. Today, the German 10-year bund yield touches a two-week high of 2.45% and the US 10-year treasury yield climbed to a four-month high of 4.42%. Data released today showed that industrial production in Germany during February grew by much more than expected largely boosted by construction activity and car manufacturing. Nonetheless, the German industrial output is still 4.9% below the level of a year ago and around 8% lower than its peak prior to the pandemic.

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.