Lacklustre trading in local equities

The MSE Equity Price Index increased by 0.65% to 3,789.722 points driven by the gain in HSBC. Meanwhile, APS and MIDI closed unchanged as today’s trading activity in local equities was subdued at a one-year low of just €9,809. Download today’s Equity Market Summary.

HSBC Bank Malta plc rebounded by 6.1% to the €1.40 level on muted activity. Shareholders as at the close of today’s trading will be eligible for a final net dividend of €0.0585 per share to be paid on 25 April, subject to approval by the Annual General Meeting scheduled for 18 April 2024.

Also in the banking sector, APS Bank plc held the €0.56 level on a single deal of 6,140 shares.

A single trade of 25,000 shares left the price of MIDI plc unchanged at the €0.25 level.

The RF MGS Index decreased by 0.15% to 897.973 points as the decline in long-term MGS bid prices outweighed the gains in shorter-term MGS bid prices, reflecting a steepening yield curve. Today, two ECB governing council members, Philip Lane and Klass Knot mentioned a potential interest rate cut in June, when more data regarding wages is expected to be available. Nonetheless, both members also warned that further cuts in subsequent monetary policy meetings are not guaranteed and reiterated that the ECB will continue to base its actions on a data-driven approach. Meanwhile, data released today showed that producer prices in the US during February increased by 1.6%, above expectations and also higher than the previous month. Likewise, the core producer price index held the same pace of the previous month at 2%, despite a forecasted slowdown to 1.9%.

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.