Seven equities pull the MSE Equity Price Index lower

The MSE Equity Price Index fell by 1.04% to 3,825.541 points as the declines in seven equities outweighed the gain in Farsons while four other equities closed unchanged. Nonetheless, overall trading value in local equities was muted at just €0.08 million. Download today’s Equity Market Summary.

Malta International Airport plc shed 5.1% to a one-week low of €5.60 across two trades totalling 1,400 shares.

Also among large companies by market capitalisation, GO plc shed 0.6% to the €3.14 level after partially recovering from an intraday low of €3.10 (-1.9%) level across four trades amounting to 2,100 shares. Today, GO announced that its Board of Directors is scheduled to meet on Wednesday 20 March 2024 to consider and approve the financial statements for the year ended 31 December 2023. The Board will also consider the declaration of a dividend.

GO’s data centre and IT services subsidiary BMIT Technologies plc fell by 6.1% to a two-week low of €0.37 on volumes totalling 36,200 shares.

Malita Investments plc was today’s most actively traded equity as it declined by 2% to an all-time low of €0.49 level across four deals totalling 50,400 shares.

Also in the property sector, MIDI plc slumped by 5.8% to a three-month low of €0.26 as 20,000 shares changed hands.

International Hotel Investments plc declined by 3.8% to the €0.50 level on two deals totalling 11,000 shares.

Grand Harbour Marina plc decreased by 2.2% to the €0.88 level on trivial volumes.

Simonds Farsons Cisk plc was today’s only positive performer as it gained 0.7% to the €6.75 level on three deals amounting to 1,098 shares.

Meanwhile, APS Bank plc traded flat at the €0.55 level as 19,500 shares changed hands. APS will publish its 2023 financial results tomorrow.

A single trade of 482 shares left the share price of PG plc unchanged at the €2.04 level.

Malta Properties Company plc traded flat at the €0.30 level on two trades of 3,400 shares.

Tigné Mall plc held the €0.82 level on muted activity.

The RF MGS Index rose by 0.32% to a one-month high of 894.045 points. The US economic data took centre stage with today’s publication showing that the number of job openings in the United States in January unexpectedly fell to the lowest level in three months. Furthermore, private businesses hired fewer employees than expected during February. In a speech today, the Chair of the Federal Reserve, Jerome Powell noted that lowering rates too quickly would risk losing the battle against inflation, which would require the Fed to raise rates again in the future. In this respect, he commented that the target rate range will not be reduced until data exhibits greater evidence that inflation is sustainably and certainly moving towards the target rate of 2%. Nonetheless, he did not exclude that some interest rate cuts will take place this year and recognised that elevated interest rate levels pose a threat to economic growth.

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.