Daily Market Highlights (03.11.2021)

MSE Equity Price Index snaps 5-day losing streak


The MSE Equity Price Index trended higher for the first time in six days as it advanced by 0.41% to 3,827.716 points. The gains in four equities outweighed the declines in BOV and GO. Meanwhile, HSBC and MaltaPost closed unchanged as overall trading activity remained subdued at just over €0.02 million. Download today’s Equity Market Summary.

VBL plc surged by 3.4% to the highest level since its listing last month at the €0.30 level on a single trade of 6,000 shares.

Also in the property sector, Malta Properties Company plc closed 1.8% higher at the €0.57 level on three deals totalling 500 shares.

Simonds Farsons Cisk plc added 1.8% to the €8.50 level on a single trade of 299 shares.

Meanwhile, LifeStar Holding plc regained the €0.64 level on trivial volumes.

Bank of Valletta plc dropped by 1.1% back to the €0.87 level on four deals totalling 12,000 shares. Yesterday, BOV issued an Interim Directors’ Statement explaining that in Q3 2021, it posted a pre-tax profit of €20.6 million. As a result, profits before tax for the nine-month period up to September 2021 amounted to €46.5 million compared to €40.6 million in the same period in 2020. BOV noted that the improved profitability over 2020 reflects the gradual recovery from the COVID-19 pandemic. Revenues up to September 2021 amounted to €172.1 million (+4% over the comparable period in 2020), mostly due to improved volumes in the retail sector particularly in home lending, cards, and payments. On the other hand, operating costs increased by just 1%. BOV’s financial performance was also boosted by the contribution from its insurance associates which was significantly higher than the same period in 2020 largely driven by the increase in the market value of investments as well as higher written premia.

Also among the large companies by market value, GO plc eased by 0.6% to the €3.26 level on a single trade of 668 shares.

HSBC Bank Malta plc remained at the €0.80 level after failing to hold on to an intraday high of €0.805 (+0.6%) as 5,964 shares changed hands.

A single trade of 393 shares left the share price of MaltaPost plc at the €1.24 level.

The RF MGS Index recorded the sharpest daily uplift in seven weeks as it advanced by 0.42% to a four-week high of 1,085.013 points. The eurozone unemployment rate eased to 7.4% in September, the lowest level since April 2020. Meanwhile in the US, the Federal Reserve is holding its monetary policy meeting and is widely expected to announce the tapering of its bond-buying stimulus. The decision is being taken amid concerns of higher inflation which is running well above the Fed’s long-term target of 2% as it reached 5.4% in September.