Daily Market Highlights (04.04.2023)

BOV and HSBC dominate trading activity


The MSE Equity Price Index remained virtually unchanged at 3,531.927 points as the gain in BOV was offset by the declines in Mapfre Middlesea and LifeStar Holding. Meanwhile, HSBC closed unchanged as overall trading activity amounted to €0.13 million. Download today’s Equity Market Summary.

 Nearly half of today’s trading activity took place in the shares of Bank of Valletta plc as the share price advanced by 3.4% to the €0.90 level across thirteen trades totalling 67,239 shares. Last week, BOV published the 2022 annual results showing double-digit growth in net interest income as well as improvement in non-interest income. In aggregate, BOV’s total operating income increased by 20.8% (or +€50.4 million) to €293.4 million. BOV’s performance was also boosted by lower operating costs and a net impairment reversal of €49.1 million. Meanwhile, the financial results were dented by the €103.0 million net litigation settlement related to the Deiulemar case. Overall, BOV reported a profit before tax of €48.7 million (2021: €80.7 million), while excluding the effect of the Deiulemar settlement, adjusted profit before tax amounted to €151.7 million. BOV’s net profit amounted to €31.2 million (2021: €56.2 million). BOV’s equity base expanded by 2.8% to €1.16 billion which translates into a net asset value of €1.983 per share (31 December 2021: €1.929 per share).

Also in the banking sector, HSBC Bank Malta plc closed unchanged at the €1.02 level after failing to hold to an intraday high of €1.03 (+0.98%) across three trades totalling 50,600 shares.

In contrast, Mapfre Middlesea plc shed 0.6% to the €1.64 level after partially recovering from an intraday low of €1.62 (-1.8%) as 9,000 shares exchanged hands.

LifeStar Holding plc plummeted to the €0.202 level, albeit on trivial volumes. LifeStar’s insurance subsidiary – LifeStar Insurance plc – is expected to publish its 2022 financial results today.

The RF MGS Index advanced by 0.35% to 883.939 points. The Euro Area’s Producer Price Inflation dropped to a 19-month low of 13.2% in February, slightly below market expectations, as the prices in energy and various other goods continued to decline. Recently, Vice-President of the European Central Bank (ECB), Luis de Guindos emphasized that the ECB will continue to analyse relevant data including inflation measures and labour market dynamics to decide on its monetary policy path. The ECB is also monitoring macroeconomic developments as well as the recent issues within the financial sector and reiterated that the eurozone’s banking sector remains strong. Meanwhile in the US, the latest job openings figures of February were below expectations, with notable decreases in vacancies within professional and business services.


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.