Daily Market Highlights (04.10.2022)
MSE Equity Price Index trends minimally higher
The MSE Equity Price Index extended yesterday’s uplift with a further gain of 0.05% to 3,648.556 points. The strong rally in the share price of Hili Properties offset the declines in GO and MIA whilst APS Bank plc traded unchanged at the €0.64 level across 4,000 shares. Download today’s Equity Market Summary.
Also in the retail banking sector, today Lombard Bank Malta plc announced that during the forthcoming Extraordinary General Meeting to be held on 10 November 2022, the Directors will recommend a share split of the Bank’s shares on a two for one basis. As a result, every share having a nominal value of €0.25 will be split into two shares, each with a nominal value of €0.125. The proposed share split, which is subject to regulatory approval, is intended to allow easier access to a larger number of investors which should result in improved trading liquidity in the Bank’s shares. The equity remained inactive today.
Hili Properties plc was the most actively traded equity today as it surged 9% to the €0.242 level across 74,250 shares.
Meanwhile, a single deal of 2,000 shares forced the share price of Malta International Airport plc to drift 0.8% lower back to the €5.90 level.
GO plc retracted by 0.7% to the €2.96 level albeit on trivial volumes.
Following yesterday’s decline, the RF MGS Index rebounded strongly to 886.403 points (+0.64%) as sovereign bond yields dropped sharply amid hopes that the weakening global economic prospects might force major central banks to reduce their fast pace of monetary policy tightening. In fact, although Australia’s central bank raised interest rates for the sixth month in a row, the 25-basis point increase to its key interest rate was lower than expected. On the geopolitical front, North Korea fired a ballistic missile over Japan for the first time in five years. Elsewhere in Ukraine, the Russian military admitted that Ukrainian forces made a breakthrough in the southern region of Kherson after recapturing Lyman which is a key logistics hub in Donetsk.
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.