Daily Market Highlights (05.05.2023)

BOV share price at new 3-year high


The MSE Equity Price Index trended higher for the fifth consecutive session as it gained a further 1.03% to reach a fresh 9-month high of 3,710.35 points largely on the back of the gains in BOV. HSBC, MPC and VBL also trended higher whilst MIA, APS, AXR and BMIT ended lower. Meanwhile, two other equities closed unchanged as total trading activity amounted to €0.41 million. Download today’s Equity Market Summary.

Bank of Valletta plc surged by 7.4% as the equity reached a new 3-year high of €1.16 on healthy volumes of 307,265 shares. The upsurge follows yesterday’s Interim Directors’ Statement which indicated a significant improvement in the Bank’s performance during Q1 2023 with pre-tax profits reaching €46.5 million compared to €24 million in the first three months of 2022. The improved performance largely reflects the growth in net interest income attributable to re-pricing of facilities to reflect Euribor increases, better returns on excess liquidity deployed in the securities markets and general growth in the loans portfolio.

Also, in the banking sector, the equity of HSBC Bank Malta plc advanced by 2% to regain the €1.04 level across three deal deals totalling 31,014 shares.

In the property sector, VBL plc gained 4.8% to reach the €0.22 level on one deal of 45,000 shares while Malta Properties Company plc edged 1.4% higher to reach the €0.426 on a single trade of 4,350 shares.

On the other hand, AX Real Estate plc was today’s worst performing equity as it shed 5.1% back to the €0.45 level across two deals totalling 13,866 shares.

BMIT technologies plc declined by 1.8% to the €0.426 level on a single trade of 10,000 shares.

Similarly, Malta International Airport plc shed 1.8% to the €5.55 level across three trades totalling 3,400 shares.

APS Bank plc moved 0.8% lower to the €0.605 level over two deals totalling 4,304 shares.

Meanwhile, Mapfre Middlesea plc and Plaza centres plc maintained the €1.65 and €0.74 levels respectively on muted activity.

The RF MGS Index increased by 0.01% to 882.692 points as the increase in the price of shorter-term bonds was offset by the decline of bonds with longer maturities, resulting in a steepening yield curve. Data published today indicated that retail sales in the Eurozone decline 1.2% month-over-month, much worse than the expected decrease of 0.1%. Moreover, construction in Europe continued to contract during April, with Germany being a notable laggard. Meanwhile in China, the services sector expanded for the fourth consecutive month following the removal of stringent coronavirus related restrictions.



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.