Daily Market Highlights (06.01.2022)

Local equity market snaps 3-day negative streak

 

The MSE Equity Price Index moved higher for the first time in four sessions as it rebounded by 1.55% to 3,899.716 points. GO, HSBC, Farsons and Harvest ended the day in positive territory whilst only BMIT moved lower. Meanwhile, BOV and Hili Properties remained unchanged as overall trading activity in equities amounted to €0.09 million. Download today’s Equity Market Summary.

GO plc climbed by 1.2% to recapture the €3.26 level on two deals totalling 7,600 shares.

Also among the large companies by market value, HSBC Bank Malta plc surged by 6.4% to regain the €0.92 level on 9,000 shares.

Simonds Farsons Cisk plc was today’s best performing equity as it rallied by 16% to the €9.40 level on two deals totalling 355 shares.

In the technology sector, Harvest Technology plc moved 4.8% higher to the €1.52 level on activity totalling 5,000 shares.

In contrast, BMIT Technologies plc eased by 0.8% to the €0.486 level across 30,000 shares.

Meanwhile, Bank of Valletta plc stayed at the €0.865 level after failing to hold on to an intraday high of €0.875 (+1.2%). A total of 33,071 shares changed hands, representing over 30% of today’s value of shares traded. Subject to regulatory approval, shareholders as at close of trading on 11 January will be entitled to receive a net interim dividend of €0.01716 per share which will be paid on 28 January.

A single trade of 15,000 shares left Hili Properties plc at the €0.27 level.

The RF MGS Index trended lower for the fifth consecutive day as it declined by a further 0.25% to 1,069.357 points. Eurozone sovereign bond yields extended their upward trajectory following the publication of the minutes of the most recent Federal Reserve monetary policy meeting. These showed that policymakers are considering a more aggressive policy tightening in 2022 in response to inflation pressures. Indeed, projections indicated the possibility of three interest rate hikes this year followed by a further three increases in 2023 and another two hikes in 2024.

 

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.

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