Daily Market Highlights (06.09.2022)
MSE Equity Price Index eases marginally lower
The MSE Equity Price Index erased some of yesterday’s uplift as it retracted by 0.1% to 3,621.383 points. The declines in APS, BOV, BMIT and Farsons slightly outweighed the gains in four other companies whilst PG, RS2 and VBL traded unchanged. Overall trading activity contracted to €0.13 million compared to €0.27 million yesterday. Download today’s Equity Market Summary.
Bank of Valletta plc shed 2.9% to the €0.85 level on three deals totalling 16,943 shares.
Also in the retail banking sector, APS Bank plc eased by 1.5% to the €0.64 level on 50,000 shares. Yesterday, APS announced that shareholders as at close of trading on Thursday 15 September will be entitled to participate at an Extraordinary General Meeting to be held remotely on Wednesday 19 October. The EGM will consider the distribution of a net interim dividend of €1.8 million payable through the issuance of new shares.
Simonds Farsons Cisk plc tumbled 4.4% to the €7.60 level albeit on just 429 shares.
BMIT Technologies plc fell 3.8% to the €0.462 level across 9,000 shares.
Also in the technology sector, Harvest Technology plc surged by 3.2% to the €1.30 level on light volumes.
International Hotel Investments plc advanced by 2.1% to the €0.735 level albeit on trivial volumes. Yesterday, IHI announced that in view of the prevailing improvement in market conditions and stronger recovery, it is now expecting to generate revenues of €224 million in 2022 (compared to the earlier forecast of €217 million) and an EBITDA of €43.5 million (compared to the previous estimate of €39 million). The more positive performance is also expected to translate into improved margins with the EBITDA margin now anticipated to climb to 19.4% compared to the original projection of just under 18%.
Malta International Airport plc added 0.8% to recapture the €6.00 level across five deals totalling 7,299 shares.
LifeStar Insurance plc regained the €0.45 level on insignificant volumes.
Meanwhile, a single deal of 100,000 shares left the share price of VBL plc at the €0.212 level.
The ordinary shares of RS2 Software plc held on to the €1.38 level on 1,100 shares.
PG plc stayed at the €2.22 level across 1,950 shares.
The RF MGS Index erased yesterday’s gains as it fell by 0.12% to 914.967 points. Movements in eurozone sovereign bond yields remained volatile ahead of the conclusion of the ECB monetary policy meeting on Thursday during which it is widely expected that the central bank will lift its key interest rate by 75 basis points. Elsewhere, a major utility company in Germany warned that Europe might not have energy enough supplies in winter.
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.