Daily Market Highlights (07.02.2023)
MSE Equity Price Index climbs to 3-week high
The MSE Equity Price Index advanced by 0.46% to 3,582.567 points (the highest level in three weeks) as the gains of BOV, APS, Lombard and Trident outweighed the declines of Plaza and Harvest. Meanwhile, three other equities traded unchanged as total trading activity amounted to €0.15 million. Download today’s Equity Market Summary.
Bank of Valletta plc was the most actively traded equity today for the third consecutive session as it increased by 2.2% to the €0.92 level across seven trades totalling 70,050 shares.
Also within the retail banking sector, APS Bank plc (26,609 shares) and Lombard Bank plc (17,520 shares) gained 1.7% and 2.2% to the €0.615 and €0.92 levels respectively.
Trident Estates plc was today’s best performing equity as it moved up by 4.4% to the €1.43 level across six trades totalling 20,529 shares.
In contrast, Plaza Centres plc shed 4.3% to the €0.67 level on one deal of 6,000 shares.
Harvest Technology plc eased by 1.4% to the €1.42 level on a single trade of 1,340 shares.
HSBC Bank Malta plc closed unchanged at the 0.90 level as 5,236 shares changed hands. HSBC’s Board of Directors is scheduled to meet on Tuesday 21 February 2023 to consider and approve the 2022 annual financial statements. The Directors will also consider the declaration of a final dividend to be recommended to the Bank’s Annual General Meeting which will be held on Thursday 20 April 2023.
Simonds Farsons Cisk plc traded flat at the €7.00 level across two trades totalling 1,000 shares.
One deal of 9,100 shares left the share price of BMIT Technologies plc at the €0.45 level.
The RF MGS Index declined by 0.2% to 882.453 points as eurozone yields remained volatile with the German 10-year bund yield exceeding the 2.30% level today, after briefly falling below the 2.05% level last week. Today, Germany reported that industrial production dropped by 3.1% in December 2022 over the previous month, below market forecasts. Meanwhile in the US, Minneapolis Fed President Neel Kashkari stated in an interview that the strong employment figures continue to show that the Fed needs further action to tame inflation levels. Mr Kashkari remarked that the Fed must continue to raise rates and let monetary policy work its way through the economy to stabilise imbalances within the labour market.
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.