Daily Market Highlights (07.07.2022)

MSE Equity Price Index climbs to 2-week high


The MSE Equity Price Index gained 1% to a two-week high of 3,728.396 points as the gain in the share price of IHI outweighed the declines in BOV, APS, Mapfre and the ordinary shares of RS2. Meanwhile, AX Real Estate and Hili Properties closed the day unchanged as overall trading activity in equities amounted to just under €0.1 million. Download today’s Equity Market Summary.

International Hotel Investments plc was today’s only positive performing equity as it surged by 14.2% to the €0.765 level albeit on just 1,000 shares.

Low trading activity also took place in the equity of Bank of Valletta plc which moved 1.6% lower back to the €0.91 level.

APS Bank plc continued to trade in a tight range as it eased by 0.8% to the €0.66 level on five deals totalling 67,450 shares.

A single deal of 1,140 shares pulled the share price of Mapfre Middlesea plc 0.6% lower to the €1.79 level.

The ordinary shares of RS2 Software plc shed 1.3% to the €1.55 level on 27,000 shares.

Meanwhile, in the property sector, AX Real Estate plc (8,010 shares) and Hili Properties plc (10,500 shares) closed unchanged at €0.55 and €0.24 respectively.

The RF MGS Index moved 0.29% lower to 941.798 points as sovereign bond yields in the euro area crept higher following the publication yesterday of the minutes of the most recent monetary policy meeting of the US Federal Reserve. The minutes showed that the central bank is resolute in taming inflation through further interest rate hikes. Elsewhere, today the European Central Bank also published the minutes of its most recent monetary policy meeting. These showed that the central bank is likely to tighten monetary conditions in the months ahead with a view of restoring inflation back to the target of 2% over the medium term.

This afternoon, the Treasury Department established the prices for the three new Malta Government Stocks as follows: (i) 2.60% MGS 2028 (V) at 102.5% giving a yield to maturity of 2.14% per annum; (ii) 2.90% MGS 2032 (VI) at 101.75% giving a yield to maturity of 2.70% per annum; and (iii) 3.40% MGS 2042 (I) at 102.25% giving a yield to maturity of 3.25% per annum. The total aggregate amount is of €150 million subject to an over-allotment option of up to a further €100 million. The General Public has the possibility of applying in any of these issues in multiples of €100 and up to a maximum amount of €100,000 (nominal) per person. For applications in excess of €100,000 (nominal), a tendering process applies. Subscriptions for the General Public open on Monday 11 July and close on Wednesday 13 July or earlier in the case of over-subscription.

Today, Malta Properties Company plc announced that the recently issued €25 million 4% secured bonds 2032 were admitted to the official list of the Malta Stock Exchange. Trading in the bonds will be possible as from tomorrow.

Yesterday, Izola Bank plc announced that it submitted an application to the MFSA requesting authorisation for admissibility to listing of up to €14 million 5% unsecured subordinated bonds redeemable between 2027 and 2032. Subject to obtaining regulatory approval, Izola Bank will be inviting holders of the €12 million 4.5% unsecured bonds 2025 (the “Exchangeable Bonds”) as at close of trading on 13 July 2022 to subscribe for the new bonds by surrendering the corresponding nominal value of the Exchangeable Bonds. In so doing, eligible bondholders will also benefit from a premium of 2.5% on the nominal value of the Exchangeable Bonds being surrendered. Eligible bondholders will also have preference to subscribe for the new bonds in excess of the existing amount held in the Exchangeable Bonds. All applications for the new bonds will be subject to a minimum subscription amount of €10,000 (nominal). Further information on the new bonds will be made available following attainment of the necessary regulatory approval.


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.