Daily Market Highlights (10.05.2022)

Heightened activity in MIA shares

 

The MSE Equity Price Index rebounded by 0.15% to 3,715.035 points as the gains in PG and HSBC outweighed the declines in MIA, Farsons and Malita. Meanwhile, three other companies closed the day unchanged as overall trading activity in equities amounted to €0.25 million. Download today’s Equity Market Summary.

Malta International Airport plc was the most actively traded equity today as it slipped by 1.7% back to the €5.80 level across 21,900 shares having a market value of €0.13 million. Yesterday, MIA announced that during the month of April it welcomed 513,979 passengers which is 21.3% lower than the level of 653,258 movements recorded in April 2019. Moreover, the seat load factor stood at 77.8% – the highest level since November 2019 and also just 5.6 percentage points lower than April 2019. MIA explained that a number of factors contributed to the stronger momentum in business. These included the launch of the summer flight schedule, the easing of Malta’s entry restrictions, as well as the Easter holidays. In conclusion, MIA noted that April’s traffic results augur well for the upcoming months which are expected to bring the release of more pent-up demand for travel.

Simonds Farsons Cisk plc dropped by 1.2% to the €8.00 level on a total of 10,000 shares.

A single deal of 14,500 shares forced the share price of Malita Investments plc to move 2.7% lower to a near five-year low of €0.73.

Also in the property segment, Hili Properties plc held on to the €0.248 level after opening at an all-time low of €0.23. A total of 6,000 shares changed hands.

Grand Harbour Marina plc also ended flat at the €0.62 level albeit on trivial volumes.

Bank of Valletta plc stayed at the €0.90 level after failing to hold on to an intra-day high of €0.94. A total of 15,555 shares traded.

In contrast, HSBC Bank Malta plc surged by 3.2% to the €0.815 level across 9,500 shares.

PG plc also trended sharply higher as it advanced by 3.6% to a near two-month high of €2.30 on a total of 5,650 shares.

The RF MGS Index snapped a seven-day losing streak as it advanced by 0.15% to 984.108 points. Concerns over high inflation eased after the price of oil dropped by 6% yesterday amid a global rout in various types of assets. On the economic front, economic sentiment across euro area rebounded from a two-year low but remained in negative territory. Elsewhere, the US boosted its assistance to Ukraine by USD40 billion whilst French President Emmanuel Macron suggested for the creation of a wider ‘European Political Community’ to help Ukraine as it might otherwise take the country “decades” to join the European Union.

 

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.