Daily Market Highlights (11.04.2023)

MSE Equity Price Index recovers slightly as four equities rise


The MSE Equity Price Index rebounded by 0.23% to 3,531.861 points as the gains in BMIT, GO, Mapfre Middlesea and Farsons outweighed the decline in BOV. Meanwhile, HSBC Bank Malta plc traded flat at the €1.00 level as 30,000 shares changed hands. Download today’s Equity Market Summary.

GO plc climbed 0.7% to the €2.86 level on three deals totalling 1,150 shares.

GO’s data centre and IT services subsidiary – BMIT Technologies plc – increased by 2.3% to regain the €0.45 level on a single trade of 10,000 shares. Last week, BMIT Technologies plc announced that it is in discussions with GO plc for the potential assignment and transfer of certain lease rights and obligations currently enjoyed by GO as well as the passive infrastructure thereon used for hosting telecommunications equipment. BMIT explained that negotiations are still ongoing and are subject to a number of variables, thus the company will keep the market updated with any significant developments.

Simonds Farsons Cisk plc advanced by 1.5% to the €6.85 level as 400 shares changed hands.

Mapfre Middlesea plc moved 3% higher to the €1.69 level, albeit on trivial volumes.

Most of today’s trading activity took place in the shares of Bank of Valletta plc as it eased by 0.6% to the €0.895 level across eighteen trades totalling 93,247 shares having a market value of €0.08 million.

Today, Harvest Technology plc announced that its Board of Directors is scheduled to meet on Thursday 13 April 2023 to consider and approve the financial statements for the year ended 31 December 2022. The Board will also consider the recommendation of a final dividend.

Likewise, International Hotel Investments plc announced that its Board of Directors is scheduled to meet on Tuesday 18 April 2023 to consider and approve the financial statements for the year ended 31 December 2022.

The RF MGS Index shed 0.34% to 884.690 points as volatility across eurozone yields continued. Today, the International Monetary Fund (IMF) published its updated world economic update indicating that this year’s global growth rate will drop to 2.8% compared to 3.4% in 2022. Meanwhile, the world economic output is forecasted to increase to 3% in 2024 and average at the 3% level for the next five years, which in turn, marks the lowest medium-term projection in the last 30 years. The IMF expects advanced economies to have a pronounced slowdown in growth when compared to previous years, notwithstanding their robust labour markets. The IMF noted that the global economy is still suffering from the long-term repercussions of the pandemic, slower pace of structural reforms as well as increasing geopolitical fragmentation. Meanwhile, data published last Friday showed that the US labour market grew at a lower-than-expected pace in March, indicating that the economy is experiencing the impact of tighter monetary conditions being set by the Federal Reserve.


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.