Daily Market Highlights (13.10.2022)
Heightened activity in GO shares
The MSE Equity Price Index extended yesterday’s gain as it advanced by a further 0.05% to 3,626.863 points. The uplift in the ordinary share price of RS2 outweighed the declines in GO and HSBC whilst BMIT, BOV and Trident closed the day unchanged. Overall trading in equities improved markedly to €0.22 million reflecting the increase in activity in GO shares. Download today’s Equity Market Summary.
GO plc eased by 1.3% to the €2.98 level across 60,000 shares having a market value of €0.18 million.
Also among the large companies by market value, HSBC Bank Malta plc drifted 1.4% lower back to the €0.73 level albeit on just 2,500 shares.
In contrast, the ordinary share price of RS2 Software plc rebounded by 3.8% to recapture the €1.35 level on a total of 3,000 shares.
Meanwhile, Bank of Valletta plc remained at the €0.90 level after opening at a low of €0.87 (-3.3%). A total of 32,939 shares traded.
A single deal of 6,000 shares left the share price of BMIT Technologies plc at the €0.462 level.
Trident Estates plc traded flat at the €1.46 level across 4,500 shares.
The RF MGS Index shed 0.25% to a fresh all-time low of 863.406 points. The US 10-year Treasury yield surged to the highest level in 14 years as inflation increased by more than expected to 8.2% in September. Elsewhere, the President of the Dutch central bank stated that the European Central Bank needs to make at least two more significant rate hikes for its monetary policy to be neither stimulative nor restrictive.
Yesterday, the Treasury Department announced that due to the strong demand for the new Malta Government Stocks from retail investors, the auction which was scheduled to be held on Friday 14 October has been cancelled. Indeed, the amount of subscriptions from retail investors was just below €300 million and the Treasury exercised its over-subscription option up to a maximum of €100 million such that the aggregate amount to be allocated will be increased up to a maximum amount of €300 million. The Treasury noted that all applications submitted by retail investors will be accepted in full, and that another MGS issuance will take place in mid-November 2022.
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.