Daily Market Highlights (15.03.2022)
Subdued activity across local equities
The MSE Equity Price Index rebounded by 0.21% to 3,670.567 points as the gains in BMIT and RS2 offset the declines in Malita and Hili Properties. Meanwhile, another five companies traded unchanged as overall trading activity in equities contracted to just €0.05 million compared to €0.11 million yesterday. Download today’s Equity Market Summary.
M&Z plc was the most actively traded equity today as it remained at the €0.75 level across two deals totalling 27,620 shares.
HSBC Bank Malta plc traded unchanged at the €0.88 level on 4,050 shares.
Also in the retail banking sector, Bank of Valletta plc stayed at the €0.78 level on 2,701 shares. Today, BOV announced that its Board of Directors is scheduled to meet on Tuesday 22 March to consider and approve the financial statements for the year ended 31 December 2021.
Malta Properties Company plc and GO plc also closed the day flat at €0.525 and €3.20 respectively albeit on shallows volumes. MPC is due to publish its 2021 full-year results on Thursday 17 March.
GO’s data centre and managed IT services subsidiary – BMIT Technologies plc – added 0.4% to the €0.492 level on a total of 7,200 shares.
The ordinary shares of RS2 Software plc erased yesterday’s losses with a rebound of 3.1% back to the €1.68 level. A total of 1,253 shares changed hands.
Meanwhile, Malita Investments plc eased by 0.6% to the €0.785 level across 11,000 shares. The company is due to publish its 2021 full-year results on Friday 18 March.
Within the same segment, Hili Properties plc trended 1.6% lower to the €0.25 level on 19,000 shares.
Yesterday, Malta International Airport plc published the February 2022 traffic results. These showed that although passenger movements surged to 196,895 compared to just 27,524 in February 2021, last month’s traffic is 53.3% below the February record of 421,567 passenger movements achieved in 2020 just prior to the outbreak of the COVID-19 pandemic in Europe. MIA explained that the easing of travel restrictions has unleashed the pent-up demand for air travel as overall capacity in February 2022 remained virtually unchanged from the previous month. Commenting on the traffic update, MIA CEO Mr Alan Borg noted that: ““Our traffic results for February clearly show that two years into the World Health Organisation’s declaration of a pandemic, people are ready to travel again. At the same time, our industry is facing a spate of new uncertainties and challenges, such as rising oil prices which are likely to push up fares, which are stemming from the war in Ukraine. With the summer season now just weeks away, it is imperative that governments heed our industry’s appeal in relation to COVID-19 restrictions. The removal of travel restrictions would not only help boost consumer confidence, but also give industry stakeholders the confidence to invest in their businesses and be optimistic for the future at this very delicate time.” The equity remained inactive today.
The RF MGS Index continued to trend lower as it retracted by a further 0.12% to a near one-month low of 1,034.416 points. Today, OPEC issued its monthly oil market update in which the organisation stated that despite the current geopolitical tensions in Ukraine which are translating into considerable volatility in the price of oil, demand for oil is likely to remain healthy for the foreseeable future. On the economic front, the Germany ZEW Economic Sentiment Index dropped considerably by more than expected to the lowest level since March 2020.
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.