Daily Market Highlights (15.06.2022)
MSE Equity Price Index snaps 3-day negative streak
The MSE Equity Price Index trended higher for the first time in four days as it rebounded by 0.77% to 3,684.246 points. Several equities closed the day in positive territory whilst only GO and BMIT finished lower. Meanwhile, Harvest Technology plc stayed at the €1.49 level after opening at a low of €1.35 (-9.4%) albeit on light volumes. Overall trading activity in equities was muted as only €0.03 million worth of shares changed hands. Download today’s Equity Market Summary.
Bank of Valletta plc was the most actively traded equity today as it advanced by 2.4% to recapture the €0.87 level on a total of 27,428 shares. Today, BOV is holding a shareholders’ meeting in relation to recent developments concerning the Bank’s business including the out-of-court settlement agreement with the curators of the bankruptcy of the Deiulemar Group.
Also in the retail banking sector, HSBC Bank Malta plc rebounded by 2.7% to the €0.75 level albeit on trivial volumes.
Low trading activity also took place in the equities of VBL plc and Hili Properties plc. VBL surged by 8% to the €0.27 level whilst Hili Properties advanced by 4.3% to the €0.24 level.
The other positive performing equity today was Simonds Farsons Cisk plc with a gain of 2.9% to the €7.20 level on just 257 shares.
Meanwhile, BMIT Technologies plc dropped by 2.1% back to the €0.47 level on two deals totalling 7,100 shares.
A single deal of 300 shares forced the share price of GO plc to move 0.6% lower to the €3.06 level.
The RF MGS Index continued to trend lower as it slipped by a further 0.58% to a fresh all-time low of 926.023 points. Ahead of the conclusion of the two-day monetary policy meeting by the US Federal Reserve, the European Central Bank held an unscheduled emergency meeting. During this meeting, the central bank decided that it will apply flexibility in reinvesting redemptions coming due in the Pandemic Emergency Purchase Programme portfolio. In addition, the ECB decided to accelerate the completion of the design of a new anti-fragmentation instrument which would be intended to mitigate the current volatility across the euro sovereign bond market.
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.