Several equities trend lower
The MSE Equity Price Index trended sharply lower today as it dropped by 1.39% to 3,616.337 points. Various companies ended the day in negative territory whilst only APS Bank plc moved higher to the €0.65 level (+0.8%) across 40,050 shares. Download today’s Equity Market Summary.
Bank of Valletta plc retracted by 4.4% back to the €0.86 level albeit on just 3,589 shares. Today, the Bank announced the appointment of Mr Kenneth Farrugia as its next CEO.
Within the same segment, HSBC Bank Malta plc lost 3.3% to the €0.73 level on light volumes.
Low trading activity also took place in the equities of International Hotel Investments plc and GO plc which moved 4.1% and 0.7% lower to €0.705 and €3.04 respectively.
Among the large companies by market value, Malta International Airport plc eased by 0.8% to the €5.95 level across 6,833 shares.
A single deal of 35,000 shares forced the share price of MIDI plc to slip by 3.3% to the €0.29 level.
The other negative performing equity today was Mapfre Middlesea plc which dropped by 1.3% to the €1.51 level across 10,102 shares.
The RF MGS Index eased 0.03% lower to a fresh all-time low of 906.525 points amid continued volatility across international financial markets. On the economic front, fresh data showed that inflation in France increased by more than expected in August whilst the underlying dynamics of the labour market remained very strong across the single currency block and the US. Meanwhile, European Commission President Ursula von der Leyen outlined plans for the introduction of a windfall tax on energy companies with a view of supporting consumers from high energy prices. Elsewhere, the US Senate approved new support for Taiwan, including a USD4.5 billion military aid package, which many analysts see as highly destabilising for the relations between the US and China.
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.