Daily Market Highlights (16.06.2023)

MSE Equity Price Index climbs 1% higher


The MSE Equity Price Index gained 0.97% to 3,734.066 points mostly driven by gains in BOV, HSBC, APS, MPC, Plaza, Tigné Mall and VBL. Meanwhile, IHI, M&Z and Main Street drifted lower and a further four equities closed unchanged, albeit overall trading activity was muted at €0.09 million. Download today’s Equity Market Summary.

Bank of Valletta plc advanced by 3.3% to the €1.25 level across three deals totalling 11,500 shares.

Also in the banking sector, HSBC Bank Malta plc gained 1.8% to the €1.16 level across two trades totalling 5,565 shares.

APS Bank plc moved 4.2% higher to a week high of €0.62 as 11,000 shares changed hands.

In the property sector, VBL plc surged by 5.5% to a one-month high of €0.22, albeit on trivial volumes.

Likewise, Malta Properties Company plc (+1.6%) and Tigné Mall plc (+1.3%) closed higher at their respective €0.37 and €0.81 levels on muted activity.

Plaza Centres plc rebounded by 21.3% to a one-month high of €0.74 across three deals totalling 1,760 shares.

In contrast, Main Street Complex plc dropped 1% to a 10-month low of €0.37 level on one deal of 1,087 shares.  

International Hotel Investments plc shed 1.9% to a three-week low of €0.53 on a single trade of 1,000 shares.

M&Z plc closed 0.7% lower to the €0.675 level on subdued activity.

The ordinary shares of RS2 plc held the 6-month high of €1.21 level across three deals totalling 5,279 shares.

Also among the large equities by market value, Malta International Airport plc held the €5.50 level over six trades totalling 7,450 shares.

Lombard Bank Malta plc closed unchanged at the €0.96 level after failing to hold to an intraday high of €0.97 (+1%) across volumes totalling 8,577 shares.

Mapfre Middlesea plc remained at the €1.50 level across two deals totalling 978 shares.

The RF MGS Index decreased by 0.15% to 868.897 points as declines in short-dated MGS outweighed the gains in the longer-term MGS, resulting in a flattening yield curve. Eurozone sovereign bond yields continued to exhibit high volatility with the 10-year German Bund yield shifting from a high of 2.53% to a low of 2.45%. Following yesterday’s ECB monetary policy meeting, ECB President Christine Lagarde stated the ECB is likely to increase rates again in July and noted that wage pressures are becoming an increasingly important source of inflation within the Euro Area. Belgian ECB monetary policy board member Pierre Wunsch commented that if year-over-year core inflation remains in the 5% region, the ECB is likely to increase rates even beyond September.

Today the Central Bank of Malta released updated projections of the Maltese economy for the next three years. Malta’s economic growth for 2023 was revised upwards by 0.3 percentage points to 4.0%, when compared to the previous forecast published earlier this year. The real GDP growth projections were also increased by 0.2 percentage points to each of the following two years at 3.8% and 3.7% respectively. The unemployment rate is expected to remain virtually unchanged at 3.1% until 2025. Meanwhile, inflation figures were revised higher to 5.3% in 2023, 2.9% in 2024 and 2.3% in 2025.


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