Daily Market Highlights (17.10.2022)
Lacklustre trading in local equities
The MSE Equity Price Index opened the week in negative territory with a decline of 0.45% to 3,589.660 points. Overall trading activity dropped to an over one-year low with less than €0.01 million worth of equities changing hands. Download today’s Equity Market Summary.
The ordinary shares of RS2 Software plc shed 1.5% to a 3-year low of €1.28 across two deals totalling 3,000 shares.
Lombard Bank Malta plc dropped by 2.6% to the €1.90 level on a single trade of 1,000 shares. Lombard’s Extraordinary General Meeting is scheduled to take place on 10 November.
Simonds Farsons Cisk plc was the other negative performing equity today as it lost 5% to the €7.55 level, albeit on trivial volumes.
In contrast, HSBC Bank Malta plc advanced by 0.7% to the €0.735 level on subdued activity.
The RF MGS Index erased some of last Friday’s gains as it moved 0.28% lower to 866.528 points. Sovereign bond yields remained volatile but sentiment improved amid reports of abundant supplies of natural gas in the US and Europe ahead of the winter season. Meanwhile in the UK, bond yields continued to ease as the new economic plan is set to eliminate most of the previously planned tax cuts.
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.