Daily Market Highlights (18.03.2022)
Trading in Farsons takes centre-stage
The MSE Equity Price Index extended yesterday’s uplift as it climbed by a further 0.16% to 3,673.513 points. The gains in BOV, GO and Harvest offset the decline in BMIT whilst IHI and Farsons closed the day unchanged. Trading activity in equities amounted to €0.14 million, most of which took place in Farsons. Download today’s Equity Market Summary.
Simonds Farsons Cisk plc stayed at the €8.20 level on two deals totalling 14,000 shares having a market value of €0.11 million.
A single deal of 2,033 shares left the share price of International Hotel Investments plc at the €0.57 level.
GO plc added 0.6% albeit on trivial volumes. Yesterday, GO plc announced that it concluded the acquisition of a 76% equity stake in Sens Innovation Group Ltd (“SENS”) for a consideration of €1 million, with the possibility of a further €1.85 million earnout depending on the performance of SENS over a three-year period. SENS is an energy management company that leverages proprietary Internet-of-Things (“IOT”) based technology to reduce energy consumption and associated costs for commercial buildings. GO noted that this strategic acquisition will further strengthen the company’s investment in IoT as part of its drive of digital Malta. Moreover, the company anticipates that new opportunities will come its way as it offers environmentally conscious energy saving solutions to companies in Malta, Cyprus and UK.
Also among the large companies by market value, Bank of Valletta plc added 1.3% to the €0.79 level across 1,250 shares. BOV is due to publish its 2021 full-year results on Tuesday 22 March.
Harvest Technologies plc trended 0.7% higher to the €1.50 level after opening at a low of €1.46 (-2%). A total of 2,750 shares changed hands.
The only negative performing equity today was BMIT Technologies plc with a drop of 1.6% to the €0.486 level across 33,900 shares.
The RF MGS Index extended yesterday’s gains as it advanced by a further 0.13% to 1,035.243 points. International financial markets turned their attention back to the developments taking place in Ukraine after US Secretary of State Antony Blinken opined that there are no signs that indicate that Russia may stop its invasion despite prospects of a diplomatic settlement. Mr Blinken also expressed concern that China could provide Russia with military equipment to use in Ukraine ahead of President Joe Biden’s call with Chinese counterpart Xi Jinping. Meanwhile, the International Energy Agency warned that Russia’s oil output may slump by about a quarter next month, triggering the biggest supply shock in decades as buyers curtail their purchases from Russia.
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.