Daily Market Highlights (20.03.2023)

Surge in MGS prices boosts trading activity


The RF MGS Index posted its sharpest daily uplift in three years as it surged 1.47% to 899.031 points. Trading activity in MGS climbed to a 4-month high of €2.2 million (nominal), with heightened trading activity in the recently issued 4% MGS 2043 which increased by 2.26 percentage points to 104.47% across 38 deals totalling €1.55 million (nominal). Notable activity also took place in the 4% MGS 2032 which added 1.65 percentage points to 106.29% across volumes totalling €0.57 million (nominal). Sovereign eurozone yields fell sharply with the 10-year German Bund yield touching an intraday low of 1.92%, albeit recovering back to the 2.10% level in the afternoon. Investors fled to sovereign bonds as the banking sector continues to face a growing crisis of confidence, with Credit Suisse dominating the headlines over the weekend due to insolvency risks. The concerns over negative economic repercussions from the latest developments also led to the crude oil price to plunge to levels not seen since end 2021.

The MSE Equity Price Index rebounded by 0.16% to 3,629.440 points as the gains in Lombard and Mapfre Middlesea outweighed the declines in HSBC, MPC and PG. Meanwhile, six other equities closed unchanged as overall trading activity in equities amounted to €0.19 million. Download today’s Equity Market Summary.

Most of today’s value of equities traded was in the shares of Malta International Airport plc as MIA held the €5.65 level on five deals totalling 21,564 shares.

APS Bank plc (16,130 shares) and Bank of Valletta plc (5,000 shares) stayed at the €0.62 and €0.92 levels respectively.

International Hotel Investments plc traded flat at the €0.58 level across three deals totalling 10,320 shares.

A single trade of 10,945 shares left M&Z plc at the €0.65 level.

VBL plc remained at the €0.246 level on two trades totalling 10,000 shares. Today, VBL announced that it has started a strategic review to assess available options with a view to further developing VBL, increasing shareholder value and ensuring continuous expansion within its core market. The Company is considering a number of possible strategic options, including the possibility of raising further capital from strategic and/or financial investors or carrying out equity transactions, including options which might result in a change to the shareholding structure.

Lombard Bank plc was today’s best performing equity as it rebounded by 7.5% back to the €1.00 level as 2,988 shares changed hands.

Mapfre Middlesea plc advanced up 3.7% to a 6-month high of €1.69 on three trades totalling 8,715 shares. Mapfre is expected to publish the 2022 financial results on Wednesday 22 March.

In contrast, HSBC Bank Malta plc shed 1.0% to the €1.02 level on one trade of 10,085 shares. Today, HSBC started trading without the entitlement to the proposed final net dividend of €0.0364 per share.

PG plc eased by 0.5% to the €1.99 level on a single deal of 2,000 shares.

Malta Properties Company plc erased last Friday’s gain as it lost 1.8% to the €0.442 level on one trade of 7,110 shares. Last week, MPC published the 2022 financial results and the Board of Directors declared a final net dividend of €0.013 (2021: €0.012) per share to shareholders as at close of trading on 13 April 2023.


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.