Daily Market Highlights (24.05.2023)
MSE Equity Price Index declines for third consecutive session
The MSE Equity Price Index fell by a further 0.07% to a new three-week low of 3,639.427 points as the gains in MIA, VBL and MaltaPost were outweighed by the declines in four other equities. Meanwhile, BOV, PG, and BMIT closed unchanged as total trading activity amounted to €0.27 million. Download today’s Equity Market Summary.
HSBC Bank Malta plc eased by 0.9% to a three-week low of €1.08 across three deals totalling 21,057 shares.
Also within the banking sector, APS Bank plc fell by 1.7% to the €0.59 level on four trades totalling 25,482 shares.
A single deal of 500 shares pulled the share price of Simonds Farsons Cisk plc down by 0.7% to the €7.15 level.
Malita Investments plc moved 0.8% lower to a one-month low €0.635 on a single trade of 12,500 shares.
Bank of Valletta plc was the most actively traded equity for the third consecutive session as 91,487 shares exchanged hands. The share price of BOV closed unchanged at the €1.09 level after rebounding from an intraday low of €1.08 (-0.9%). BOV will be holding its Annual General Meeting tomorrow.
PG plc held the €1.90 level across two trades totalling 22,531 shares.
A single deal of 18,500 shares left the share price of BMIT Technologies plc at the €0.43 level.
VBL plc was today’s best performing equity as it went up by 3.0% to the €0.206 level on three trades totalling 274,943 shares.
MaltaPost plc climbed 2.2% to the €0.47 level across three deals totalling 17,300 shares. Last week, MaltaPost published its interim results for the six-month period ended 31 March 2023 and reported double-digit growth in both revenue and costs, however, given the sharper increase in revenues than costs in absolute terms, operating profit improved by 20% to €0.86 million compared to €0.72 million in the previous comparable period. In their commentary, the Directors explained that a fair and reasonable annual tariff adjustment mechanism within the highly regulated Universal Service Obligation has become an immediate must.
Malta International Airport plc regained the €5.55 level (+0.9%) on muted activity.
The RF MGS Index shed 0.18% to 868.517 points as eurozone yields continued to rise with the 10-year German Bund yield touching an intraday high of 2.50% amid continued volatility. Data published today showed that the UK’s annual consumer price inflation for April was at 8.7%, above expectations. Nonetheless, the reading shows a significant fall from the previous month’s figure of 10% and is the lowest it has been since March 2022. The drop was mainly the result of the decline in prices in housing and utilities, however energy prices continued to rise. Elsewhere in the US, yesterday CEO of JP Morgan, Jamie Dimon stated that issues in the financial sector could emerge, particularly within the commercial real estate market, amid the increasing interest rates on loans.
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