Daily Market Highlights (26.09.2023)

MSE Equity Price Index sinks to four-month low


The MSE Equity Price Index slumped by 0.70% to 3,661.698 points as the declines in BOV, HSBC, and APS outweighed the gains in MIA and Farsons as overall trading activity in local equities was muted at just €0.07 million. Download today’s Equity Market Summary

Bank of Valletta plc shed 2.4% to an eleven-week low of €1.21 across seven trades totalling 20,777 shares. BOV failed to hold to an intraday high of €1.25 (+0.8%).

Also in the banking sector, HSBC Bank Malta plc (-3.3%) and APS Bank plc (-1.6%) moved lower to the €1.16 and €0.60 levels respectively, albeit on lacklustre volumes.

In contrast, Simonds Farsons Cisk plc recovered yesterday’s losses as it rebounded by 0.8% to the €6.70 level on three deals totalling 3,044 shares. Tomorrow, Farsons is expected to publish its interim results for the six-month period ended 31 July 2023. The Directors will also consider the payment of an interim dividend.

Malta International Airport plc moved 0.9% higher to the €5.70 level across seven trades totalling 4,163 shares.

The RF MGS Index dropped by a further 0.37% to a fresh all-time low of 856.012 points. Yesterday, the ECB President Christine Lagarde addressed the Committee on Economic and Monetary Affairs of the European Parliament and stated the ECB believes that its rates reached a level that can substantially tame inflation if maintained for a sufficiently long period. Ms Lagarde also remarked that governments should continue to roll back on support measures related to energy to avoid driving up medium-term inflationary pressures. Elsewhere in the US, Federal Open Market Committee member Neel Kashkari stated that he was surprised by the resilience of the US economy despite the multiple interest rate hikes by the Federal Reserve. In this respect, he anticipates an additional 25 basis point increase before the end of the year and noted that rates will have to be held higher for longer to tame inflation.


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.