Daily Market Highlights (28.06.2022)
MSE Equity Price Index snaps 5-day negative streak
The MSE Equity Price Index trended higher for the first time in six days as it rebounded by 0.53% to 3,642.574 points. The gains in BOV, MIDI, Main Street Complex and RS2 outweighed the declines in APS, BMIT and Farsons. Meanwhile, AX Real Estate closed unchanged as overall trading activity in equities improved to €0.26 million compared to just €0.09 million yesterday. Download today’s Equity Market Summary.
Bank of Valletta plc advanced by 3.9% to the €0.935 level on two deals totalling 11,000 shares.
In the property sector, MIDI plc (45,000 shares) and Main Street Complex plc (10,940 shares) rebounded from yesterday’s sharp losses as they rallied by more than 12% to €0.35 and €0.40 respectively.
The preference shares of RS2 Software plc surged by 6.7% to the €1.60 level across 3,000 shares.
APS Bank plc was the most actively traded equity for the second consecutive session as it slid by 1.5% to the €0.655 level on a total of 329,577 shares having a market value of €0.22 million.
Two deals totalling 15,000 shares forced the share price of BMIT Technologies plc to move 2.1% lower back to the €0.47 level.
Simonds Farsons Cisk plc eased by 0.7% to the €7.20 level on trivial volumes.
AX Real Estate plc held on to the €0.55 level on 4,000 shares. Today, the equity turned ex-dividend.
The RF MGS Index extended yesterday’s decline as it slid by a further 0.66% to 928.094 points. Prices of sovereign bonds in the euro area came under more intense downward pressure after comments made by ECB President Christine Lagarde who warned that the central bank will raise interest rates at a faster pace if inflation continues to rise further. President Lagarde also reiterated its optimism that the single currency block is resilient to the prevailing economic headwinds and that a recession is not likely.
Today, Mediterranean Investments Holding plc announced the allocation policy with respect to the recently issued €30 million 5.25% unsecured bonds maturing in 2027. The new bonds are expected to be admitted to listing on 5 July and trading is expected to commence on 6 July. Meanwhile, redemption of outstanding amounts in the maturing 5% MIH plc 2022 bonds together with payment of interest up to and including 5 July will be made on 6 July.
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.