Activity in large caps dominate market activity

 

The MSE Equity Price Index opened the week slightly lower as it eased by 0.04% to 3,704.776 points. The drops in MIA, Hili Properties and AX Real Estate offset the gains in GO and MaltaPost whilst a further four companies closed the day unchanged. Trading activity in equities amounted to €0.28 million, with most of today’s volumes taking place in MIA, BOV, HSBC and GO. Download today’s Equity Market Summary.

Malta International Airport plc retracted by 0.8% to the €5.95 level across 8,520 shares.

A single deal of 15,000 shares forced the share price of AX Real Estate plc to drop by 0.9% to the €0.545 level.

The other negative performing equity today was Hili Properties plc as it lost 4% back to the €0.24 level on a total of 35,000 shares.

Also in the property sector, Malta Properties Company plc stayed at the €0.52 level albeit on trivial volumes.

Low trading activity also took place in PG plc which held on to the €2.24 level.

Bank of Valletta plc maintained the €0.89 level after recovering from an intra-day low of €0.86 (-3.4%). A total of 63,270 shares changed hands.

Similarly, HSBC Bank Malta plc remained at the €0.79 level after rebounding from an intra-day low of €0.76 (-3.8%). A total of 86,170 shares traded.

In contrast, GO plc added 1.9% to recapture the €3.18 level across 19,960 shares.

MaltaPost plc advanced by 2% to the €1.02 level on 19,000 shares.

The RF MGS Index dropped by a further 0.24% to a fresh multi-year low of 980.904 points. The benchmark 10-year German Bund yield resurfaced above the 1% mark amid stronger signs of inflation in Germany and Spain. Meanwhile, developments related to the war in Ukraine continued to grab headlines after Russia’s foreign minister said that “liberating” the Donbas region was his country’s “unconditional” priority. In parallel, Germany’s economy minister warned that EU unity on the sanctions imposed on Russia was starting to “crumble” whilst Turkey’s President reiterated that his country is still vetoing Finland and Sweden from joining NATO. Elsewhere, the World Health Organisation noted that the risks related to monkeypox could increase if the virus were to “establish itself as a human pathogen”.

 

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.