Daily Market Highlights (31.01.2023)
PG leads uplift in trading activity
The MSE Equity Price Index declined by 0.60% to 3,549.818 points as the declines in five equities outweighed the gains in four other equities. Meanwhile, PG plc closed unchanged at the €2.06 level after recovering from a low of €2.04 (-1%) across three deals totalling 62,301 shares, representing half of today’s value of equities traded. Indeed, overall trading activity in local equities climbed to a two-week high of €0.25 million. Download today’s Equity Market Summary.
Bank of Valletta plc erased all of yesterday’s gain as it fell by 3.8% to the €0.88 level across four deals totalling 24,182 shares.
Also within the banking sector, APS Bank plc eased by 0.8% to the €0.615 level, albeit on lacklustre volumes.
International Hotel Investment plc shed by 2.5% to the €0.585 level across two trades totalling 1,670 shares.
A single trade of 425 shares pulled the share price of Simonds Farsons Cisk plc 2.8% lower to the €7.00 level.
Trident Estates plc slipped by 0.7% to the €1.38 level on two trades totalling 2,550 shares.
Also in the property sector, Tigné Mall plc lost 2.4% to the €0.82 level on a single deal of 3,650 shares.
In contrast, GO plc rose by 1.5% to €2.76 on three trades totalling 14,857 shares.
Malta International Airport plc posted a three-day positive streak as it climbed by 0.9% to the €5.70 level across six trades totalling 5,520 shares.
HSBC Bank Malta plc moved up by 2.4% to a 10-month high of €0.85 across four deals totalling 26,847 shares.
Malta Properties Company plc added 1.3% to the €0.46 level on low volumes.
The RF MGS Index advanced by 0.06% to 881.143 as eurozone sovereign bond yields remained volatile ahead of tomorrow’s Federal Reserve Monetary Policy Meeting and Thursday’s ECB policy meeting. Within the Eurozone, GDP grew by 0.1% during the final quarter of 2022, largely on the back of improved economic activity in Spain and France. Yesterday, the International Monetary Fund (IMF) published its World Economic Update which showed that the global economic growth for 2023 is expected to reach 2.9%, which in turn is 0.2 percentage point higher than October’s projections. Furthermore, the IMF expects growth to increase further to 3.1% next year. The IMF report showed that the global inflation is likely to have peaked and a recession is looking less likely on the basis of strong household consumption and business investment.
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