Daily Review 01.02.2023

Malita submits Rights Issue prospectus for approval


The MSE Equity Price Index remained virtually unchanged at 3,771.302 points as the gain in HSBC was offset by the decline in BOV. Meanwhile, two other equities closed unchanged. Download today’s Equity Market Summary.

Today, Malita Investments plc announced that it submitted an Application for Authorisation for Admissibility to Listing to the Malta Financial Services Authority requesting the approval of a prospectus in relation to the issue of rights to shareholders to subscribe to up to 65,825,806 new ordinary shares. Further information about the offer will be available in the prospectus which will be made available in due course following attainment of the necessary regulatory approval.

HSBC Bank Malta plc accounted for most of today’s value of equities traded as it increased by 1.6% to the €1.31 level across nine deals totalling 51,578 shares.

In contrast, Bank of Valletta plc shed 0.8% to the €1.30 level on two trades totalling 1,617 shares.

PG plc traded flat at the €2.10 level as 10,037 shares changed hands.

MaltaPost plc closed unchanged at the €0.47 level after recovering from a low of €0.44 (-6.4%) across volumes totalling 14,312 shares. MaltaPost is holding its Annual General Meeting on Friday 9 February.

The RF MGS Index snapped a four-day winning streak as it fell by 0.05% to 897.246 points. The declines in long-term MGS bid prices outweighed the gains in shorter-term MGS bid prices amid a steepening yield curve. Yesterday, the US Federal Reserve left the federal funds rate range unchanged at 5.25%-5.50%. Following the announcement, the Fed Chair Jerome Powell remarked that it is unlikely that rate cuts will happen during the next meeting in March. Elsewhere, in the UK, the Bank of England also opted to leave its interest rates unchanged at 5.25%. Following the meeting, the Governor of the Bank of England Andrew Bailey commented that inflation was moving in the right direction and that borrowing costs would be kept under review. Within the eurozone, data published today showed that during January inflation is expected to decline to 2.8% from 2.9% last December. Moreover, core inflation is anticipated to drop to an almost two-year low of 3.3%, however this is slightly higher than expectations of 3.2%.


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.