Three equities pull MSE Equity Price Index lower

 

The MSE Equity Price Index fell by 0.65% to a two-week low of 3,826.273 points driven by the declines in BOV, APS and RS2. Meanwhile, BMIT Technologies plc traded flat at the €0.35 level across six deals amounting to 48,683 shares. Download today’s Equity Market Summary.

Bank of Valletta plc shed 2.3% to reach a three-week low of €1.73 across ten trades amounting to 19,609 shares, as it started to trade without the entitlement to a net interim dividend of €0.06 per share, which will be paid on Wednesday 27 November 2024. As such, BOV’s share price moved 1.2% higher when adjusting for the dividend.

Also in the banking sector, APS Bank plc declined by 1.8% to the €0.56 level over four deals amounting to 17,300 shares.

The ordinary shares of RS2 plc moved 1.9% lower to the €0.51 level over trivial volumes.

The RF MGS Index rose for the second consecutive session as it increased by 0.23% to reach a one-week high of 911.355 points. Euro area sovereign bond yields continued to move lower as the expectations for monetary policy easing remain. Yesterday, the Governor of the Austrian Central Bank Robert Holzmann stated that there is nothing in current data which suggests that the ECB should not cut its deposit rate by 25 basis points for the fourth time this year in December, reducing the deposit rate to the lowest level since March 2023 of 3.00%. The rate cut is widely anticipated as the euro area is currently struggling to revive growth in its economy, with a seasonally adjusted GDP growth rate of just 0.9% during the first nine months of this year. Furthermore, progress has been made on controlling inflation as inflation stood at 1.7% and 2.0% in September 2024 and October 2024 respectively.

 

This report contains only public information and is not to be construed as investment advice or an offer to buy or sell 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.