Daily Review 16.10.2024

Year-to-date trading in BOV surpasses 6-year annual high

 

The MSE Equity Price Index reversed some of yesterday’s gains as it fell by 0.51% to 3,796.472 points. The declines in BMIT, BOV, HSBC, MIA PG, MaltaPost and the ordinary shares of RS2 outweighed the gains in Malita, Lombard, APS and AX Real Estate. Meanwhile, GO plc traded flat at the €2.70 level on two trades amounting to 5,700 shares. Download today’s Equity Market Summary.

Bank of Valletta plc was the most actively traded equity for the third consecutive session as it shed 0.6% to the €1.73 level across twelve deals having a market value of €0.29 million. As a result, the total trading in 2024 year to date exceeded €13.5 million which is greater that of the previous five full trading years. Later today, BOV’s Board of Directors is scheduled to meet to consider the declaration of an interim dividend.

Also in the banking sector, HSBC Bank Malta plc moved 2.7% lower to the €1.42 level over six deals amounting to 18,100 shares.

Also among large companies by market value, Malta International Airport plc decreased by 0.8% to the €5.95 level across six trades totalling 2,336 shares.

The ordinary shares of RS2 plc slumped by 3.7% to the €0.52 level over two trades amounting to 4,700 shares.

BMIT Technologies plc moved 0.6% lower to the €0.352 level on two trades totalling 11,000 shares.

A single deal of 162,900 shares pulled the share price of MaltaPost plc 2.1% lower to the €0.47 level.

PG plc fell by 1.0% to the €1.90 level on two deals amounting to 1,350 shares.

On the other hand, AX Real Estate plc surged by 2.0% to the €0.41 level over seven deals totalling 45,666 shares.

Also in the property sector, Malta Investments plc climbed by 2.8% to the €0.545 level on two deals amounting to 2,700 shares.

The two banks, Lombard Bank Malta plc (1.3%) and APS Bank plc (1.8%) rose to the €0.80 and €0.57 levels respectively albeit over trivial volumes.

The RF MGS Index rose by 0.21% to reach a two-week high of 916.645 points as sovereign bond yields in the eurozone declined for the second consecutive day after Spain (1.5%), France (1.1%) and Italy (0.7%) all announced September headline inflation figures below the ECB’s target rate of 2%. On these lines data released today showed that inflation in the UK during September was 1.7%, which is also less than the 1.9% which was previously anticipated. Nonetheless, several ECB board members are concerned that inflation will shoot up once more by the end of the year as core and service inflation figures remain resiliently high.

 

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.