MSE Equity Price Index remains practically unchanged

 

The MSE Equity Price Index closed relatively unchanged at 3,795.289 points as the gains in PG and Mapfre Middlesea were offset by declines in APS, BMIT and Main Street Complex. Meanwhile, six other equities closed unchanged as today’s total trading volume in local equities amounted to €0.21 million. Download today’s Equity Market Summary.

Mapfre Middlesea plc moved 1.5% higher to the €1.32 level on two trades amounting to 4,500 shares.

PG plc rose by 2.1% to the €1.92 level, albeit over trivial volumes.

In contrast, APS Bank plc declined by 2.6% to the €0.57 level across seventeen deals totalling 59,986 shares.

BMIT Technologies plc shed 1.1% to the €0.346 level over three trades amounting to 19,000 shares.

Main Street Complex plc declined by 2.9% to the €0.33 level on a single deal of 1,500 shares.

Bank of Valletta plc closed unchanged at the €1.69 level as 36,386 shares changed hands.

Also in the banking sector, HSBC Bank Malta plc closed unchanged at the €1.45 level across volumes totalling 18,483 shares.

Malta International Airport plc traded flat at the €6.00 level as 3,364 shares changed hands.

Also among the large companies by market value, GO plc held the €2.80 level over three deals totalling 4,000 shares.

Simonds Farsons Cisk plc traded flat at the €6.75 level on two trades amounting to 6,180 shares.

Santumas Shareholdings plc closed unchanged at the €1.24 level on muted activity.

The RF MGS Index fell for the second consecutive session as it declined by 0.22% to 912.286 points. Yesterday the Federal Reserve decided to cut the federal funds rate by 50 basis points to 4.75%-5.00% marking the first rate reduction in over four years. The Federal Reserve recognised that by the end of the year, the headline inflation rate is set to decline to 2.3% whilst the unemployment rate will rise to 4.4%. In this respect, the Chair of the Federal Reserve Jerome Powell expressed that he is not willing to risk adversities in the labour market by maintaining elevated rates for too long. Nonetheless, Powell reiterated that the target inflation rate of 2% has not been reached yet and upcoming monetary policy decisions will depend on the level of such progress. Elsewhere in the UK, the Bank of England decided to leave its base interest rate unchanged at 5.0% in line with market expectations, following the 25 basis point reduction last month.  The Bank of England projected that the inflation rate will rise back to 2.5% by the end of the year from 2.2% in August, driven by elevated service price increases as well as last year’s decline in energy prices falling out of the annual comparison. Nonetheless, the Governor of the Bank of England Andrew Bailey stated that he is confident that rates can be reduced further going forward, and the central bank decided to cautiously delay the rate cut to obtain more evidence that inflation is falling towards the target rate.

 

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.