Daily Review 20.03.2024

BOV dominates trading activity


The MSE Equity Price Index rose by 0.09% to 3,783.812 points as the gains in BOV and IHI outweighed the declines in GO, PG, Hili Properties, and Malta Properties. Meanwhile, two other equities closed unchanged as today’s trading activity in local equities amounted to €0.14 million. Download today’s Equity Market Summary.

Most of today’s trading took place across the shares of Bank of Valletta plc, which moved 0.7% higher to a one-week high of €1.36 across thirteen trades totalling 80,123 shares. BOV will publish its 2023 financial results on Wednesday 27 March. The Directors will also consider the declaration of a final dividend.

International Hotel Investments plc surged by 4.3% to the €0.48 level on a single deal of 1,000 shares.

In contrast, GO plc declined by 1.9% to an almost two-month low of €3.04 on two trades totalling 1,140 shares. GO is expected to publish its 2023 financial results later today.

Malta Properties Company plc plummeted by 14.4% to the €0.274 level across three deals totalling 36,000 shares. MPC is anticipated to publish its annual results for the 2023 financial year tomorrow.

Also in the property sector, Hili Properties plc shed 1.6% to the €0.19 level across six trades amounting to 40,000 shares.

PG plc fell by 1% to the €2.00 level on a single trade of 1,700 shares.

APS Bank plc remained at the €0.56 level as 1,015 shares changed hands.

Likewise, Malta International Airport plc held the €5.85 level on trivial volumes.

The RF MGS Index rose by 0.22% to 896.173 points. During a speech today, ECB President Christine Lagarde commented that the ECB cannot commit to the amount of interest rate cuts for the year due to the uncertainty of the impact of the initial cuts. Ms Lagarde highlighted that the main drivers to cut rates include slowing wage growth and a continued fall in inflation. Moreover, Lagarde stated that if the increase in demand is accompanied by a more productive labour output, unit costs would be expected to fall. Meanwhile, UK inflation data for February was revised downwards to a two-year low of 3.4% compared to previous estimates of 3.5%. A notable downward contribution came from the slowdown in the increase of food and beverage prices to 5% from 6.9% in January.  Similarly, core inflation in the UK for February was adjusted lower to 4.5% from the previous forecast of 4.6%.