MSE Equity Price Index snaps four-day losing streak

The MSE Equity Price Index rose by 0.40% to 3,758.752 points as the gains in BMIT, MIA, and HSBC outweighed the declines in APS, MPC, Farsons, and Malita. Meanwhile, two other equities closed unchanged. Download today’s Equity Market Summary.

Malta International Airport plc was the most actively traded equity for the second consecutive session as it closed 0.9% higher at the €5.65 level after failing to hold to an intraday high of €5.70 (+1.8%) across twelve trades totalling 8,943 shares. During Wednesday’s AGM, the Chairman iterated MIA’s commitment to delivering positive returns to its investors over the long term, as the company works towards achieving its targets in 2024 of welcoming 8.45 million passengers and achieving a net profit of €44 million. The CEO provided an overview of the company’s record traffic and financial performance in 2023 but acknowledged the disparity between MIA’s strong financial performance and share price recovery. In this respect, the CEO declared that the Board of Directors will be making considerations regarding the optimisation of shareholder value over the coming year.

Bank of Valletta plc climbed 1.4% to the €1.42 level after recovering from an intraday low of €1.38 (-1.4%) over eight deals amounting to 16,729 shares.

Also in the banking sector, HSBC Bank Malta plc surged by 3.6% to the €1.42 level across three trades totalling 3,338 shares.

On the other hand, APS Bank plc fell by 1.8% to the €0.54 level on a single trade of 6,189 shares.

Malta Properties Company plc slumped by 23.2% to a one-month low of €0.298 level on two trades totalling 1,200 shares.

Also in the property sector, Malita Investments plc dropped by 1.2% to the €0.484 level across two deals amounting to 8,130 shares.

Simonds Farsons Cisk plc moved 0.7% lower to the €6.70 level as 195 shares changed hands.

BMIT Technologies plc traded flat at the €0.35 levels on two deals totalling 5,700 shares.

GO plc closed unchanged the €3.00 level over trivial volumes.

The RF MGS Index reversed some of yesterday’s gains as it fell by 0.27% to 893.414 points. Eurozone sovereign bond yields moved higher with the German 10-year bund yield resurfacing to the 2.5% level compared to 2.4% yesterday. During a speech today, ECB board member Isabell Schnabel advocated caution regarding further deposit rate cuts after the one which is expected during the ECB’s monetary policy meeting on 6 June, since inflation risks are still tilted towards the upside. Meanwhile, data released today confirmed that inflation in the Eurozone during April was 2.8% in line with projections, unchanged from the previous month. Meanwhile, core inflation in April fell for the ninth consecutive month to a two-year low of 2.7%.

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.