Four equities lift the MSE Equity Price Index to 2-week high

The MSE Equity Price Index rose by 0.46% to a fresh two-week high of 3,788.810 points as the gains in APS, BOV, HSBC, and Hili Properties outweighed the decline in PG. Meanwhile, BMIT Technologies plc traded flat at the €0.38 level on two trades totalling 8,010 shares. Download today’s Equity Market Summary.

APS Bank plc surged by 5.6% to a four-month high of €0.57 level across four deals amounting totalling 6,800 shares. Today APS published a quarterly financial update and hosted an online market briefing. The 2023 first quarter figures, when compared to the first quarter of 2022 showed that net interest income dropped by 9% to €16.7 million as the growth in gross interest income was offset by higher interest expenses. The financial performance was also dented by declines in fair value of financial investments held within the APS Diversified Bond Fund in contrast to gains recognised in the same period last year. Operating profit amounted to €4.5 million compared to €7.6 million in the first quarter of 2022. The net asset value per share as at 31 March 2024 stood at €0.728.

Also in the banking sector, Bank of Valletta plc gained 0.7% to a four-month high of €1.45 across over fourteen deals totalling 121,273 shares after recovering from an intraday low of €1.42 (-1.4%). Shareholders as at the close of trading on Friday 26 April will be entitled to receive the final net dividend of €0.0455 per share subject to shareholder approval at the upcoming Annual General Meeting scheduled to be held on 31 May 2024.

HSBC Bank Malta plc closed 0.7% higher to the €1.41 level after failing to hold onto an intraday high of €1.42 (+1.4%) as 15,500 shares changed hands.

A single trade of 15,000 shares pushed the share price of Hili Properties plc 2.6% higher to the €0.195 level.

PG plc shed 1.0% to the €1.96 level on two trades totalling 8,900 shares.

Yesterday, FIMBank plc published its 2023 financial results.  Net interest income surged by 26.2% to USD55.2 million as the increase in interest income outweighed the increase in interest expenses. FIMBank reported an expense of USD3.5 million from its non-interest activities which however is lower than the USD5 million loss from the restated figures of last year. The Group also registered net impairment losses of USD1.96 million, which were a substantial improvement over the net impairments of USD25.3 million in 2022. Overall, FIMBank reported a pre-tax profit of USD5.79 million in contrast to the loss of USD24.7 million as restated for 2022. After accounting for a tax expense of USD5.79 million and the profit attributable to minority interests of USD0.04 million, the net loss attributable to shareholders amounted to USD0.03 million. Shareholders’ funds advanced by 5.1% to USD178.8 million which translates into a net asset value per share of USD0.3422.

The RF MGS Index fell by 0.38% to a four-month low of 886.619 points. Yields across the eurozone sovereign bond market moved to level last seen in mid-November 2023. Data released today showed that the US economy grew by 1.6% in the first quarter of the year, which was less than the expected figure of 2.5%. The decrease in GDP was driven by a slowdown in goods consumption, a decrease in government spending, and a reduction in net exports. Furthermore, the Personal Consumption Expenditure Index, a key inflation measure, rose to 3.7%, higher than expectations.

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.