Three equities pull the MSE Equity Price Index lower

The MSE Equity Price Index moved 0.05% lower to 3,743.685 points as the declines in BMIT, MIA, and MIDI outweighed the gain in BOV. Meanwhile, four other equities closed unchanged as today’s trading activity amounted to €0.14 million. Download today’s Equity Market Summary.

Malta International Airport plc was today’s most actively traded equity as it shed 0.9% to the €5.60 level across eleven trades totalling 11,064 shares. During yesterday’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.

MIDI plc fell by 6.9% to the €0.242 level as 54,800 shares changed hands. The Directors of MIDI are recommending the payment of a net dividend of €0.009 per share to shareholders as at the close of trading on 24 May 2024, subject to shareholders’ approval during the upcoming Annual General Meeting scheduled to be held on 27 June 2024.

A single trade of 17,700 shares pulled the share price of BMIT Technologies plc 7.9% lower to the €0.35 level.

Bank of Valletta plc was today’s only positive performer as it climbed 1.4% higher to recapture the €1.40 level across five trades totalling 20,539 shares.

Within the same sector, APS Bank plc held the €0.55 level on one deal of 9,090 shares.

International Hotel Investments plc closed unchanged at the €0.50 level after recovering from an intraday low of €0.45 (-10%) on volumes of 21,200 shares.

PG plc (5,800 shares) and Simonds Farsons Cisk plc (1,010 shares) traded flat at the €1.96 and €6.75 levels respectively.

The RF MGS Index registered the largest daily movement since January as it rose by 0.62% to a one-month high of 895.820 points. The European Commission Spring forecasts released yesterday showed that Malta is expected to have the strongest economic growth within the eurozone this year. The local economy is anticipated to expand by 4.6% in 2024, and 4.3% next year, well above the Euro Area expected average of 0.8% in 2024 and 1.4% in 2025. The report noted that Malta’s economy is being boosted by population growth, government energy price subsidies as well as low retail interest rates. Moreover, the inflation projections for Malta for the upcoming two years were revised downwards to 2.8% and 2.3% compared to earlier forecasts of 2.9% and 2.7% respectively.

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.