Daily Review 02.04.2024

Seven equities drag the MSE Equity Price Index lower


The MSE Equity Price Index fell by 0.28% to 3,774.879 points as the declines in seven equities outweighed the gains in another six. Meanwhile, Lombard and Malita closed unchanged as today’s total trading activity amounted to €0.20 million. Download today’s Equity Market Summary.

Bank of Valletta plc shed 1.4% to the €1.42 level after partially recovering from an intraday low of €1.39 (-3.5%) across eight trades totalling 11,699 shares. Last week, BOV reported a record performance driven by higher interest income. The Board of Directors is recommending a final net dividend of €0.0455 per share to all shareholders as at close of trading on 26 April 2024 subject to regulatory approval and approval by the Annual General Meeting scheduled for 31 May 2024.

Also among large companies by market cap, International Hotel Investments plc slumped by 10.4% to an almost five-month low of €0.43 across three deals totalling 22,500 shares.

BMIT Technologies plc fell by 4.6% to the €0.372 level across four trades amounting to 60,000 shares.

Malta Properties Company plc plummeted by 8.4% to the €0.284 level on two trades of 2,310 shares.

Both the ordinary (-2%) and preference (-7%) shares of RS2 plc declined to the €1.00 and €1.20 levels respectively on low activity.

Trident Estates plc moved 0.9% lower to a five-month low of €1.15 across three deals totalling 2,036 shares.

In contrast, Malta International Airport plc surged by 3.5% to the €5.90 level as 1,340 shares changed hands.

GO plc moved 1.3% higher to the €3.08 level across eleven trades totalling 16,940 shares. Last Thursday, GO plc announced that it has signed a share purchase agreement for the acquisition of a 51% equity stake in AQS Med Limited for a consideration of €1.2 million with the possibility of a further €2 million earnout depending on the performance of AQS over a five-year period. The transaction is still subject to a number of conditions being satisfied.

HSBC Bank Malta plc gained 2.9% to a one-week high of €1.40 across three deals totalling 5,966 shares.

Also in the banking sector, APS Bank plc advanced by 1.9% to the €0.55 level across three trades amounting to 36,363 shares.

A single deal of 3,600 shares pushed the share price of FIMBank plc 2.2% higher to USD0.184.

MaltaPost plc gained 1.3% to the €0.456 level after recovering from an intraday low of €0.408 (-10.8%) over four trades totalling 8,500 shares.

Malita Investments plc traded flat at the €0.49 level as 67,600 shares changed hands. Malita’s Rights Issue offer period will close on Friday 5 April 2024.

Lombard Bank Malta plc closed unchanged at the €0.885 level after recovering from an intraday low of €0.76 (-16.4%) on four deals totalling 8,784 shares.

Today, Plaza Centres plc announced that its Board of Directors is scheduled to meet on Wednesday 24 April 2024 to consider the approval of the financial statements for the year ended 31 December 2023.

The RF MGS Index fell by 0.34% to 895.397 points as eurozone sovereign bond yields increased. Today, oil prices reached a five-month high after further escalation of geopolitical tensions in the Middle East and Russia. The Brent Oil Futures traded just under the USD90 level. Meanwhile, data released today showed that inflation in Germany during March was at 2.3%, lower than the forecasted figure of 2.4% and an almost three-year low. Core inflation also eased to 3.3%, which was the lowest level since June 2022. Furthermore, food prices in Germany fell by 0.7%, marking the first decrease in over nine years.