Various equities close unchanged

The MSE Equity Price Index fell by 0.17% to 3,736.176 points as the declines in GO, MIA and Farsons outweighed the gain in AX Real Estate. Meanwhile, seven other equities closed unchanged as today’s trading activity in local equities amounted to €0.18 million.  Download today’s Equity Market Summary.

GO plc shed 0.7% to the €3.04 level on two trades totalling 6,100 shares. Shareholders as at close of trading on 26 April 2024 will be entitled to receive the final net dividend of €0.05 per share subject to shareholder approval at the upcoming Annual General Meeting scheduled to be held on 30 May 2024.

Malta International Airport plc moved 0.9% lower to the €5.70 level on two deals amounting to 4,800 shares.

Simonds Farsons Cisk plc declined by 0.7% to a two-week low of €6.70 as 1,150 shares changed hands.

On the other hand, AX Real Estate plc advanced by 0.8% to the €0.494 level on a single deal of 2,900 shares.

Meanwhile, Bank of Valletta plc closed unchanged at the €1.41 level after recovering from an intraday low of €1.40 (-0.7%) across nine trades totalling 56,226 shares. Shareholders as at close of trading on 26 April 2024 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.

Also in the banking sector, HSBC Bank Malta plc traded flat at the €1.40 level across four deals totalling 10,500 shares.

Malta Properties Company plc held the €0.31 level on a single deal of 19,040 shares.

BMIT Technologies plc traded flat at the €0.38 level across four trades totalling 31,840 shares.

A single trade of 4,000 preference shares of RS2 plc left the price unchanged at €1.01.

PG plc and Plaza Centres plc both closed unchanged at the €1.98 and €0.56 levels respectively over trivial volumes.

Loqus Holding plc fell by 1% to the €0.198 level across 17,500 shares.

Today, Grand Harbour Marina plc announced that its Board of Directors is scheduled to meet on Friday 26 April 2024 to consider the approval of the financial statements for the year ended 31 December 2023.

Yesterday, Malita Investments plc published its 2023 financial results. Revenue increased by 10.1% to a record of €9.71 million from €8.81 million in 2022 reflecting an uplift in lease and ground rent income from investment property. Operating profit climbed 3.8% higher to a record of €8.50 million compared to  €8.19 million last year. The financial performance was also boosted by the fair value gain of investment property of €18.1 million compared to the fair value gain of €2.85 million in 2022. Net finance costs increased to €1.40 million from a €0.49 million loss in the previous year on the back of higher levels of finance income from the Housing Concession Agreements. In this respect, finance income from the Concession Agreements more than doubled to €3.04 million (2022: €1.29 million). Malita registered a net profit for the year amounted to €24.7 million compared to a net income of €8.78 million in 2022, resulting in a return on equity of 15.8%. (2022: 6.1%)

Yesterday, Harvest Technology plc published its 2023 financial results. Revenue dropped by 10% to €14.6 million and profit before tax amounted to €0.82 million compared to €2.06 million in 2022. The subdued performance was attributed to two key factors, namely the delay in certain contracts that were expected to be awarded in 2023 which were subsequently awarded in 2024 and a provision charge amounting to €0.5 million in respect of an unsuccessful project at Apco Limited. The Directors of Harvest resolved to distribute a final net dividend of €0.005 per share to all shareholders as at the close of trading on 24 April 2024, payable by 10 May 2024.

The RF MGS Index fell by 0.15% to 890.732 points moving in line with the rebound in the German 10-bund yield which rose above 2.5% today reaching the highest level since last November. Escalating tensions in the Middle East are causing very high volatility in energy prices which in turn are creating heightened fears of renewed increases in inflation.

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.