Four companies touch multi-year lows

The MSE Equity Price Index rose by 0.06% to 3,742.098 points as the gains in BMIT, HSBC, and MIA outweighed the declines in Malita, Main Street, MPC, and M&Z. Meanwhile, five other equities closed unchanged. Today’s trading activity in local equities amounted to €0.18 million. Download today’s Equity Market Summary.

Malita Investments plc declined by 1.6% to an all-time low of €0.492 on one trade of 6,100 shares. Last Saturday, Malita published a Prospectus following regulatory approval in connection with a 4-for-9 rights issue. An amount of up to 65,825,806 new ordinary shares are offered at €0.50 per share. The net proceeds from the Rights Issue, estimated at €32.5 million, are principally earmarked to part-finance the required capital expenditure for the ongoing Affordable Housing Project. The offer period opens on Wednesday 28 February 2024 until Friday 15 March 2024.

Also in the property sector, Malta Properties Company plc slumped by 11.8% to an all-time low of €0.30 as 1,315 shares changed hands.

Main Street Complex plc moved 0.5% lower to the €0.368 level after partially recovering from an intraday multi-year low of €0.30 (-18.9%) across two trades totalling 10,000 shares.

A single trade of 2,900 shares pulled the share price of M&Z plc back to its all-time low of €0.60.

Malta International Airport plc moved 0.9% higher to the €5.70 level after recovering from an intra-day low of €5.50 (-2.7%) across nine trades totalling 6,036 shares. MIA is set to publish its 2023 annual results on Wednesday 28 February.

Also among the large companies by market value, HSBC Bank Malta plc gained 0.8% to the €1.30 level across five trades totalling 25,299 shares. HSBC will publish its 2023 annual results tomorrow. The Directors will also consider the declaration of a final dividend.

BMIT Technologies plc advanced by 2.7% to the €0.38 level on a single trade of 5,900 shares.

Tigné Mall plc was the most actively traded equity for the second consecutive session as it held the €0.82 level across volumes of 100,000 shares.

Bank of Valletta traded flat at the €1.31 level over three deals amounting to 15,000 shares.

International Hotel Investments plc held the €0.462 level on a single deal of 4,682 shares.

GO plc remained at the €3.10 level as 650 shares changed hands.

Trident Estates plc held the €1.17 level on trivial volumes.

Today, Plaza Centres plc announced that it stands in the market until 31 July 2024 for buying back the balance of €1,000,000 (nominal) of the 3.9% Plaza Centres plc unsecured bonds 2026 at a maximum price of 98.40% per bond.

Following the close of today’s trading, Hili Properties plc announced that it has concluded the sale of the retail complex centre located in Dzelzavas Street Riga, Latvia for a total consideration of €7 million. Hili Properties explained that the sale is in line with its strategy to optimise its portfolio and achieve greater capital efficiency, ensuring positive returns for its shareholders and investors.

The RF MGS Index remained relatively unchanged at 888.755 points. Fresh data showed that during the last quarter of 2023, eurozone wage growth declined to 4.46%, compared to an eighteen year high of 4.69% observed in the previous quarter. Nonetheless, wage growth is still higher than the ECB’s target of sustainable growth which was indicated at around 3% by the ECB’s chief economist Philip Lane. Over the past weeks, several ECB officials, including President Christine Lagarde, have highlighted that the slowdown in wage growth will be key for considering any deposit rate reductions.

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.