MIA expects new record figures in 2024

The MSE Equity Price Index snapped a four-day losing streak as it moved 1.1% higher to 3,855.042 points. The gains in BOV, GO, APS, BMIT, and Malta Properties outweighed the declines in MIA, FIMBank and the ordinary shares of RS2. Meanwhile, Hili Properties plc traded flat at the €0.214 level across five deals totalling 57,230 shares. Download today’s Equity Market Summary.

Malta International Airport plc fell by 1.8% to a seven-week low of €5.55 across four trades totalling 1,400 shares. Following the close of trading, MIA published the December 2023 traffic results and provided key performance targets for 2024. In December, MIA welcomed a record monthly record of 529,041 passengers, which is 10.8% higher than the movements handled in the same month in 2019. Passenger movements at MIA in 2023 reached a record of just over 7.8 million, which is 6.7% higher than the previous record of 7.31 million passenger movements registered in 2019. For 2024, MIA expects passenger movements of 8 million, revenue of €126 million, EBITDA of €79 million and a net profit of €42 million, which are all marginally higher than the forecasted figures for 2023. Meanwhile, MIA explained that capital investments in 2024 will amount to €45 million.

The ordinary shares of RS2 plc moved 1.7% lower to the €1.16 level over three trades totalling 20,092 shares. RS2 recovered from an intra-day low of €1.04 (-11.9%) where the majority of today’s trading took place.

FIMBank plc shed 4.8% to a seven-week low of USD0.20 level on two deals of 5,033 shares. FIMBank recovered from an intra-day low of USD0.18 (-14.3%).

In contrast, GO plc surged by 4.5% to €3.26 – the highest level since April 2022 – as 42,168 shares changed hands having a market value of €0.13 million. Today, GO announced that the Board of Directors resolved to distribute a net dividend of €15.2 million, equivalent to €0.15 per share. The dividend represents part of the proceeds received from GO’s transaction with BMIT. Shareholders as at the close of trading on Tuesday 16 January 2024 will receive the interim dividend on Thursday 1 February 2024.

GO’s data centre and IT services subsidiary BMIT Technologies plc rose by 2.1% to the €0.39 level over three deals amounting to 12,000 shares.

Bank of Valletta plc advanced by 5.4% to a one-week high of €1.37 across nineteen trades totalling 77,000 shares.

Also in the banking sector, APS Bank plc climbed by 3.6% to a two-week high of €0.57 level across three deals totalling 13,700 shares.

A single trade of 7,000 shares pushed the share price of Malta Properties Company plc 5.7% higher to the €0.37 level.

The RF MGS Index rose by 0.06% to 894.838 points as the gains in long-term MGS prices outweighed the declines of the short-term MGS prices, as the yield curve flattened. Data released today showed that inflation in the US rose to 3.4%, higher than expectations of 3.2%. Meanwhile, the labour market in the world’s largest economy remained tight as Americans filing for unemployment unexpectedly dropped to a two-month low.

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.