High volatility in the shares of BOV

The MSE Equity Price Index remained relatively unchanged at 3,860.422 points as the declines in BOV were fully offset by the gains in PG, M&Z, GO and BMIT. Meanwhile, six other equities closed unchanged as today’s total trading activity in local equities amounted to €0.43 million. Download today’s Equity Market Summary.

Bank of Valletta plc declined by 2.2% to the €1.32 level after failing to hold on to an intra-day high of €1.45 (+7.4%). BOV was today’s most actively traded equity as 171,641 shares changed hands having a market value of €0.24 million.

Following yesterday’s 3.4% rise, the share price of GO plc added a further 1.3% to a seven-month high of €3.04 on two trades of 16,166 shares. The recent upturn in GO’s share price came about from the update on its financial performance for the nine-month period up to 30 September 2023 in its latest Shareholders Newsletter. GO announced that its consolidated revenue reached €178 million during the first nine months of 2023, representing a growth of 11% compared to the same period in 2022. EBITDA also grew by 11% to €69 million.

M&Z plc advanced 5.0% to a one-month high of €0.63 after recovering from an intra-day low of €0.55 (-8.3%) over seven deals totalling 64,529 shares.

PG plc added 1.9% to a fifteen-month high of €2.20 across seven trades totalling 32,500 shares. Last week, PG published its interim financial results for the six-month period ended 31 October 2023 showing a 19% increase in revenue to a new record (at interim stage) of €96.2 million and a net profit of €7.21 million (+18.2%).

GO’s subsidiary, BMIT Technologies plc surged by 11.6% to a four-week high of €0.404 over two deals amounting to 8,000 shares.

Meanwhile, HSBC Bank Malta plc closed unchanged at the €1.28 level over three trades totalling 9,160 shares.

Hili Properties plc closed unchanged at the €0.214 level after recovering from a low of €0.191 (-10.7%) across volumes totalling 5,600 shares.

International Hotel Investments plc held onto the €0.54 level across three deals amounting to 14,500 shares.

MaltaPost plc closed unchanged at the €0.47 level after recovering from an intra-day low of 0.46 (-2.1%) level over three trades totalling 10,640 shares. The recently recommended final net dividend of €0.02 per share is eligible to all shareholders as at close of trading on Monday 8 January 2024. Shareholders will have the option to receive the dividend either in cash or by the issue of new shares at the attribution price of €0.44 per share.

A single deal of 500 shares of Malta International Airport plc left its price unchanged at the €5.75 level.

Loqus Holdings plc held the €0.20 level over trivial volumes.

The RF MGS Index moved 0.07% higher to a fifteen-month high of 909.921 points. Today, ECB Council member Robert Holzmann remarked that there is no guarantee that the ECB will reduce its deposit rate in the upcoming year. He commented that despite the current restrictive monetary policy conditions, he still foresees further challenges to reach the intended 2% inflation target. Meanwhile, in the US, the number of citizens filing for unemployment was greater than expected. Furthermore, continuing unemployment claims in the world’s largest economy reached a one-month high in line with previous forecasts.

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.