MIA climbs to over 1-year high

The MSE Equity Price Index registered a six-day positive streak as it advanced by 1.46% to a two-month high of 3,718.472 points. The gains in seven equities outweighed the declines in APS and Mainstreet while, a single deal of 6,000 shares left the share price of FIMBank plc unchanged at the USD 0.21 level. Today’s trading activity in local equities amounted to €0.26 million. Download today’s Equity Market Summary.

Malta International Airport plc surged by 4.3% to an over one-year high of €6.00 across eight deals totalling 12,677 shares. Yesterday evening, Malta International Airport plc announced its updated investment programme for the period between 2023 to 2028 totalling €250 million.  This follows the announcement made earlier this year, which included investments of €175 million up to 2027. The investment includes the construction of Apron X and the Terminal Expansion Project, with initial works already ongoing for both projects. The plan also includes the installation of a new photovoltaic farm, an overhaul of the airport’s heating, ventilation, and air conditioning systems, as well as an upgrade to the VIP Terminal and La Valette lounge.

PG plc gained 7.9% to a two-month high of €2.04 as 50,000 shares exchanged hands. Yesterday evening, PG plc resolved to distribute a net interim dividend of €0.025463 per share, which is 22% higher than the corresponding interim dividend paid out for the first half of the 2022/23 financial year. The interim dividend is payable on Monday 11 December 2023 to all shareholders as at the close of trading on Wednesday 29 November 2023.

Also among large companies by market value, Bank of Valletta plc rose by 0.8% to the €1.24 level across four trades totalling 30,325 shares.

Also in the banking sector, HSBC Bank Malta plc moved 3.3% higher to a three-month high of €1.24 over six deals totalling 15,055 shares.

Similarly, Lombard Bank Malta plc increased by 5.6% to a two-month high of €0.85 across three trades totalling 15,000 shares.

BMIT Technologies plc rose by 2% to a two-week high of €0.408 on two trades totalling 15,000 shares.

Trident Estates plc moved 10.1% higher to the €1.31 level, albeit the vast majority was traded at the €1.20 level (+0.8%). A total of 5,750 shares changed hands.

In contrast, APS Bank plc shed 3.4% to the €0.56 level as 7,957 shares changed hands.

Main Street Complex plc slumped by 10.3% to an all-time low of €0.35 on a single trade of 3,500 shares.

The RF MGS Index moved higher for the fifth consecutive session as it increased by a further 0.28% to a fresh five-month high of 876.751 points. Eurozone inflation estimates for November were revised downwards to 2.4% from 2.7%. The decrease in inflation comes as a result of subdued growth in food and services prices as well as a steeper decline in energy when compared to the previous month. Furthermore, forecasts for core inflation during November were also adjusted lower to 3.6% from 3.9%. Elsewhere, yesterday the Federal Reserve published the last Beige Book for the year giving an overview of the economic situation in the United States. In particular, the report noted a national slowdown in economic growth, the easing of the labour market and a downtrend in the increase of prices.

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.