MIA experiences record passenger traffic in September

The MSE Equity Price Index snapped a three-day losing streak as it gained 0.69% to 3,635.520 points mainly driven by the surge in the share price of IHI. The share price of AX Real Estate also moved higher whilst BOV, Trident, and Hili Properties moved lower. Download today’s Equity Market Summary.

Following the close of today’s trading, Malta International Airport plc published the September traffic results. Passenger movements exceeded their relative 2019 figures for the ninth consecutive month and amounted to 812,176 passenger movements, which is 6.5% above the comparable figure of 762,361 registered in September 2019. Passenger movements in September 2023 were 23.3% higher than the movements registered in the same month last year. The seat load factor for September 2023 also remained high at 89.2%, which is 3.0 percentage points higher than in September 2019, despite the fact that seat capacity was also 3% higher when compared to 2019. The equity remained inactive today.

International Hotel Investments plc was today’s best-performing equity as it rebounded by 17.5% to the €0.51 level across two trades totalling 6,343 shares.

A single trade of 3,704 shares pushed the share price of AX Real Estate plc 0.4% higher to the €0.452 level.

In contrast, Trident Estates plc shed 0.8% to an all-time low of €1.19 across two deals totalling 1,630 shares.

Likewise, Hili Properties plc slumped by 13.6% to an all-time low of €0.19 across six trades totalling 45,300 shares.

Bank of Valletta plc eased by 0.8% to the €1.20 level across six deals totalling 39,605 shares. BOV failed to hold onto an intra-day high of €1.23 (+1.6%). Today, BOV announced that the Bank is in advanced negotiations to sell a portfolio of long-standing non-performing loans with a view to strengthening its capital and liquidity buffers.

Also today, APS Bank plc announced that it has filed an application with the Malta Financial Services Authority requesting admissibility to listing of a Bond Issuance Programme. Subject to regulatory approval, APS will be issuing the first series consisting of up to €50 million 5.8% unsecured subordinated bonds maturing in 2028-2033.

The RF MGS Index gained 0.25% to 854.7.06 points. Yesterday, the International Monetary Fund (IMF) published its updated autumn World Economic Update with forecasts indicating that this year’s global growth rate will ease to 3.0% compared to 3.5% in 2022. Meanwhile, the world economic output is forecasted to ease further to 2.9% in 2024 and average the 3.1% level for the next five years. The IMF projects a soft landing where inflation is brought down without a major downturn in activity. Furthermore, the report noted that while the US economy was more resilient than previously expected, activity within the euro area had to be revised downwards. Meanwhile, data published today showed that the inflation rate in Germany was confirmed at 4.5% during September, the lowest since early 2022, driven by a slower increase in the prices of food, energy, and services. Meanwhile, in the US, producer prices in September rose to 2.2%, 0.2 percentage points more than expected.

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.