PG and BOV dominate trading activity

The MSE Equity Price Index erased yesterday’s gains at is fell by 0.18% to 3,717.904 points as the declines in HSBC and Mapfre Middlesea outweighed the gains in APS, IHI, and MIA. Meanwhile, six other equities ended the session unchanged as overall trading activity recovered to the €0.12 million level. Download today’s Equity Market Summary.

More than half of today’s value traded in local equities was across the shares of PG plc which held the €1.94 level on five deals totalling 33,060 shares. On Tuesday, PG announced that the company’s Board of Directors resolved to distribute a net interim dividend of €0.0416667 per share, unchanged when compared to the interim dividend paid out in July 2023. Shareholders of PG as at close of trading on Wednesday 3 July 2024 will be entitled to receive the dividend on Friday 12 July 2024. Coupled with the interim dividend of €0.025463 per share paid out in December 2023, the total net dividend per share for the financial year ended 30 April 2024 amounts to €0.0671 per share, representing a 7.4% increase over the total net dividend of €0.0625 for the previous financial year.

Bank of Valletta plc closed unchanged at the €1.43 level after recovering from an intraday low of €1.42 (-0.7%) across six deals totalling 25,270 shares.

A single trade of 6,330 shares left the share price of Lombard Bank Malta plc unchanged at the €0.79 level. Lombard will be holding its Annual General Meeting later today.

BMIT Technologies plc (€0.35), GO plc (€2.90) and Hili Properties plc (€0.208) also remained unchanged across muted activity.

HSBC Bank Malta plc moved 2.6% lower to the €1.50 level on a single trade of 1,022 shares.

Mapfre Middlesea plc fell by 3.6% to the €1.32 level on one deal of 500 shares.

In contrast, APS Bank plc climbed 3% higher to the €0.515 level as 10,000 shares changed hands.

Malta International Airport plc advanced by 0.9% to the €5.70 level on one trade of 450 shares.

International Hotel Investments plc added 0.5% to the €0.412 level across volumes totalling 2,909 shares.

Yesterday evening, AX Real Estate plc published its interim financial results covering the six-month period ended 30 April 2024. Revenues surged by 77% to €6.8 million mainly due to the rental income from the lease of enlarged AX ODYCY hotel and lido in Qawra which commenced in May 2023. Operating expenses dropped by 8% to €0.49 million. As a result, operating profit nearly doubled to €6.3 million compared to €3.3 million in the corresponding period last year. Meanwhile, net finance costs increased by 70% to €3.2 million as the company increased its bank borrowings to finance ongoing projects. After accounting for a tax charge of €0.56 million, AX Real Estate reported a net profit of €2.6 million compared to €1.3 million in the corresponding period last year. The Statement of Financial Position as at 30 April 2024 showed that total equity stood at €134.2 million which translates into a net asset value per share of €0.4891.

The RF MGS Index extended yesterday’s losses as it fell by a further 0.38% to 888.201 points reflecting the increase in eurozone sovereign bond yields. Within the US, the economic activity for the first quarter of the year was slightly better than expected with the annualised GDP growth revised higher to 1.4% compared to earlier estimates of 1.3%. Labour market data also continued to highlight the strength of the US economy as the number of people claiming unemployment benefits fell below market expectations.

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.