Five equities pull the MSE Equity Price Index lower

The MSE Equity Price Index fell by 0.34% to 3,729.449 points as the declines in BOV, Hili Properties, Malita, Farsons and the preference shares of RS2 outweighed the gain in BMIT. Meanwhile, four other equities closed unchanged. Download today’s Equity Market Summary.

Simonds Farsons Cisk plc was today’s most actively traded equity as it dropped by 1.4% to the €7.05 level on two trades totalling 4,363 shares. Farsons is holding its Annual General Meeting on Thursday 27 June 2024.

Malita Investments plc slumped by 5.9% to a two-month low of €0.45 across six deals amounting to 38,165 shares. The volume-weighted average price for the day was of €0.47 (-1.7%).

Also in the property sector, Hili Properties plc shed 1.0% to the €0.208 level after recovering from an intraday low of €0.186 (-11.4%) across three trades totalling 19,100 shares. Shareholders of Hili Properties at the close of trading on Friday 21 June will be entitled to a final net dividend of €0.0108 per share, subject to approval at the upcoming Annual General Meeting to be held on Tuesday 25 June 2024.

The preference shares of RS2 plc fell by 2.4% to an all-time low of €0.80 on two deals totalling 3,038 shares.

Bank of Valletta plc moved 0.7% lower to the €1.40 level on trivial volumes.

BMIT Technologies plc was today’s only positive performing equity as it climbed by 1.7% to the €0.35 level on one deal of 10,000 shares.

Malta International Airport plc held the €5.70 level as 1,000 shares changed hands.

PG plc traded flat at the €1.94 level across two deals totalling 1,080 shares. The Board of Directors of PG plc is scheduled to meet on Tuesday 25 June 2024 to consider the distribution of an interim dividend.

A single trade of 2,000 shares left the share price of International Hotel Investments plc unchanged at the €0.44 level.

Santumas Shareholdings plc stayed at the €1.20 level on weak volumes.

Today, MedservRegis plc published its financial analysis summary highlighting its expectations for the 2024 financial year. The Group is expecting lower revenues of €64 million compared to €74 million last year and a decline in operating profit to €6.5 million from €7.9 million last year. However, the net profit is expected to improve to €1.8 million compared to €1.3 million in 2023 as the Group is expecting lower net finance costs. Projections also show that MedservRegis expects a strong recovery in net cash from operating activities to €20.1 million (2023: €12.4 million), reflecting working capital movements in relation to the payment of receivables, mainly those of the Morocco project and a delayed payment from Libya that was originally expected last year. In fact, the Group is expecting to close the 2024 financial year with cash balances totalling €20.6 million.

The RF MGS Index snapped a four-day winning streak as it fell by 0.09% to 891.549 points. Data released today confirmed that inflation in the Euro Area during May was 2.6% whilst core inflation was at 2.9%, both 20 basis points higher than the annual rates reported in the previous month. Elsewhere in the US, month-over-month retail sales increased by 0.1%, falling short of expectations of 0.3%.

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.