MIA slips to 7-week low despite record traffic results

The MSE Equity Price Index dropped for the third consecutive day as it shed a further 0.1% to 3,665.039 points as the declines in MIA, Lombard, and Malta Properties outweighed the gains in APS. Meanwhile, three other equities closed unchanged as total trading activity amounted to €0.21 million. Download today’s Equity Market Summary.

 Despite announcing record passenger movements of 708,399 for April 2023, representing an 8.4% increase from the same month in 2019, the equity of Malta International Airport plc fell by 0.9% today back to the €5.50 level, a seven-week low, on volumes of 11,580 shares. Today, MIA held its AGM during which shareholders approved all the items on the agenda including a final net dividend of €0.12 per share which will be paid by no later than 26 May 2023.

Similarly, Malta Properties Company plc shed 3% to reach an all-time low of €0.39, on a single trade of 380 shares.

Lombard Bank Malta plc declined by 2% to the €1.00 level on trivial volumes.

On the other hand, APS Bank Malta plc closed 0.8% higher at the €0.61 level on one trade of 4,800 shares.

Also in the banking sector, Bank of Valletta plc retained the €1.10 level after rebounding from an intraday low of €1.05 (-4.5%) as 72,360 shares changed hands.

PG plc closed unchanged at the €1.96 level over eight deals totalling 32,000 shares.

Similarly, GO plc held on to the €2.94 level on muted activity.

The RF MGS Index dropped 0.19% to a two-week low of 876.618 points reflecting the uplift in yields in the past few days on the back of expectations of further rate hikes by the European Central Bank (ECB) in its bid to combat inflation which eased in recent months but is still above the ECB’s target of 2%. Meanwhile in the US, the April annual inflation eased to 4.9%, the lowest level since April 2021 and slightly below 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.