APS to seek approval for Rights Issue

The MSE Equity Price Index snapped a five-day losing streak as it rose by 0.31% to 3,742.564 points driven by the gains in GO and LifeStar Holding. Meanwhile, three other equities closed unchanged on muted activity. Download today’s Equity Market Summary.

Today, APS Bank plc published the agenda for its upcoming Annual General Meeting scheduled for 9 May 2024. The agenda includes a resolution in which the directors are seeking approval for authority to issue shares through a Rights Issue. APS explained that it intends to issue new shares not exceeding 50% of the issued share capital in place at the time of the offer. APS are also holding a market briefing on 25 April 2024.

Most of today’s trading took place across the shares of Bank of Valletta plc closed unchanged at the €1.41 level after recovering from an intraday low of €1.39 (-1.4%) across 10 trades totalling 37,992 shares. Shareholders as at close of trading on 26 April 2024 will be entitled to a final net dividend of €0.0455 per share.

Also among large companies by market cap, Simonds Farsons Cisk plc held the €6.75 level on a single trade of 437 shares.

Main Street Complex plc held the €0.35 level on muted activity. Main Street is set to publish its 2023 financial results on Wednesday 24 April.

GO plc advanced by 3.4% to the €3.06 level as 3,000 shares changed hands. Shareholders as at close of trading on 26 April 2024 will be entitled to a final net dividend of €0.05 per share.

LifeStar Holding plc surged to the €1.00 level over trivial volumes.

Today, Harvest Technology plc published its 2023 financial results. Revenue dropped by 10% to €14.6 million and profit before tax amounted to €0.82 million compared to €2.06 million in 2022. The subdued performance was attributed to two key factors, namely the delay in certain contracts that were expected to be awarded in 2023 which were subsequently awarded in 2024 and a provision charge amounting to €0.5 million in respect of an unsuccessful project at Apco Limited. The Directors of Harvest resolved to distribute a final net dividend of €0.005 per share to all shareholders as at the close of trading on 24 April 2024, payable by 10 May 2024.

The RF MGS Index reversed some of yesterday’s losses as it rose by 0.28% to 892.065 points. A report released by the Bundesbank today showed that the German economy unexpectedly grew during the first quarter of the year driven by a boost from industry and construction at the end of the period. Nonetheless, the Central Bank emphasised that there is still no indication of a sustained improvement as domestic demand remains subdued and continues to decline. Meanwhile, ECB Vice-President Luis de Guindos stated that he expects inflation to hover around the 2.4% level for the upcoming months and eventually ease back to the target of 2% next year.

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