M&Z to seek approval for a share buyback programme

The MSE Equity Price Index recovered most of yesterday’s decline as it rebounded by 0.51% to 3,757.330 points. The gains in MIA, BOV and APS outweighed the declines of AX Real Estate and GO, while three other equities ended the session unchanged. Trading activity in equities amounted to €71,567. Download today’s Equity Market Summary.

Today, M&Z plc published the agenda of its forthcoming Annual General Meeting to be held on 11 June 2024, which included an extraordinary resolution to approve a share buyback programme. The circular to shareholders explained that the Board is seeking to be empowered to buy back up to 500,000 shares at a fixed price of €0.60. The buyback programme is to be funded entirely out of the company’s cash reserves and is aimed to provide the company with a tool to manage its capital more efficiently.

Bank of Valletta plc was today’s best performing equity as it climbed by 2.2% to the €1.42 level across sixteen deals amounting to 33,656 shares.

Also in the banking sector, APS Bank plc advanced by 1.9% to the €0.55 level across three trades totalling 18,220 shares.

Malta International Airport plc moved 0.9% higher to the €5.70 level on two deals totalling 875 shares.

In contrast, AX Real Estate plc fell 2.8% to the €0.48 level on a single trade of 1,456 shares.

GO plc shed 0.7% to the €2.98 level on one deal of 500 shares.

A single trade of 3,019 shares left the share price of HSBC Bank Malta plc unchanged at the €1.41 level.

Hili Properties plc traded flat at the €0.21 level across three deals totalling 8,606 shares. The Board of Directors of Hili Properties is recommending a final net dividend of €0.0108 per share to all shareholders as at the close of trading on Friday 21 June 2024, subject to approval at the upcoming Annual General Meeting to be held on Tuesday 25 June 2024.

Malta Properties Company plc held the €0.298 level on muted activity. MPC will be holding its Annual General Meeting tomorrow.

The RF MGS Index registered a marginal uplift of 0.05% to 891.608 points amid uncertainties over the monetary policy decisions to be expected during the year. Today, Federal Reserve Governor Christopher Waller stated that he believes that current interest rate levels are adequate since inflation is not increasing, but he would want to observe several months of data showing that inflation is easing before favouring lower rates. Elsewhere in the eurozone, German producer prices dropped by 3.3% in April when compared to a year earlier, below expectations of 3.2%. This marked the tenth consecutive month of producer deflation.

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.