MSE Equity Price Index falls to three-week low

The MSE Equity Price Index dropped by 1.08% to a three-week low of 3,765.162 points as the declines in HSBC, Farsons, GO, MIDI and Malta Properties outweighed the gains in Malita and BMIT. Meanwhile, five other equities closed unchanged. Download today’s Equity Market Summary.

HSBC Bank Malta plc shed 5.7% to a three-week low of €1.32 across five trades totalling 14,815 shares. Shareholders as at the close of trading tomorrow will be eligible for a final net dividend of €0.0585 per share.

Also among large companies by market value, Simonds Farsons Cisk plc slumped by 5.7% to a one-month low of €6.60, albeit on a single deal of 183 shares.

GO plc moved 0.6% lower to the €3.14 level as 1,500 shares changed hands. GO is expected to publish its 2023 financial statements on 20 March 2024.

Malta Properties Company plc fell by 10.7% to an all-time low of €0.268 on two trades totalling 4,250 shares. MPC is expected to publish its 2023 financial statements on 21 March 2024.

Also in the property sector, MIDI plc declined by 3.8% to a three-month low of €0.25 on one deal of 8,200 shares.

BMIT Technologies plc reversed yesterday’s losses as it rebounded by 2.6% to the €0.40 level across five trades totalling 118,200 shares. Last Wednesday, BMIT published its 2023 financial results. Revenues increased by 11.2% to a record of €28.7 million while EBITDA fell by 6.2% to €10.0 million. BMIT reported a pre-tax profit of €7.65 million and a net profit of a net profit of €4.72 million which translates into a return on average equity of 43.2% (2022: 49.0%). The Directors of BMIT are recommending a net dividend of €0.02456 per share, payable to all shareholders as at close of trading on 25 April 2024, who will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.351 per share.

Malita Investments plc increased by 0.4% to the €0.494 level on two deals of 2,000 shares. Malita’s Rights Issue offer period will close on Friday 15 March.

Bank of Valletta plc closed unchanged at the €1.35 level after failing to hold onto an intraday high of €1.37 (+1.5%) as 25,090 shares changed hands.

Also in the banking sector, APS Bank plc held the €0.56 level on a single deal of 1,020 shares.

Tigné Mall plc closed unchanged at the €0.82 level across two trades of 10,000 shares.

A single trade of 846 shares left the share price of Malta International Airport plc at the €5.80 level.

MaltaPost plc closed unchanged at the €0.47 level after recovering from an intraday low of €0.40 (-14.9%) over four deals totalling 9,508 shares.

The RF MGS Index partly reversed yesterday’s losses as it increased by 0.09% to 899.288 points. Data released today showed that during January, month-over-month industrial production in the Eurozone decreased by 3.2% which was the largest contraction in ten months and worse than the expected drop of 1.5%. Meanwhile in the US, the 30-year mortgage rate fell for the third consecutive week as it dipped below 6.9% last week, reaching the lowest level in a month.

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.