High trading activity in MIA shares

The MSE Equity Price Index fell by 0.71% to a one-week low of 3,806.317 points driven by the declines in BMIT, BOV, Hili Properties, PG and the ordinary shares of RS2. Meanwhile, six other equities closed unchanged with overall trading activity in local equities amounting to €1.35 million largely made up of MIA shares. Download today’s Equity Market Summary.

Malta International Airport plc was today’s most actively traded equity as it held the €5.80 level across three trades totalling 217,322 shares for a total market value of €1.26 million. Yesterday, Malta International Airport plc published the February 2024 traffic results. Passenger movements reached a new record for February and amounted to 474,404 passenger movements, which is 12.5% higher than the previous record registered in February 2020, prior to the pandemic. Passenger movements in February 2024 represent a growth of over 25% compared to the movements registered in the same month last year. Seat capacity increased by 21.9% when compared to the same month last year with the seat load factor at 82.5% in February 2024 compared to 82.6% in February 2023 and 75.8% in February 2020.

BMIT Technologies plc moved 2.5% lower to the €0.39 level on a single deal of 32,312 shares. Yesterday, BMIT Technologies plc published its Annual Report and Financial Statements for the year ended 31 December 2023. Revenues increased by 11.2% to a record of €28.7 million while EBITDA fell by 6.2% to €10.0 million and the EBITDA margin eased to 35.0% compared to 41.5% in 2022. BMIT reported a pre-tax profit of €7.65 million, representing a decrease of 8.2% over the previous corresponding figure of €8.34 million. The Directors of BMIT are recommending the payment of a net dividend of €0.02456 per share which represents a payout ratio of 105.9% and is roughly in line with the net dividend in the previous year. The dividend will be payable to all shareholders on the register as of 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. BMIT also scheduled its Annual General Meeting for 29 May 2024.

The ordinary shares of RS2 plc slumped by 6.0% to the €1.09 level on two trades of 2,100 shares.

Bank of Valletta plc shed 0.7% to the €1.35 level over seven deals amounting to 40,017 shares after recovering from an intra-day low of €1.34 (-1.5%). BOV has yet to announce the date when its 2023 financial statements will be published.

Hili Properties plc plummeted by 8.1% to the €0.193 level as 32,100 shares changed hands.

PG plc dropped by 1% to a fresh three-month low of €2.00 over two deals totalling 2,360 shares.

Midi plc traded flat at the €0.26 level as 23,198 shares changed hands.

MaltaPost plc closed unchanged at the €0.47 level over four trades amounting to 15,144 shares after recovering from an intra-day low of €0.44 (-6.4%).

A single trade consisting of 700 shares of HSBC Bank Malta plc was executed at the previous closing price of €1.40. Shareholders as at close of trading on 14 March will be eligible to the recently declared net final dividend of €0.0585 per share.

Also among large companies by market value, GO plc remained unchanged at the €3.16 level over trivial volumes. The company is expected to publish its 2023 financial statements on 20 March 2024.

Mapfre Middlesea plc closed unchanged at the €1.43 level on muted activity.

The RF MGS Index snapped a seven-day winning streak as it decreased by 0.22% to 898.467 points. Data released today confirmed previous estimates that during February the HICP in Germany increased 2.7% year-over-year. Meanwhile, in the US, inflation during February was revised upwards to 3.2% from the previously anticipated 3.1%. Furthermore, core inflation in February was 3.8% which was also greater than the forecasted 3.7%. Following the US inflation data, both the German 10-year bund yield as well as the US 10-year treasury yield moved higher, reaching intra-day highs above 2.33% and 4.15% respectively.

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.