Trading value in local equities surges to 3-month high 

The MSE Equity Price Index remained practically unchanged at 3,773.908 points as the gains in BMIT, Plaza, IHI, and Mapfre Middlesea were offset by the declines in MIA and APS. Meanwhile, four equities closed unchanged as today’s trading activity in local equities amounted to €1.17 million, the highest since early November 2023. Download today’s Equity Market Summary.

BMIT Technologies plc was today’s most actively traded equity as it moved 3.2% higher to a one-month high of €0.392 after recovering from an intraday low of €0.35 (-7.9%) across fourteen deals having a market value of €0.32 million. Today, BMIT Technologies plc announced that its Board of Directors is scheduled to meet on Monday 11 March 2024 to consider and approve the financial statements for the year ended 31 December 2023. The Board will also consider the declaration of a final dividend.

Plaza Centres plc surged by 14.8% to a two-month high of €0.675 level as 46,251 shares changed hands, albeit today’s volume-weighted average price was €0.601.

International Hotel Investments plc gained 0.9% to the €0.46 level on a single trade of 3,389 shares.

Mapfre Middlesea plc rose by 4% to the €1.30 level on trivial volumes.

On the other hand, Malta International Airport plc shed 1.8% to the €5.60 level on two trades of 9,500 shares. MIA is publishing its annual results for the 2023 financial year tomorrow. The Directors will also consider the declaration of a dividend.

APS Bank plc moved 1.8% lower to the €0.54 level across three trades totalling 368,315 shares.

Meanwhile, HSBC Bank Malta plc traded flat at the €1.38 level across six deals totalling 19,000 shares. HSBC Malta’s Board of Directors is recommending a final net dividend of €0.0585 per share to be paid on 25 April 2024 to all shareholders as at the close of trading on 14 March 2024 subject to approval by the Annual General Meeting scheduled for 18 April 2024.

Also in the banking sector, Bank of Valletta plc closed unchanged at the €1.32 level across 20 trades totalling 223,751 shares.

The ordinary shares of RS2 plc closed unchanged at the €1.17 level after recovering from an intraday low of €1.10 (-6.0%) over nine trades totalling 205,000 shares.

Malta Properties Company plc held the €0.30 level on muted activity.

The RF MGS Index reversed yesterday’s gains as it fell by 0.53% to 886.384 points. Yesterday, ECB policymaker Yannis Stournaras said that by autumn of this year, inflation will likely be close to the 2% target since there are positive signs with respect to energy costs and wages. In his speech, he hinted towards an interest rate cut in June if upcoming data continues to follow the current trend. Meanwhile, commenting on the US monetary policy the Kansas City Federal Reserve President Jeffrey Schmid stated that the federal funds rate should not be decreased, given that inflation is still above the target rate. Furthermore, he noted that there is no urgency to reduce the federal funds rate since the US economy still appears to be resilient despite the tight monetary policy stance, as demonstrated by the tight labour market as well as prevalent consumer demand.

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.