Daily Market Highlights (01.09.2023)

FIMBank climbs to nine-month high


The MSE Equity Price Index extended yesterday’s gains as it advanced by a further 0.22% to a one-week high of 3,750.452 points as the gain in FIMBank outweighed the decline in GO. Meanwhile, six other equities closed unchanged as total trading activity was €0.17 million. Download today’s equity market summary.

FIMBank plc was today’s most actively traded equity as it surged by 12.2% to a nine-month high of USD0.22 across six trades totalling 384,194 shares. Yesterday, FIMBank published its interim results for the six-month period ended 30 June 2023. Net interest income surged by 30.0% to just under USD18.2 million as the growth in gross interest income outweighed the higher interest expense.  Similarly, non-interest income grew by almost 25% to USD9.62 million. Overall, the net profit for the period under review amounted to USD3.74 million. As at 30 June 2023, total equity amounted to USD199.2 million, which translates into a net asset value per share of USD0.382.

In contrast, GO plc shed 0.7% to a one-month low of €2.92, albeit on just one trade of 5,580 shares.

Elsewhere, Bank of Valletta plc traded flat at the €1.26 level across five trades totalling 29,600 shares.

Also in the banking sector, HSBC Bank Malta plc and APS Bank plc both closed unchanged at the €1.22 and €0.61 levels respectively.

A single trade of 6,980 shares left the price of PG plc unchanged at the €2.06 level.

MIDI plc held the €0.26 level on a single trade of 3,510 shares. On Wednesday, Midi published its interim results. Revenues dropped by 4.8% to €1.45 million (H1 2022: €1.52 million) reflecting a marginal decrease in rental and property management income. Meanwhile, MIDI did not recognise the sale of any units since the final residential development at Tigné Point (known as Fortress Gardens) is still under construction. The net loss for the first half of 2023 amounted to €1.11 million. At 30 June 2023, shareholders’ funds amounted to €100.2 million, which translates into a net asset value per share of €0.4677.

Two trades left the price of Loqus Holdings plc unchanged at €0.15.

The RF MGS Index increased by 0.11% to 873.697 points. US employment data published today showed that the unemployment rate in August rose to 3.8%, which is the highest level since February 2022, compared to expectations of 3.5%. Nonetheless, the labour market remained resilient as the number of jobs added in August exceeded expectations. Data also showed that the average hourly rate increased at a slower pace than anticipated.


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.