Daily Market Highlights (02.11.2021)

BOV reports Q3 results


The MSE Equity Price Index moved lower for the fifth consecutive session as it dropped by 0.29% to a fresh thirteen-week low of 3,811.954 points. The declines in GO and Farsons outweighed the gain in BOV. Meanwhile, MIA closed unchanged as overall trading activity was muted at under €0.02 million. Download today’s Equity Market Summary.

Bank of Valletta plc was today’s only positively performing equity as it advanced by 1.7% to the €0.88 level on a single trade of 557 shares. Today, BOV issued an Interim Directors’ Statement explaining that in Q3 2021, it posted a pre-tax profit of €20.6 million. As a result, profits before tax for the nine-month period up to September 2021 amounted to €46.5 million compared to €40.6 million in the same period in 2020. BOV noted that the improved profitability over 2020 reflects the gradual recovery from the COVID-19 pandemic. Revenues up to September 2021 amounted to €172.1 million (+4% over the comparable period in 2020), mostly due to improved volumes in the retail sector particularly in home lending, cards, and payments. On the other hand, operating costs increased by just 1%. BOV’s financial performance was also boosted by the contribution from its insurance associates which was significantly higher than the same period in 2020 largely driven by the increase in the market value of investments as well as higher written premia.

A single trade of 783 shares left Malta International Airport plc at the €5.95 level.

Meanwhile, GO plc eased by 0.6% to a two-week low at the €3.28 level on four deals totalling 3,680 shares, representing nearly 70% of today’s trading value.

Simonds Farsons Cisk plc lost 6.7% to the €8.35 level on trivial volumes.

The RF MGS Index erased all of yesterday’s losses with a rebound of 0.14% to 1,080.522 points as eurozone yields retracted from their recent highs. The eurozone Purchasing Managers Index (PMI) was revised lower for October, signalling the slowest growth since February. Similarly, business confidence dropped to one-year low.