Daily Market Highlights (03.11.2023)

Lombard’s Excess Shares Offer Oversubscribed


The MSE Equity Price Index remained virtually unchanged at 3,611.736 points as the gains in BOV, HSBC, and Trident were offset by the declines in IHI and Farsons. Meanwhile, three other equities closed unchanged. Download today’s Equity Market Summary.

Lombard Bank Malta plc held the €0.755 level on a single trade of 750 shares. Today, Lombard announced that the excess shares offer relating to the Rights Issue residual balance of 12,430,744 shares at an offer price of €0.75 was oversubscribed. As a result, the excess shares offer period was closed ahead of schedule today at 15:30 hours.

Also in the banking sector, APS Bank plc traded flat at the €0.57 level across three trades totalling 11,980 shares. Last Monday, the offer of up to €50 million 5.80% APS Bank plc unsecured subordinated bonds 2028-33 was closed ahead of schedule following oversubscription.

MaltaPost plc stayed at its ten-month high of €0.49 on one deal of 3,054 shares.

Bank of Valletta plc moved 0.8% higher to the €1.25 level across seven trades totalling 17,000 shares. Yesterday, Bank of Valletta plc issued an Interim Directors’ Statement providing information about its performance during the nine-month period ended 30 September 2023 when compared to the same period in 2022. The financial performance was driven by the 85% uplift in net interest income to €253.8 million reflecting the growth in the lending book and investment portfolio, coupled with the upward repricing of interest rates. BOV’s net profit for the first nine months of 2023 amounted to €108.8 million, which translates into an annualised return on average equity of 12.4%. Total equity increased by 9.8% (or €109 million) to €1.22 billion, which translates into a net asset value per share of €2.091. BOV explained that the Group’s capital ratios remained strong and above regulatory requirements, with the CET 1 ratio as at September 2023 of 22.7% and a total capital ratio of 26.1%. The 2023 capital ratios are inclusive of the profits for the first nine months of 2023 and proposed net interim dividend of €0.03 per share, payable on Wednesday 6 December to shareholders as at close of trading on Friday 17 November, subject to regulatory approval.

HSBC Bank Malta plc advanced by 0.9% to the €1.15 level on a single trade of 3,723 shares.

One deal of 581 shares pushed the share price of Trident Estates plc 6.4% higher to the €1.33 level.

Loqus Holding plc surged by 7.1% to the €0.15 level on volumes totalling 7,479 shares.

In contrast, Simonds Farsons Cisk plc fell by 2.2% to the €6.65 level across five deals totalling 1,982 shares.

International Hotel Investments plc dropped by 2.1% to the €0.47 level on a single trade of 3,500 shares.  two deals of 2,000 shares.

The RF MGS Index extended yesterday’s gain with a further uplift of 0.23% to 860.483 points as the yield curve continued to flatten due to a drop in longer-term yields. Within the eurozone, the unemployment rate increased marginally to 6.5% in September compared to 6.4% in the previous month. Likewise in the US, the unemployment rate increased to a 21-month high of 3.9% in October. The data also showed that during October the US wage growth slowed and the economy added less jobs than expected. Furthermore, the US services sector also showed a lower-than-expected growth.


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.