Daily Market Highlights (05.08.2021)

Tigné Mall resumes dividend payments


The MSE Equity Price Index eased by 0.02% to 3,863.791 points as trading activity was exceptionally muted today with just €8,000 worth of shares changing hands. Today’s only negatively performing equity was BMIT whilst PG and Farsons both closed unchanged. Download today’s Equity Market Summary.

PG plc traded flat at the €2.20 level across a single deal of 1,940 shares. PG will be publishing its 2020/21 annual financial statements by the end of August.

BMIT Technologies plc eased by 0.8% to the €0.496 level as 5,300 shares changed hands. BMIT will be publishing its 2021 interim financial results tomorrow.

Simonds Farsons Cisk plc remained at the €8.30 level across two deals totalling just 126 shares.

This afternoon, Tigné Mall plc published its interim financial results for the six-month period ended 30 June 2021. Revenues increased by 25.6% to €2.6 million (H1 2020: €2.1 million). Despite the temporary closure of ‘The Point Shopping Mall’ between 11 March and 25 April 2021 (in line with the directives issued by health authorities), the company benefitted from an improvement in business conditions when compared to the same period in 2020. The financial performance of Tigné Mall was also positively impacted by lower net finance costs which eased by 19.2% to €0.3 million as the company continued to reduce its overall indebtedness. Overall, Tigné Mall’s pre-tax profits more than doubled to €1.1 million (H1 2020: €0.45 million). In their commentary, the Directors noted that notwithstanding the prevailing uncertainty, economic activity and consumer confidence levels have improved and prospects are better than last year. Moreover, the Board of Directors of Tigné Mall resolved to distribute a net interim dividend of €0.0067 per share (H1 2020: nil) to all shareholders as at close of trading on Wednesday 18 August 2021. The payment of the dividend will take place on Friday 3 September 2021.

Also today, Malta Properties Company plc published its interim financial results covering the six-month period ended 30 June 2021. Revenues rose by just under 14% to €1.82 million (H1 2020: €1.6 million) on the back of the increase in rental income which mostly emanated from the contribution of the HSBC Contact Centre located in Swatar which was acquired by MPC in September 2020. MPC’s financial performance was also boosted by a gain on the fair value of investment property which amounted to €1.93 million. Overall, MPC reported a pre-tax profit of €2.9 million compared to €0.91 million in H1 2020. In their commentary, the Directors of MPC explained that the Group expects to make significant progress on its development projects this year. The Zejtun development is expected to be completed toward the end of 2021. MPC has also advanced in the planning application process for its Spencer Hill site in Marsa and the permit is expected to be issued by the end of 2021.

The RF MGS Index posted a four-day winning streak as it rose by 0.07% to a 7-week high at 1,107.498 points. Today, the Bank of England left its monetary policy unchanged but warned of a more pronounced period of above-target inflation in the near term. The central bank’s staff now expect inflation to rise materially in the near term, temporarily reaching 4% in Q4 2021 and Q1 2022, 1.5 percentage points higher than in the May projection. Meanwhile in the US, initial jobless claims for unemployment benefits declined further last week, while layoffs dropped to their lowest level in just more than 21 years in July as companies held on to their workers amid a labour shortage.