Daily Market Highlights (07.09.2022)

MIA welcomes more than 0.7 mln passengers in August

 

The MSE Equity Price Index moved 0.74% higher to 3,648.007 points as the gains in BOV and BMIT outweighed the decline in M&Z whilst APS and PG traded unchanged. Overall trading activity was muted as only €0.05 million worth of shares changed hands. Download today’s Equity Market Summary.

Today’s main highlight across the local equity market was the announcement issued by Malta International Airport plc showing that during the month of August, passenger movements increased by 3.3% over the previous month to 712,122 which, in turn, is 13.5% lower than the amount of 823,653 passengers welcomed in the same period in 2019. In this respect, MIA explained that the strong momentum reflects the recovery of 84.2% in seat capacity. Moreover, the seat load factor reached an all-time high of 90.4% which is 2.4 percentage points higher than the level of 88% recorded in August 2019. During the eight-month period ending August 2022, MIA welcomed just under 3.75 million passengers which is 23.1% lower than the amount of 4.87 million handled in the same period in 2019. On the other hand, this amount of traffic is nearly 11% superior to the volumes handled between January and August 2016. The equity remained inactive today.

Bank of Valletta plc surged by nearly 6% to a one-month high of €0.90 across six deals totalling 17,625 shares.

The other positive performing equity today was BMIT Technologies plc which rebounded by 3.9% to the €0.48 level across 9,450 shares.

M&Z plc dropped by 6% to the €0.705 level albeit on light volumes. The equity started trading ex-dividend today.

Meanwhile, a single deal of 10,000 shares left the share price of PG plc at the €2.22 level.

APS Bank plc traded flat at the €0.64 level across 5,000 shares.

The RF MGS Index extended yesterday’s decline as it eased by a further 0.04% to 914.642 points. On the economic front, Eurostat revised higher the GDP growth in Q2 2022 for the euro area to 0.8% reflecting stronger household spending and the rebound in tourism. Nonetheless, a leading German bank reported that a recession in Europe’s powerhouse economy is inevitable due to the repercussions of high inflation, the energy crisis, as well as bottlenecks in the labour market.

 

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.