Daily Market Highlights (08.11.2023)

Marsamxett Properties becomes the second largest shareholder of Tigné Mall


The MSE Equity Price Index moved 0.23% higher to 3,617.479 points as the gains in Tigné Mall, IHI, and MIA outweighed the declines in APS and M&Z. Meanwhile, two other equities closed unchanged as the total trading activity in local equities amounted to €0.13 million. Download today’s Equity Market Summary.

Tigné Mall plc surged by 9.8% to an over three-year high of €0.90 across five trades totalling 100,000 shares. Today, Tigné Mall plc announced that Bank of Valletta plc disposed of its entire 16.71% holding in the company. The company further announced that it was informed that Marsamxett Properties Ltd. acquired 9,435,567 ordinary shares, equivalent to 16.73% of the total shares in issue. Marsamxett Properties Ltd, which is a wholly owned subsidiary of Hili Ventures Limited, now has a total of over 17.8 million shares in the company which is equivalent to 31.63% of the total issued share capital. Consequently, Marsamxett Properties Ltd is now the second largest shareholder of Tigné Mall plc after MAPFRE MSV Life plc which owns 35.5% of the issued share capital.

Malta International Airport plc gained 0.9% to the €5.55 level over seven deals totalling 6,138 shares. Yesterday, MIA published its financial results for the first nine months of the year and also provided an updated guidance. During the first nine months of 2023, revenues reached a record (at interim stage) of €91.6 million, which is 18.5% higher than the previous record of €77.3 million generated in the first nine months of 2019. Likewise, the net profit for the period amounted to €32.3 million (3Q 2019: €26.9 million). For the second time this year, MIA updated its forecasts for the 2023 financial year. MIA now expects a new record of passenger movements of 7.8 million (2019: 7.31 million), revenues of €118 million (2019: €100.2 million), EBITDA of €74 million (2019: €63.2 million), net profit of €40 million (2019: €33.9 million), and capital investments of €45 to 50 million (2019: €24.9 million).

Also among large companies by market cap, International Hotel Investments plc advanced by 2.1% to the €0.48 level, albeit on trivial volumes.

On the other hand, APS Bank plc shed 1.7% to the €0.57 level on two trades of 7,752 shares.

M&Z plc slumped by 4.5% to an over six-month low of €0.64 across muted activity.

Meanwhile, Bank of Valletta plc traded flat at the €1.24 over two deal amounting to 2,845 shares. Last Monday, BOV announced that regulatory approval in relation to the proposed net interim dividend of €0.03 per share was obtained. The dividend will be paid on Wednesday 6 December 2023 to shareholders at the close of trading on Friday 17 November 2023.

A single trade of 100 shares left the share price of Simonds Farsons Cisk plc unchanged at the €6.65 level.

The RF MGS Index gained 0.53% to a seven-week high of 864.591 points, which is roughly the same level as the start of this year. The decline in yields was observed across the eurozone sovereign bond markets, with the 10-year German bund yield dropping below 2.63%, the lowest level in about two months. In the Euro Area, retail sales fell for the third consecutive month, at a rate which was slightly higher than expected, illustrating sluggish consumer demand. Meanwhile in the US, the 30-year mortgage rate declined by the steepest pace since July 2022 during last week to reach a five week low, reflecting the drop in the corresponding 30-year US Treasury yield to under 4.7%.


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.