Daily Market Highlights (09.08.2022)
GO posts strong increase in business
The MSE Equity Price Index advanced by 0.63% to 3,671.535 points as the gains in BOV, Hili Properties, Mapfre and VBL offset the decline in Loqus. Meanwhile, six other companies closed the day unchanged as overall trading activity in equities improved to €0.36 million from €0.11 million yesterday. Download today’s Equity Market Summary.
GO plc was today’s most actively traded equity as it held on to the €3.00 level on activity totalling 90,200 shares having a market value of €0.27 million. Today, GO published its interim results showing a strong increase in revenues (+12.9%) to just under €106 million (H1 2021: €93.9 million) largely driven by the higher volume of telecom business in Malta and Cyprus. As a result, EBITDA surged by 18.2% to €41.2 million whilst net profit climbed to €6 million compared to the €3.9 million figure reported in the first half of 2021. The Directors declared a net interim dividend of €0.06 per share which is payable on Friday 9 September to all shareholders as at close of trading on Wednesday 24 August.
GO’s data centre and IT services subsidiary – BMIT Technologies plc – stayed at the €0.48 level on a total of 80,000 shares.
International Hotel Investments plc remained at the €0.72 level across four deals totalling 33,434 shares.
APS Bank plc traded flat at the €0.66 level on three deals totalling 9,729 shares.
Malita Investments plc closed unchanged at the €0.775 level after opening at a low of €0.70 (-9.7%). A total of 6,500 shares changed hands.
Also in the property sector, AX Real Estate plc stayed at the €0.54 level on trivial volumes.
Today’s best performing equity – Hili Properties plc – surged by 4.3% to recapture the €0.24 level on 4,150 shares.
VBL plc moved 0.8% higher to the €0.252 level on two deals totalling 29,372 shares.
Bank of Valletta plc advanced by 3.5% to the €0.89 level on five deals totalling 8,964 shares.
BOV’s insurance associate – Mapfre Middlesea plc – gained 2.9% to the €1.75 level albeit on insignificant volumes.
Low trading activity also took place in the equity of Loqus Holding plc which dropped by 6.7% to the €0.42 level.
Today, Malta International Airport plc published the traffic results for July. The airport operator welcomed 689,145 passengers which, in turn, is 13.7% lower than the amount of 798,453 passengers handled in the same period in 2019. The top markets for the month were Italy, followed by the UK, France, Germany, and Spain. Meanwhile, seat capacity was at 85% of 2019 levels, while the seat load factor climbed to 88.3% which is the highest level MIA registered in July since 2016.
The RF MGS Index advanced by 0.08% to 959.082 points as US consumers’ expectations of future inflation dropped in July following a reduction in fuel prices. Meanwhile, US labour costs increased by more than expected for the second quarter in succession.
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.