Daily Market Highlights (10.08.2022)

MPC registers 9% growth in operating profit


The MSE Equity Price Index increased by 0.05% to 3,673.391 points as the gains in GO and Tigné Mall outweighed the declines in APS, BMIT, MaltaPost and Plaza. Meanwhile, five other companies closed the day unchanged as overall trading activity in equities amounted to €0.18 million. Download today’s Equity Market Summary.

Today, Malta Properties Company plc published its interim results showing continued growth in business on the back of the new income received from the lease of the recently acquired MIB Building located in Ta’ Xbiex. In fact, revenues increased by 5.7% to €1.95 million whilst operating profit climbed to €1.4 million compared to €1.3 million in the same period in 2021. Looking ahead, MPC explained that the Zejtun development is expected to be completed in 2022 whilst the renovation works to the Spencer Hill building are projected to be finished in early 2023. MPC also added that it continues to explore various acquisition opportunities. The equity remained inactive today.

Also in the property sector, Tigné Mall plc surged by 7.1% to a seven-month high of €0.75 on two deals totalling 69,966 shares. Last week, Tigné Mall published its interim results showing record performance as revenues surged to €3.84 million whilst net profit reached €1.6 million. Shareholders as at close of trading on 17 August will receive a net interim dividend of €0.013 per share.

Today’s only other positive performing equity – GO plc – advanced by 1.3% to the €3.04 level on five trades totalling 10,700. Yesterday, 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.

Meanwhile, GO’s data centre and IT services subsidiary – BMIT Technologies plc – moved 2.1% lower to the €0.47 level across 6,000 shares.

APS Bank plc eased by 0.8% to the €0.655 level on two deals totalling 12,297 shares.

Plaza Centres plc was today’s worst performing equity as it slid by 2.4% to the €0.80 level albeit on trivial volumes.

Low trading activity also took place in the shares of MaltaPost plc which declined by 0.9% to the €1.05 level.

A single deal of 3,350 shares left the share price of Malta International Airport plc unchanged at the €5.95 level. Yesterday, MIA 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.

Also among the large companies by market value, HSBC Bank Malta plc held on to the €0.765 level on two deals totalling 5,000 shares.

PG plc traded flat at the €2.14 level across 21,000 shares.

Similarly, Mapfre Middlesea plc remained at the €1.75 level on a single deal of 3,500 shares.

AX Real Estate plc stayed at the €0.54 level on 7,580 shares.

The RF MGS Index dropped by 0.26% to 956.623 points. Fresh data released today showed that inflation in the US increased by less than expected in July, thus reducing fears of further aggressive rate hikes by the Federal Reserve. Inflationary pressures eased on the back of lower fuel prices. Nonetheless, consumer prices remained high as they increased by 8.5% when compared to the same period in 2021.


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.