Daily Market Highlights (11.08.2022)

Drop in BOV drives the MSE Equity Price Index lower


The MSE Equity Price Index erased some of the gains recorded in the previous two days as it eased by 0.43% to 3,657.498 points. Four equities trended in negative territory whilst only AX Real Estate moved higher. Meanwhile, five other companies closed the day unchanged as overall trading activity in equities contracted to €0.11 million. Download today’s Equity Market Summary.

Bank of Valletta plc was the worst performing equity today with a drop of 3.4% back to the €0.86 level on a total of 37,056 shares.

Malta Properties Company plc retracted by 2.9% to the €0.505 level albeit on just 3,100 shares. Yesterday, MPC 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.

Low trading activity also took place in the equity of Santumas Shareholdings plc which moved 1.4% lower to the €1.45 level.

A single deal of 6,160 shares forced the share price of M&Z plc to slip by 0.7% back to the €0.75 level.

Also in the retail sector, PG plc stayed at the €2.14 level on a total of 9,000 shares.

International Hotel Investments plc (5,000 shares) and Malta International Airport plc (3,150 shares) traded flat at €0.72 and €5.95 respectively. On Tuesday, 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.

GO plc held on to the €3.04 level after opening at a low of €3.02 (-0.7%). A total of 6,500 shares changed hands. On Tuesday, 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.

The ordinary shares of RS2 Software plc remained at the €1.50 level across 3,934 shares.

Meanwhile, AX Real Estate plc advanced by 1.9% to recapture the €0.55 level on a total of 15,000 shares.

The RF MGS Index erased most of yesterday’s drop as it rebounded by 0.22% to 958.734 points. Amid some further signs of slowdown in inflation, wholesale prices in the US contracted by 0.5% in July when compared to the previous month (the first monthly decline since April 2020) although the year-on-year change stood at almost +10%.


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.