Daily Market Highlights (11.11.2022)

MIA raises 2022 targets


The MSE Equity Price Index eased by a further 0.05% to a new two-month low of 3,579.400 points reflecting the declines in the share prices of BOV, MIA, IHI, HSBC, and Lombard. Meanwhile, Lifestar Holding plc regained the €0.90 level on trivial volumes while another three equities closed unchanged as overall trading activity eased to €0.15 million compared to €0.21 million yesterday. Download today’s Equity Market Summary.

Malta International Airport plc was the most actively traded equity today as it moved 0.9% lower to the €5.80 level across four deals totalling 13,979 shares. Following the close of trading, MIA announced that during the month of October it welcomed 590,278 passengers which is 16.1% lower than the amount of 703,405 movements it handled in the same month in 2019. However, the seat load factor continued to exceed that of 2019 (for the sixth consecutive month) as it stood at 86% compared to 82.3% in October 2019. Apart from the traffic update, MIA also provided updated targets for 2022, including passenger movements of over 5.7 million compared to the previous forecast of 5.4 million, revenue of over €85 million compared to the previous forecast of €82 million, and EBITDA of over €52 million compared to the previous forecast of €50 million.

Also among the large companies by market value, Bank of Valletta plc fell 1.7% to the €0.88 level, albeit on lacklustre volumes.

Within the same segment, HSBC Bank Malta plc lost 1.4% to the €0.72 level on volumes totalling 17,695 shares.

Lombard Bank Malta plc eased by 0.5% to the €1.95 level on a single trade of 5,128 shares. Yesterday, Lombard shareholders approved a number of Extraordinary Resolutions related to the redenomination of the Bank’s shares, the increase in the authorised share capital, as well as the replacement of the Bank’s Memorandum and Articles of Association. In this respect, shareholders as at close of trading on 14 November will receive an additional share for every share held (2 for 1 share split). Meanwhile, the Ordinary Resolution related to the proposed authority to be given to the Board of Directors for the issuance of new ordinary shares for up to 5 years was not approved in yesterday’s EGM.

International Hotel Investments plc moved 1.4% lower to the €0.70 level on two deals totalling 60,000 shares.

Two trades totalling 2,380 shares left the share price of PG plc at the €2.10 level. Today, PG announced that its Board of Directors are scheduled to meet on 29 November 2022 to consider the distribution of an interim dividend.

Malta Properties Company plc (1,500 shares) and Malita Investments plc (280 shares) remained at €0.494 and €0.73 respectively.

Today, MedservRegis plc issued an Interim Report providing information about its financial performance in Q3 2022. Revenues amounted to €20.9 million (Q3 2021: €11.2 million) of which €13.6 million (or 66%) were generated from the provision of Integrated Logistics Support Services (“ILSS”) whilst most of the remaining income (amounting to €7.2 million) emanated from the Oil Country Tubular Goods (“OCTG”) segment. EBITDA in the period under review amounted to €4 million which translated into an EBITDA margin of 19.1% (Q3 2021: 14.2%). During the nine-month period ending September 2022, MedservRegis generated revenues of €47 million and an EBITDA of €8.8 million. However, in view of the healthy pipeline of business, the Group is anticipating that for the full year, it will generate total revenues of €54.7 million and an EBITDA of €11.6 million.

The RF MGS Index posted a three-day positive streak as it climbed by a further 0.69% to 892.200 points, ending the week 0.91% higher than last Friday. Sovereign bond yields in the euro area continued to fall following yesterday’s lower than expected inflation data from the US. In Europe, natural gas prices approached a four-month low despite ongoing supply constraint as expectations of a mild weather reduced overall storage demands. Elsewhere, estimates showed that UK’s economy posted its first quarterly contraction in one and a half years in the third quarter of 2022, albeit the drop was lower than expected.


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.