Daily Market Highlights (13.09.2023)

Trident Park occupancy climbs to 80%


The MSE Equity Price Index plunged by 1.62% to an over two-month low of 3,705.103 points as the gain in MIA was outweighed by declines in five other equities. Meanwhile, APS Bank plc held the €0.60 level across two trades totalling 11,091 shares. Download today’s Equity Market Summary.

Today, Trident Estates plc published its interim financial results covering the six-month period ended 31 July 2023. Trident registered record revenues (at interim stage) of €1.78 million (H1 2022/23: 0.89 million) reflecting the higher occupancy levels at Trident Park. In this respect, the company explained that during the period under review, management pursued further tenancy agreements and to date contracted 80% of the space available. On the expenditure side, total operating costs increased to €0.93 million compared to €0.55 million in the same period last year as a result of increased activity within the Trident Park property. Meanwhile, finance costs surged to €0.75 million compared to €0.09 million in the first half of 2022/23. The board explained that following the commencement of Trident Park operation, the Group no longer capitalises its interest costs. Nonetheless, the Directors noted that finance costs were significantly impacted by the steep increase in the 3-month EURIBOR rate. After accounting for other income and minimal tax charges, the net profit for the period amounted to €0.07 million compared to €0.15 million in the same period last year. Shareholders’ funds remained virtually unchanged at €59.8 million, which translates into a net asset value per share of €1.424.

Lombard Bank Malta plc was today’s most actively traded equity as it eased by 1.8% to the €0.825 level across volumes totalling 80,110 shares. On Monday, Lombard announced that it submitted an application to the Malta Financial Services Authority requesting approval of a prospectus in relation to a 2-for-3 rights issue of new ordinary shares, which shall form part of the same class and have equal rights to existing shares. The Rights Issue will first be offered to shareholders as at the close of trading on Friday 15 September 2023. The announcement also noted that the rights issue price has been set at €0.75 per new ordinary share. This represents a discount of around 20% to the trade-weighted average price of the bank’s shares over the last six months of €0.93. It also represents a discount of over 50% to the net asset value of €1.51 per share as at 30 June 2023. Lombard explained that the rights issue will allow for further strengthening of its capital base both for regulatory purposes as well as for the implementation of the bank’s strategy for growth. Lombard noted that this is expected to result in increased profits and, subject to business requirements and regulatory approval, dividend distributions of circa one third of annual profits.

Within the same sector, Bank of Valletta plc (-0.8%) and HSBC Bank Malta plc (-5.8%) dropped to the €1.26 and €1.13 levels respectively.

FIMBank plc was today’s worst performing equity as it fell by 18.5% to the USD0.22 level across three deals totalling 54,585 shares.

International Hotel Investments plc erased yesterday’s gains as it retracted by 6.5% back to the €0.505 level.

In contrast, Malta International Airport plc advanced by 1.8% to the €5.70 level, albeit on muted activity.

The RF MGS Index shed 0.21% to 864.198 points as the eurozone sovereign bond markets continued to experience volatility reflecting the uncertainty on whether the ECB will raise its interest rates again tomorrow. Meanwhile in the US, the inflation rate exceeded expectations as it rose by 3.7% in August when compared to a year earlier. In particular, the drop in energy costs was less than that experienced in the previous month’s reading.


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.