Daily Market Highlights (14.04.2022)

Tigné Mall plc posts record profit

 

The MSE Equity Price Index continued to trend higher as it added a further 0.3% to an over 2-week high of 3,651.674 points. BOV, HSBC and Tigné Mall trended higher whilst Malta Properties Company plc dropped by 3.8% to the €0.51 level across 3,500 shares. Meanwhile, Farsons and Malita closed unchanged as overall trading in equities eased to €0.04 million compared to €0.08 million yesterday. Trading activity at the Malta Stock Exchange resumes on Tuesday 19 April. Download today’s equity market summary.

Tigné Mall plc added 0.7% to the €0.695 level across 10,500 shares. Today, the company published its results for the 2021 financial year. Revenues rebounded by 23% to €6.7 million which is 4.2% short of the record figure of just under €7 million posted in 2019. In this respect, Tigné Mall explained that despite the various operational headwinds, business results were very encouraging as turnover registered by tenants very often exceeded that of 2019 whilst The Point Shopping Mall remained fully leased out throughout the year. As the company recorded lower operating and finance costs, net profits increased to a record of €2.81 million. The Directors are recommending the payment of a final net dividend of €0.0133 per share. Coupled with the net interim dividend paid out in early September 2021, the total net dividend for the year amounts to €0.02 per share. The final dividend is payable on 8 July to all shareholders as at close of trading on 15 June.

Bank of Valletta plc extended yesterday’s uplift as it regained the €0.82 level (+0.6%) after recovering from an intra-day low of €0.77 (-6.1%). A total of 15,000 shares traded.

Also in the banking sector, HSBC Bank Malta plc rallied by 3.8% to an over 1-week high of €0.83 across 12,772 shares.

Meanwhile, Simonds Farsons Cisk plc traded flat at the €8.20 level on just 334 shares.   

Malita Investments plc stayed at the €0.75 level on two deals totalling 3,310 shares.  

The RF MGS Index advanced by a further 0.28% to 1,006.661 points. Today, the ECB left interest rates unchanged and reiterated that any adjustments may only take place after the end of net asset purchases. In the US, initial jobless claims were higher than expected whilst retail sales for the month of March were slightly below forecasts.

 

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.