Daily Market Highlights (16.05.2023)
Five equities drag the MSE Equity Price Index lower
The MSE Equity Price Index dropped by 0.81% to a near two-week low of 3,655.362 points reflecting the declines in MIA, BOV, PG, Grand Harbour Marina, and Malita. Meanwhile, MPC was today’s only positive performing equity and three other equities closed unchanged. Download today’s Equity Market Summary.
Malta International Airport plc declined by 1.8% to an over two-year low of €5.45 across five trades totalling 5,000 shares. Yesterday, MIA published a Quarterly Update providing information about its financial performance in Q1 2023. Revenue surged by 75% to €18.9 million compared to the same period in 2022, largely driven by the strong passenger movement figures in the first quarter of 2023 totalling 1.25 million, which also surpassed the previous record of 1.20 million passenger movements for the first quarter in 2019. Indeed, revenue in Q1 2023 was also 21.7% higher than the previous Q1 record of €15.6 million in 2019. EBITDA stood at €9.60 million compared to €4.46 million in Q1 2022 and €7.23 million in Q1 2019. The EBITDA margin also improved to 50.7% compared to 41.1% in Q1 2022 and 46.5% recorded in Q1 2019. After accounting for net finance costs of €0.21 million and tax charges of €2.28 million, MIA reported a net profit for Q1 2023 of €4.17 million, compared to €0.70 million in Q1 2022 and €2.87 million in Q1 2019.
Bank of Valletta plc lost 1.8% to the €1.09 level across volumes totalling 75,128 shares.
Today’s most actively traded equity – PG plc – shed 1% to the €1.92 level across four trades totalling 58,091 shares.
Malita Investments plc fell by 3% to a three-week low of €0.64 on two deals totalling 21,875 shares.
Grand Harbour Marina plc traded for the first time in over six-months as it plunged by 53% to a sixteen-month low of €0.55, albeit on just on one trade of 6,000 shares.
In contrast, Malta Properties Company plc climbed 1.5% higher across four deals totalling 32,800 shares.
BMIT Technologies plc held the €0.43 level on a single trade of 23,910 shares.
Similarly, BMIT’s parent company – GO plc – retained the €2.94 level on trivial volumes.
VBL plc stayed at the €0.21 level on a single deal of 15,000 shares.
The RF MGS Index increased by 0.13% to 880.750 points reflecting the drop in eurozone sovereign bond yields earlier in the day, which was however offset by a surge in yields in the afternoon. Indeed, the German 10-year bund yield climbed to a near one-week high of 2.34%. Data published yesterday by the European Commission showed that eurozone GDP growth will ease to 1.0% and 1.7% respectively in 2023 and 2024, compared to the 3.5% growth registered in 2022. Nonetheless, this year’s growth figure is still higher than the earlier forecast of 0.9%. The 2023 economic growth forecast for Malta was also increased to 3.9% compared to February’s estimate of 3.1%. Malta’s economy is expected to grow by a further 4.1% in 2024.
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.