Daily Market Highlights (17.05.2023)
High volumes across various equities
The MSE Equity Price Index increased by 0.61% to 3,677.637 points reflecting the gains in BOV and PG. Meanwhile, six other equities closed unchanged as total trading activity surged to a three-week high of €0.56 million. Download today’s Equity Market Summary.
Bank of Valletta plc climbed 3.7% to an over one-week high of €1.13 across volumes totalling 73,352 shares. BOV will be holding its Annual General Meeting on 25 May.
For the second consecutive session, PG plc was the most actively traded equity as it advanced by 1.0% to regain the €1.94 level across seven trades totalling 83,900 shares.
Malta International Airport plc held the €5.45 level across four trades totalling 19,973 shares. On Monday, 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.
GO plc unchanged at the €2.94 level across four deals totalling 9,400 shares. Earlier this week, GO settled its final net dividend of €0.09 per share.
GO’s data centre and IT services subsidiary – BMIT Technologies plc – retained the €0.43 level on five trades totalling 135,625 shares.
Also among the largest equities by market value, HSBC Bank Malta plc held on to the €1.09 level on four deals totalling 109,863 shares.
APS Bank plc held the €0.60 level on a single trade of 7,526 shares. Yesterday, APS held its AGM during which all resolutions were approved including the authorisation to directors to issue debt securities up to €150 million in nominal value. During the meeting it was revealed that a large majority of shareholders elected to receive the final dividend in shares rather than in cash.
One deal of 1,800 shares left the share price of Hili Properties plc at the €0.228 level.
Today, International Hotel Investments plc announced that its hotel operating arm Corinthia Hotels Limited signed a management agreement to operate a luxury resort located on the Kaafu Atoll in the Maldives.
The first phases of land reclamation and development have been initiated with the project being projected to conclude by 2025.. Corinthia Resort Maldives will feature two islands, the larger of which will host a 73-key resort whilst the other will be a private island for exclusive use.
The RF MGS Index decreased by 0.48% to 876.504 points. On Monday, Treasury Secretary Janet Yellen stated that the US could run out of money to pay its bills by the beginning of June if the debt ceiling is not raised in time. US President Joe Biden and House Speaker Kevin McCarthy are holding discussions, but no agreements were reached yet. Within the euro area, today the annual inflation rate for April was confirmed at 7%, which in turn was marginally higher than the 6.9% reading in the previous month. The predominant contributors to the annual increase in prices were the ‘processed food, alcohol and tobacco’ and ‘services’ segments.
Today, Mediterranean Investments Holding plc announced that it has filed an application with the Malta Financial Services Authority requesting admissibility to listing of €20 million unsecured bonds having a coupon of 5.85% and maturing in 2028. The net proceeds from this bond will be used by the Issuer to redeem its €20 million 5.5% unsecured bond that matures on 31 July 2023.
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.