Daily Market Highlights (17.11.2023)

GAP announces partial bond redemption


The MSE Equity Price Index moved 0.31% higher to 3,579.585 points as the gains in MIA and BOV outweighed the declines in the ordinary shares of RS2 and MIDI. Meanwhile, two other equities closed unchanged as the trading activity in local equities was muted at €0.02 million. Download today’s Equity Market Summary.

Today, GAP Group plc announced that it will be partially exercising its early repayment option in connection with the 3.70% GAP Group plc 2023-2025 bonds. In this respect, the Company will, on 18 December 2023, be redeeming 50% (€5,904,150 nominal) of the outstanding €11,808,300 (nominal) amount of the said bond. On 18 December 2023, bondholders will receive the respective principal amount as well as the interest accrued for the period between 18 December 2022 and 17 December 2023. Consequently, trading in the said bonds will be suspended as from next Monday until further notice.

Bank of Valletta plc advanced by 2.5% to the €1.24 level on a single trade of 5,500 shares. BOV shareholders as at the close of trading today will receive a net interim dividend of €0.03 per share on Wednesday 6 December 2023

Similarly, Malta International Airport plc fully recovered yesterday’s decline as it surged by 3.8% to close at the €5.50 level on just 600 shares.

On the other hand, the ordinary shares of RS2 plc only partially recovered from an intra-day low of €1.05 (-10.3%) to close 6.0% lower at the €1.10 level across four trades totalling 7,000 shares. Yesterday, the Malta Stock Exchange announced the admission of 1,313,974 ordinary shares and 28,320 preference shares of RS2 plc to the Official List, pursuant to a scrip dividend issue.

MIDI plc was today’s worst performer as it declined by 11.3% to an all-time low of €0.204, albeit on a single deal of 7,450 shares.

Meanwhile, AX Real Estate plc and HSBC Bank Malta plc closed unchanged at the €0.48 and €1.15 levels respectively over trivial volumes.

The RF MGS Index registered the largest weekly gain (1.48%) since last June, as it rebounded by a further 0.79% today to reach an almost three-month high of 873.703 points. This week’s rebound largely reflects the overall downward trend in international bond yields as inflation in major economies has retained a downward trend. In fact, data published earlier today revealed that inflation in October for the Eurozone, dropped to a two-year low of 2.9% compared to 4.3% in September.


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.