Daily Market Highlights (20.04.2023)

Trading in BOV takes centre stage


The MSE Equity Price Index surged by 1.16% to 3,587.985 points as the gains in five equities outweighed the declines in PG and Mapfre Middlesea. Another three equities closed unchanged as total trading activity improved to a 2-month high of €0.36 million. Download today’s Equity Market Summary.

Bank of Valletta plc advanced by 5.3% to a 3-month high of €0.99 across strong volumes totalling 284,847 having a market value of €0.27 million, representing 75% of today’s value of equities traded.

Also in the banking sector, HSBC Bank Malta plc reached a three-week high as it climbed by 2% to the €1.04 level across three trades totalling 37,000. Today, HSBC held its AGM which approved all proposed resolutions. The final net dividend of €0.0364 per share will be paid on Tuesday 25 April 2023.

GO plc climbed 2.8% to a 3-week high of €2.94 over two trades totalling 5,850 shares.

Trident Estates plc surged by 8.7% to the €1.38 level across four deals totalling 1,750 shares.

LifeStar Holding plc moved to the €0.30 level compared to a previous price of €0.202 on trivial volumes.

Three trades totalling 20,000 shares left International Hotel Investments plc at the €0.585 level. On Tuesday, IHI published its financial results for the year ended 31 December 2022. Revenue amounted to €238.2 which represents a sharp uplift of 84.3% from the level of €129.3 million registered in 2021, albeit remained 11.2% lower than the record of €268.3 million posted in 2019. Consolidated EBITDA amounted to €51.7 million (which translates into an EBITDA margin of 21.7%) compared to €26.5 million recorded in 2021. The financial performance of IHI was negatively impacted by a number of non-cash line items. Overall, IHI reported a pre-tax loss of €1.09 million compared to the pre-tax loss of €39.6 million recorded in 2021. After accounting for a tax expense of €1.25 million and the profit of €3.1 million pertaining to minority interests, the net loss for the year attributable to shareholders amounted to €5.44 million compared to the loss of €28.3 million posted in 2021. Shareholders’ funds dropped by 2.9% to €606.9 million which translates into a net asset value per share of €0.9857.

Malta International airport plc traded flat at €5.55 across two trades totalling 3,000 shares.

Hili Properties plc maintained the €0.20 level as 10,000 shares changed hands. Yesterday, Hili Properties announced that its Board of Directors is scheduled to meet on Wednesday 26 April 2023 to consider and approve the financial statements for the year ended 31 December 2022.

PG plc moved 0.5% lower to a 2-year low of €1.94 on a single deal of 1,440 shares.

Mapfre Middlesea plc shed 2.4% to the €1.65 level on muted activity.

The RF MGS Index snapped a seven-day losing streak as it rose by 0.31% to 874.288 points. In Germany, the annual producer price inflation eased for the sixth consecutive month in March to a 22-month low of 7.5%, well below forecasts of 9.8%. The decline was mostly due to lower energy input costs whilst the prices of other raw materials such as cement and wood chips registered double-digit increases when compared to a year earlier. However, during an interview with The Irish Times, ECB Board member Klaas Knot stated that he will not support a pause to interest rate hikes unless core inflation starts falling. In fact, the Dutch central banker remarked that the ECB may need to raise rates again at its next monetary policy meetings. Elsewhere in the US, New York Federal Reserve President John Williams said that he still deems inflation in the US to be too high.

Locally, the Central Bank of Malta released its Annual Report for 2022. In today’s press conference, the Central Bank’s Governor Prof Edward Scicluna warned that inflation is likely to remain too high for too long.  He explained that inflation control is the Central Bank’s priority even if it comes at a financial cost. Nonetheless, he highlighted that Malta’s inflation rate is lower than the Euro Area average.


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.