Daily Market Highlights (22.03.2022)

BOV posts net profit of €56m  


The MSE Equity Price Index extended yesterday’s decline as it fell by a further 0.30% to a near 16-month low of 3,639.455 points. FIMBank, MPC, MaltaPost and Plaza moved lower while Mapfre Middlesea plc added 5.9% to the €2.14 level across 5,000 shares. Meanwhile, four companies ended unchanged as overall trading activity contracted to €0.06 million compared to €0.12 million yesterday. Download today’s Equity Market Summary.

Bank of Valletta closed the session unchanged at its multi-year low of €0.77 across 7,991 shares. Today, BOV published its results for the financial year ended 31 December 2021. Net interest income increased by 6.5% to €156.3 million as gross interest income increased by 2.4% to €194.8 million whilst interest expense dropped by 11.4% to €38.5 million. Similarly, BOV also recorded growth in non-interest income as this increased by 2.1% to €86.6 million. On the other hand, operating costs surged by 14.8% to €195.6 million reflecting increases across all lines of expenditure. Meanwhile, the Bank’s financial performance was boosted by a net release of expected credit losses amounting to €18.9 million compared to a net charge of €56.6 million in 2020. Moreover, BOV recorded higher profits from its associate companies. Overall, the Bank’s net profit amounted to €56.2 million which, in turn, translates into a return on average equity of 5.1%. Following the payment of a net interim dividend of €0.0172 per share in January 2022, the Directors of BOV elected not to recommend a final dividend in line with the Bank’s continuous efforts to maximise long-term shareholder value.

Also among the large companies by market value, GO plc remained at the €3.22 level as 500 shares changed hands.

Malta International Airport plc traded flat at the €5.80 level on light volumes.

A single deal of 20,000 shares left the share price of M&Z plc at the €0.75 level.

In contrast, FIMBank plc tumbled by 10.7% to an over one-month low of USD0.25 across 16,000 shares.

MaltaPost plc plummeted by 10.4% to €1.03 – the lowest level since October 2020. A total of 4,964 shares traded.

In the property sector, Malta Properties Companies plc retracted by 6.5% to the €0.505 level albeit on just 500 shares.

Plaza Centres plc shed 5.6% to the €0.85 level on a single deal of 15,000 shares.              

The RF MGS Index slipped by a further 0.63% to the lowest level since April 2014 of 1,026.489 points. Yesterday, Federal Reserve Chairman Jerome Powell indicated the possibility of more aggressive monetary policy tightening in the months ahead if high inflation persists further. Elsewhere, ECB President Christine Lagarde noted that the central bank is not anticipating the European economy to fall into stagflation as a result of the war in Ukraine.


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.