Daily Market Highlights (22.05.2023)

MSE Equity Price Index drops to 2-week low


The MSE Equity Price Index shed 0.59% to the lowest level in two weeks of 3,650.990 points as gains in HSBC, GO, and Santumas were outweighed the declines in five equities. Meanwhile, four other equities closed unchanged as total trading activity amounted to €0.15 million. Download today’s Equity Market Summary.

Bank of Valletta plc was today’s most actively traded equity as it shed 0.9% to the €1.09 level across nine deals totalling 47,589 shares. BOV will be holding its Annual General Meeting on Thursday 25 May.

Also within the banking sector, APS Bank plc moved 3.3% lower to a three-month low of €0.59 across three trades totalling 2,784 shares.

A single trade of 1,000 shares pushed the share price of PG plc down by 2.1% to a two-year low of €1.90.

International Hotel Investments plc fell by 2.6% to the €0.56 level across three trades totalling 10,071 shares.

Mapfre Middlesea plc plunged 9.6% to a two-month low of €1.50, albeit on trivial volumes.

In contrast, GO plc advanced by 4.1% to a near two-month high of €3.06 on one deal of 3,340 shares.

HSBC Bank Malta plc moved 0.9% higher to the €1.10 level on a single trade of 10,000 shares.

Santumas Shareholdings plc was today’s best performing equity as it surged 9.4% to a five-month high of €1.40 on one trade of 5,000 shares.

Malta International Airport plc traded flat at the €5.55 level on four deals totalling 1,919 shares.

BMIT Technologies plc closed unchanged at the €0.43 level after recovering from an intraday low of €0.41 (-4.7%) across two deals totalling 59,200 shares.

Three deals totalling 8,684 shares left the share price of Trident Estates plc at the €1.35 level. Last Friday, Trident published the annual report for the year ended 31 January 2023. Revenues more than doubled to €2.35 million (FY2021/22: €1.13 million) reflecting the new rental income generated by the tenants moving into Trident Park. The financial performance was boosted by the fair value gain of €6.75 million related to the Group’s investment property known as Trident House located in Qormi. Overall, Trident reported a profit before tax of €7.49 million and a net profit of €6.57 million. Shareholders’ funds increased by 12.4% to €59.7 million which translates into a net asset value per share of €1.422. In his commentary, the CEO explained that the demand for space at Trident Park (Mriehel) emanated from a wide spectrum of businesses and signed-up occupancy levels reached 63% as at the time of writing of the report. The company is also targeting a material increase in the occupancy rate over the next year. With respect to Trident House (Qormi), the Board is conducting a strategic review and is considering a number of enquiries and expressions of interest that have been received.

Simonds Farsons Cisk plc held the €7.20 level across four deals totalling 1,345 shares. Last week, Farsons published its annual results for the year ended 31 January 2023 in which the Group posted a net profit of €15.4 million. Following the net interim dividend of €0.045 per share paid in October 2022, the Directors of Farsons resolved to recommend an additional final net dividend out of tax-exempt profits of €0.11 per share. The dividend will be paid on 16 June 2023 to shareholders as at close of trading on Tuesday 23 May 2023, subject to approval at the upcoming AGM to be held on Thursday 15 June 2022. The Board of Directors also announced that they are carrying out a strategic review of opportunities for the further expansion of the Group’s foods business and considering the potential structuring of the enlarged food operations in a separate listed entity.

The RF MGS Index advanced by 0.22% to 872.469 points as eurozone yields opened the week lower. Nonetheless, yields remained rather volatile with the 10-year German bund yield moving from an intraday low of 2.40% to the 2.45% level in the afternoon.  In the US, discussions with regards to raising the debt ceiling are expected to continue today after talks were halted over the weekend. Conflicting issues arose related to government expenditure, but it is still widely believed that an agreement can be made before the June 1 deadline. Elsewhere, within the eurozone the European Central Bank released its third economic bulletin of 2023, in which the central bank explained that it continued to raise rates at its monetary policy meeting held earlier this month because the inflation outlook continues to be too high for too long. The bulletin also stated that the ECB’s Governing Council future decisions will ensure that rates will be brought to levels sufficiently restrictive to continue lowering inflation levels.



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.