Daily Market Highlights (22.06.2023)

MIA and BOV dominate trading activity


The MSE Equity Price Index went down by 0.16% to 3,711.240 points as the declines of MIDI, Malita, Trident and APS outweighed the gains of BMIT, Mapfre and MPC while four other equities closed unchanged. Trading activity in local equities amounted to €0.11 million, of which 68% of the value traded were in MIA and BOV. Download today’s Equity Market Summary.

Malta International Airport plc was the most actively traded equity as it held the €5.50 level across seven trades totalling 9,444 shares.

Also among the large companies by market value, Bank of Valletta plc closed unchanged at the €1.21 level after recovering from an intraday low of €1.19 (-1.7%) across seven trades totalling 20,230 shares.

Similarly, HSBC Bank Malta plc closed unchanged at the €1.20 level after recovering from a low of €1.16 (-3.3%) as 6,000 shares exchanged hands.

GO plc held the €2.96 level across two deals totalling 338 shares.

GO’s data centre and IT services subsidiary – BMIT Technologies plc – advanced by 2.4% to the €0.43 level across seven deals totalling 21,800 shares.

Malta Properties Company plc (+3.2%) and Mapfre Middlesea plc (+0.7%) closed higher to the €0.382 and €1.51 levels respectively on trivial volumes.

Four deals totalling 6,650 shares pulled the share price of MIDI plc down by 7.4% to a six-month low of €0.25. Yesterday, MIDI plc published their forecasts for the 2023 financial year. Revenues are expected to amount to €3.27 million (2022: €3.42 million) reflecting solely the income from rental activities since no inventory of property is available for sale. In this respect, MIDI explained that although more than 65% of the 63 apartments forming part of the ongoing Q3 development are already subject to a promise of sale agreement and deposits were received, the revenue cannot be recognised until the final deed of sale is published. The Q3 development is anticipated to be completed in mid-2025. MIDI’s equity position as at 31 December 2023 is expected at €98.8 million, which translates to a net asset value per share of €0.4614.

Also in the property sector, Malita Investments plc shed 3.3% to an over 8-year low of €0.58 on a single trade of 2,000 shares.

Trident Estates plc dropped by 3.7% to a two-month low of €1.30 on one deal of 2,576 shares.

APS Bank plc retracted by 1.7% to the €0.59 level across volumes totalling 19,960 shares.

The RF MGS Index moved 0.09% higher to 873.445 points. Today, the Bank of England raised its interest rates by a further 50 basis points, higher than expectations of a 25 basis point rate hike. The Bank of England’s base rate now stands at 5.0%, its highest level since the 2008 financial crisis. The monetary policy committee noted that inflation and wage growth since the previous meeting were higher than anticipated and thus a more aggressive tightening was required.


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.