Daily Market Highlights (22.11.2022)
IHI uplifts its 2022 forecasts
The MSE Equity Price Index posted its fourth consecutive decline as it shed a further 0.47% to a 7-month low of 3,555.612 points. Five equities moved lower while MIA and M&Z closed the day unchanged. Download today’s Equity Market Summary.
Today, International Hotel Investments plc published updated forecasts for 2022. IHI is now expecting to generate revenue of €232 million, 3.6% higher than the forecast published in early September. Moreover, EBITDA is forecasted at €49.1 million (+12.9% over its earlier forecast), which translates into an improved EBITDA margin of 21.2%. The Corinthia Hotel London is the main performance driver as it managed to exceed its 2019 performance due to higher average room rates. Meanwhile, hotel revenues in St Petersburg have been seriously impacted while performance of the Group’s conference-oriented hotels in Prague and Budapest remains subdued. The equity remained inactive today.
BMIT Technologies plc plunged 6% to an all-time low of €0.44 across three deals totalling 29,900 shares.
BMIT’s parent company – GO plc – eased by 0.7% to a 6-year low of €2.86, albeit on a single trade of 1,000 shares.
HSBC Bank Malta plc moved 2.7% lower to the €0.73 level on one deal of 3,952 shares.
Also in the retail banking sector, APS Bank plc shed 1.6% to the €0.60 level on lacklustre volumes.
Malta Properties Company plc fell by 1.2% to the €0.494 level across 2,000 shares.
Malta International Airport plc remained at the €5.70 on a single trade of 500 shares.
Muted activity also took place in the shares of M&Z plc as it stayed at the €0.70 level.
The RF MGS Index eased by 0.08% to 896.349 points amid uncertainties related to the monetary policy decisions to be taken by major central banks in the coming weeks. ECB Governing Council Member Robert Holzmann, head of the National Bank of Austria, remarked that he backed a third consecutive 75 basis point rate hike in December as he sees no signs that core inflation is reducing.
Today, Mariner Finance plc announced that it received regulatory approval for the issuance of up to €44 million unsecured bonds having a coupon of 5% and redeemable in 2032. An amount of €35 million are reserved for subscriptions of holders of the existing ‘5.30% Mariner Finance plc unsecured bonds 2024’ through an exchange offer at a 1.5% premium on the nominal amount held. The remaining €9 million and any other amounts not subscribed for by existing bondholders will be made available for existing holders applying for excess amounts and the general public. The offer period closes on 16 December or earlier in the event of over-subscription. Full details will be published in a Prospectus available from tomorrow.
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.