Daily Market Highlights (23.03.2022)

MIA share price drops to 3-month low


The MSE Equity Price Index trended minimally higher to 3,641.404 points as the gains in the share prices of BOV and MaltaPost outweighed the decline in Malta International Airport plc which dropped by 2.6% to a three-month low of €5.65 across 3,536 shares. Meanwhile, four other companies closed the day unchanged as overall trading activity improved to €0.08 million compared to €0.06 million yesterday. Download today’s Equity Market Summary.

Bank of Valletta plc rose by 2.6% to recapture the €0.79 level across nine deals totalling 25,654 shares. Yesterday, BOV published its results for the 2021 financial year. 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.

The other positive performing equity today was MaltaPost plc as it surged by 6.8% to the €1.10 level on a single deal of 3,172 shares.

Elsewhere, HSBC Bank Malta plc traded flat at the €0.85 level on trivial volumes.

Malita Investments plc (40,000 shares) and BMIT Technologies plc (10,000 shares) also closed unchanged at €0.75 and €0.496 respectively.

Mapfre Middlesea plc stayed at the €2.14 level on shallow volumes.      

The RF MGS Index trended higher as it rebounded by 0.20% to 1,028.520 points. Today, the British finance minister Rishi Sunak announced a £6 billion tax cut with a view of easing the impact of high inflation. The UK Office for Budget Responsibility reduced the GDP growth forecast for this year to 3.8% from the earlier estimate of 6% but revised higher the inflation forecast to 7.4% from the previous projection of 4%. Meanwhile, German Chancellor Olaf Scholz warned that Europe stands ready on imposing further harsh sanctions on Russia following its one-month long war on 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.