Daily Market Highlights (23.06.2023)

Trading in property companies takes centre stage


The MSE Equity Price Index fell by 0.47% to 3,693.798 points as the declines BOV, Lombard and MedServ outweighed the gains of GO, PG and Malita while three other equities closed unchanged. Trading activity in local equities surged to a one-month high of €0.47 million, largely driven by the exchange of shares of property companies. Download today’s Equity Market Summary.

Hili Properties plc was today’s most actively traded equity as it traded flat at the €0.228 level across four deals totalling 1,105,000 shares having a market value of €0.25 million. Following the close of today’s trading, Hili Properties published the forecasts for the 2023 financial year. Revenue is expected to surge by 15.8% to a record of €14.5 million reflecting the full-year income from the properties acquired in 2022, including the Miro Office Building (75% owned) in Bucharest, which is the largest asset of Hili Properties valued at €60.4 million as at the end of 2022. In view of the strong growth in revenues and the lower net operating expenses, EBITDA is anticipated to increase by 26.4% to €10.7 million. The forecasted financial position as at 31 December 2023 shows that shareholders’ funds are expected to remain virtually unchanged at €116.3 million, which translates to a net asset value per share of €0.2902.

Also in the property sector, VBL plc closed unchanged at the €0.208 level after failing to hold to an intraday high of €0.21 (+1%) across healthy volumes totalling 223,000 shares.

BMIT Technologies plc held the €0.43 level on a single trade of 1,850 shares.

MedservRegis plc was today’s worst performing equity as it plummeted by 24% to the €0.51 level across three deals totalling 53,500 shares.

Lombard Bank plc closed 6.2% lower to the €0.90 level after opening at a high of €0.97 (+1%) across volumes of 7,002 shares. Yesterday, Lombard held its annual general meeting which approved all resolutions, including a bonus share issue of one share for every forty-five (45) shares held by shareholders as at close of trading on 17 July. Shareholders also gave the authority to the Board of Directors to issue up to 65,000,000 new ordinary shares at a price to be determined by the Board.

Also in the banking sector, Bank of Valletta plc eased by 0.8% to the €1.20 level across five trades totalling 37,778 shares.

In contrast, Malita Investments plc rebounded by 7.8% to the €0.625 level across seven deals totalling 72,667 shares.

GO plc moved 1.4% higher to the €3.00 level across volumes totalling 7,500 shares.

PG plc advanced by 1% to the €1.94 level as 15,808 shares changed hands.

The RF MGS Index remained relatively unchanged at 873.682 points as the price increases in the longer-term MGS outweighed the drop in prices of short-dated MGS, leading to the yield curve becoming flatter. Indeed, the yield difference between a 2-year MGS and a 29-year MGS contracted to just 54 basis points. Data within the eurozone showed that business activity slowed down in June amid tighter monetary conditions following the aggressive rate hikes by the ECB over the past twelve months.


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.