Daily Market Highlights (23.11.2022)

PG to acquire Qormi Site


The MSE Equity Price Index snapped a four-day losing streak as it advanced by 0.29% to 3,565.885 points. The gains in IHI, GO, and BMIT outweighed the declines in BOV, Harvest and Farsons, while four other equities closed unchanged. Overall trading activity amounted to €0.08 million. Download today’s Equity Market Summary.

Yesterday, PG plc announced that it entered into an agreement with Nylon Knitting Limited to acquire the remaining 90 years of the temporary utile dominium of a divided portion of land forming part of the land known as ‘ta’ L-Istabar’ in the limits of Qormi, which in turn currently forms part of the site named ‘Nylon Knitting’ in close proximity to the PAVI Shopping Complex. The consideration price for the acquisition is of €7.0 million, of which 10% has been paid as a deposit while the remaining balance will be settled at the final deed of sale. The transaction is subject to the relevant searches being carried out to be satisfactory and shall remain valid up to 30 January 2023. The equity remained inactive today.

International Hotel Investments plc surged by 7.7% to regain the €0.70 level, albeit on just 1,000 shares. Yesterday, IHI 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.

Also among the large companies by market value, GO plc moved 0.7% higher to the €2.88 level as 3,000 shares changed hands.

GO’s data centre and IT services specialist – BMIT Technologies plc – climbed 4.5% to the €0.46 level on a single deal of 10,000 shares.

Also in the technology segment, Harvest Technology plc plunged 15% to the €1.25 level on volumes totalling 1,900 shares.

Simonds Farsons Cisk plc fell 2% to the €7.35 level on three trades totalling 1,361 shares.

Bank of Valletta plc was today’s most actively traded equity as it dropped 2.8% to the €0.875 level on volumes totalling 24,408 shares.

Also within the retail banking sector, HSBC Bank Malta plc (2,840 shares) and APS Bank plc (8,000 shares) closed unchanged at the €0.73 and €0.60 levels respectively.

AX Real Estate plc traded flat at the €0.535 level across 38,520 shares.

Malta International Airport plc remained at the €5.70 on muted volumes.

The RF MGS Index remained virtually unchanged at 896.593 points. Within the eurozone, Purchasing Managers’ Indices exceeded expectations amid improved activity in both manufacturing and services during November. In contrast, factory activity in the US fell for the first time since 2020, in contrast to projections which had indicated further expansion in manufacturing.

Today, Mariner Finance plc published a Prospectus in relation to the issuance of up to €44 million unsecured bonds having a coupon of 5% and redeemable in 2032. The net proceeds will be used to refinance the outstanding bond and general corporate funding purposes. An amount of €35 million is 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.


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.