Daily Market Highlights (24.04.2023)

 MSE Equity Price Index resurfaces above the 3,600 level

 

The MSE Equity Price Index advanced by 0.55% to a 1-month high of 3,601.173 points as the gains in BOV, GO, Lombard, and VBL outweighed the declines in AX Real Estate and the ordinary shares of RS2. Meanwhile, three other equities closed unchanged. Download today’s Equity Market Summary.

Bank of Valletta plc remained the most actively traded equity for the seventh consecutive session as it climbed by a further 2% to close at an over two-year high of €1.01 across volumes totalling 82,164 shares.

Bank Malta plc surged by 12.1% to the €1.02 level, albeit on muted activity. Lombard is expected to publish its 2022 financial results on Thursday 27 April.

VBL plc moved 5% higher to the €0.21 level on two trades totalling 15,000 shares. Last Friday, VBL published its 2022 financial results. Revenue more than doubled to €2.32 million (2021: €1.06 million) reflecting growth in rental income from its property portfolio. Meanwhile, VBL also experienced higher cost of sales and net administrative expenses to €2.06 million (2021: €0.89 million). Operational EBITDA increased by nearly 50% to €0.26 million compared to €0.18 million in 2021. Meanwhile, the financial performance was once again boosted by the net increase in fair value of investment property of €6.87 million (2021: €6.34 million). Overall, VBL posted a pre-tax profit of €6.60 million and a net profit of €6.32 million. Shareholders’ funds increased by 12.7% to €63.6 million, partly reflecting the additional issued share capital during the financial year. Net asset value per share as at 31 December 2022 amounted to €0.2564 compared to €0.2308 as at the end of 2021. The Directors are recommending a dividend of €0.000726 per share (2021: €0.000654) to all shareholders as at close of trading on 2 June 2023.

GO plc added 0.7% to the €2.94 level on lacklustre volumes.

Also among the large companies by market value, Malta International Airport plc traded flat at the €5.55 across four deals totalling 1,540 shares.

Likewise, HSBC Bank Malta plc held the €1.02 level across two trades totalling 23,788 shares.

APS Bank plc closed unchanged at the €0.61 level as 6,630 shares changed hands. On Thursday 27 April, APS will be publishing its Q1 key financial indicators.

AX Real Estate plc fell by 3.3% to an all-time low of €0.474 on two deals totalling 4,000 shares.

The ordinary shares of RS2 Software plc eased by 0.9% to the €1.13 level on trivial volumes. RS2 is expected to publish its results for the 2022 financial year on Friday 28 April.

Today, LifeStar Holding plc announced that its Board of Directors is scheduled to meet on Thursday 27 April 2023 to consider and approve the financial statements for the year ended 31 December 2022.

The RF MGS Index rose by 0.11% to 874.086 points. Germany’s Business Climate Indicator increased by 0.4 points to 93.6 in April, albeit lower than the market expectations of 94. The IFO president commented that although German business worries are abating, the economy is still lacking momentum. Meanwhile, the Head of the Belgian Central Bank remarked today that he will continue to advocate for rate increases until wage growth starts to fall. In the US, the S&P Global US services PMI increased to 53.7, well above the expected rate of 51.5, resulting the fastest expansion of the service sector since April 2022.

 

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.