Daily Market Highlights (25.10.2023)

APS publishes details of €50m bond issue


The MSE Equity Price Index moved 0.22% lower to a six-month low of 3,590.140 points as the declines in HSBC, Lombard and PG offset the gain in BOV. Meanwhile, five other equities closed unchanged as the total trading activity amounted to €0.05 million.  Download today’s Equity Market Summary.

APS Bank plc closed unchanged at the €0.59 level after recovering from an intraday low of €0.57 (-3.4%) across six trades totalling 12,479 shares. Today, APS published a Base Prospectus and Final Terms following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of up to €150 million Unsecured Subordinated Bond Issuance Programme. Series 1 consists of the issuance of up to €50 million 5.8% unsecured subordinated bonds maturing between 2028 and 2033. The Intermediaries’ Offer is set to open on Monday 30 October until Friday 17 November and since the bonds are considered complex products, prospective investors wishing to participate will be subjected to a Suitability Assessment. In the event of oversubscription, the Bank will give preference to Preferred Applicants, which are APS shareholders and bondholders as at the close of trading on 19 October 2023 and APS employees as at 23 October 2023. Furthermore, on Thursday 26 October, APS is also expected to publish its financial results for the nine-month period ended 30 September on Thursday 26 October 2023.

GO plc closed unchanged at the €2.92 level after recovering from an intraday low of €2.86 (-2.1%) over four deals totalling 3,200 shares.

International Hotel Investments plc also closed unchanged at the €0.45 level after failing to hold onto an intraday high of €0.456 (1.3%) across two trades totalling 3,727 shares.

Malta International Airport plc and Malta Properties Company plc remained at the €5.45 and €0.40 levels respectively on muted activity.

A single trade of 8,000 shares pulled the share price of Lombard Bank Malta plc 1.3% lower to a seven-week low of €0.75. Lombard shareholders as at the close of trading on 15 September 2023 are entitled to participate in a 2-for-3 rights issue at a price of €0.75 until tomorrow.

Also in the banking sector, HSBC Bank Malta plc eased by 0.9% to a one-week low of €1.14 on a single trade of 1,976 shares.

PG plc slumped by 4.5% to a three-month low of €1.91 across three deals totalling 4,000 shares.

Loqus Holdings plc dropped to €0.125 on trivial volumes.

In contrast, Bank of Valletta plc advanced by 0.8% to the €1.23 level across three deals totalling 14,004 shares. BOV’s Board of Directors is scheduled to meet tomorrow to consider the payment of an interim dividend.

The RF MGS Index reversed some of yesterday’s gains as it decreased by 0.28% to 849.090 points. Within the eurozone, a key German business climate indicator increased for the first time in six months during October as businesses become less pessimistic about the months ahead. Meanwhile in the US, data released by the Mortgage Bankers Association showed mixed signals with regard to the US Housing market. In fact, seasonally adjusted housing sales during September reached an eighteen-month high compared to an expected contraction. On the other hand, total mortgage demand continued its downtrend to reach the lowest level since 1995. The reduction in mortgages is driven by a rise in mortgage rates amidst long-term government bond yields reaching a sixteen-year high throughout the previous week. In fact, over the last week, the 30-year mortgage rate increased by 0.2 percentage points to 7.9% which is the highest level seen since the year 2000.


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.