Mapfre Middlesea kickstarts interim reporting season

 

The MSE Equity Price Index climbed 0.44% higher to 3,780.153 points as the gains in BOV and IHI outweighed the decline in Trident. Meanwhile, two other equities closed unchanged as the total trading activity totalled €0.13 million. Download today’s Equity Market Summary.

Today, Mapfre Middlesea plc published its interim financial statements for the six-month period ended 30 June 2023. The company explained that it has adopted two new International Financial Reporting Standards which also resulted in the restatement of the 2022 financial statements. In this context, the total equity of the Group was reduced by €69.1 million with the major impact emanating from the de-recognition of Mapfre MSV life’s Value of in-force business amounting to €84.0 million. Meanwhile, the Group also recognised a positive movement of €14.7 million reflecting a change in technical provisions. In terms of financial performance, in the first half of the year, Mapfre Middlesea generated pre-tax profits of €10.7 million compared to a restated figure of €3.0 million for the first six-months of 2022.

Bank of Valletta plc gained 0.8% to a one-month high of €1.25 after recovering from a low of €1.21 (-2.4%) across thirteen trades totalling 92,882 shares. Today, BOV announced that it has entered into a new correspondent banking relationship with Citi. BOV explained that the addition of Citi for US Dollar correspondent transactions enhances the current correspondent banking arrangements that BOV has with other international banks. It will also provide direct access to US Dollar cash clearing services. Tomorrow, BOV will publish its interim financial statements for the six-month period ended 30 June 2023.

Also amongst large companies by market cap, International Hotel Investments plc advanced by 4.6% to the €0.545 level on a single trade of 2,500 shares.

Trident Estates plc fell by 4% to a two-week low of €1.25 level on one deal of 3,321 shares.

Meanwhile, Malta International Airport plc traded flat at the €5.65 level on two deals totalling 919 shares. MIA is set to publish its interim financial statements for the six-month period ended 30 June 2023 on Tuesday 1 August.

A single trade of 5,875 shares left the price of APS Bank plc unchanged at the €0.615 level. Tomorrow, APS will publish its interim financial statements for the six-month period ended 30 June 2023.

The RF MGS Index decreased by 0.04% to 872.635 points. Across the sovereign bond markets, the attention is towards the imminent actions of the major central banks as the US Federal Reserve is expected to announce today and increase rates by a further 25 basis points to a range between 5.25% and 5.50%, while the ECB is also expected to announce another 25-basis point rate hike tomorrow.

 

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.