Daily Market Highlights (28.02.2023)

AX Real Estate reports progress on major projects


The MSE Equity Price Index eased by 0.21% to 3,639.044 points reflecting the declines in HSBC, PG, RS2 and BMIT. Meanwhile, BOV closed unchanged as overall trading activity amounted to €0.12 million. Download today’s Equity Market Summary.

Yesterday evening, AX Real Estate plc published its Annual Report and Financial Statements for the year ended 31 October 2022. Revenue amounted to €8.91 million mainly derived from the leasing of its property assets. Operating expenses amounted to €1.36 million, while the financial performance was boosted by the fair value movements of investment property of €2.79 million. Overall, AX Real Estate reported a net profit of €3.60 million. The company’s equity position as at 31 October 2022 stood at €142.0 million which, in turn, translates into a net asset value per share of €0.518. In their commentary, the Directors also stated that works at Suncrest are progressing at a steady pace and the hotel will reopen in May 2023 as planned. Furthermore, by the end of October 2022, the foundations of the Verdala Hotel in Rabat were at an advanced stage and the new office development at Falcon House in Sliema as well as the remaining offices at AX Business Centre in Mosta were all leased to third parties. The shares of AX Real Estate did not trade today.

Bank of Valletta plc was the most actively traded equity for the second consecutive session as 69,248 shares changed hands. BOV closed unchanged at the €0.92 level after recovering from an intraday low of €0.915 (-0.5%).

Also in the banking sector, HSBC Bank Malta plc closed 1% lower at the €1.03 level after partially recovering from an intraday low of €1.00 (-3.8%) across nine trades totalling 36,444 shares.

The ordinary shares of RS2 Software plc eased by 0.9% to the €1.15 level on two deals totalling 2,058 shares.

PG plc shed 1.0% to the €2.04 level across volumes of 2,100 shares.

BMIT Technologies plc closed 0.9% lower to the €0.44 level after failing to hold to an intraday high of €0.446 (+0.5%) across four deals totalling 23,500 shares.

The RF MGS Index moved lower for the fifth time in six sessions as it fell by 0.37% to 870.373 points. The index lost 1.22% throughout February but still remains 0.7% higher than the level as at the end of 2022. Eurozone yields rose sharply with the German 10-year bund yield reaching a near 12-year high of 2.7%. Movements were largely influenced by higher-than-expected inflation in both France and Spain in February. Today, ECB chief economist Philip Lane stated that the ECB needs to see sufficient progress in underlying inflation to stop raising rates.


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.