Daily Market Highlights (29.03.2022)

BMIT posts record performance in 2021


The MSE Equity Price Index retracted by 0.38% to 3,643.930 points as several equities trended lower whilst only BMIT and Farsons performed positively. Meanwhile, Plaza Centres plc remained at the €0.85 level across 1,750 shares after recovering from an 8-month low of €0.80. Overall trading activity in equities increased to €0.24 million compared to €0.15 million yesterday. Download today’s Equity Market Summary.

BMIT Technologies plc added 2.4% to regain the €0.51 level across 156,827 shares. Today, the company published its 2021 full-year financial results. Revenues increased by 5.5% to a record of €25.3 million as despite the challenges brought about by the pandemic, BMIT registered double-digit growth in the provision of cloud and managed services, as well the resale of hardware and software. Although costs increased in line with the expansion in business, BMIT reported a near 7% growth in net profit to an all-time high of just over €5 million which, in turn, translates into a return on equity of 45%. The Directors are recommending the payment of a net dividend of €0.02497 per share compared to the net dividend of €0.02922 per share paid for the 2020 financial year. Shareholders as at close of trading on 20 April will be entitled to receive the dividend which is expected to be paid on 26 May. In its commentary, BMIT explained that it is continuing with its transformation to a full suite advisor and provider of technology solutions by extending its product and service portfolio. Moreover, the company will seek to expand its horizons beyond Malta and also develop new capabilities which will allow the company to reap the opportunities brought about by existing and emerging technologies.

Simonds Farsons Cisk plc was the most actively traded equity today as it rose by 1.9% back to the €8.00 level on a single deal of 13,000 shares having a market value of €0.1 million.

In contrast, GO plc eased by 0.6% to the €3.28 level across 8,750 shares. GO is due to publish its 2021 full-year results tomorrow.

Also among the large companies by market value, Bank of Valletta plc (5,927 shares) and HSBC Bank Malta plc (10,000 shares) dropped by 1.3% and 2.4% to €0.77 and €0.83 respectively.

M&Z plc moved back to the €0.75 level (-2%) on two deals totalling 19,253 shares.

The other negative performing equities today were Hili Properties plc and MaltaPost plc which closed the day at €0.24 (-5.5%) and €1.08 (-1.8%) respectively albeit on shallow volumes.

Today, Malta International Airport plc launched its summer flight schedule which features 99 routes in 34 countries, offering almost 80% of the summer connections that Malta had prior to the pandemic. The UK will be the most connected market, followed by Italy and France. Commenting on the summer schedule, MIA’s CEO Mr Alan Borg explained that: “Our Traffic Development team and the Malta Tourism Authority have worked tirelessly to restore as much as possible of the airport’s pre-pandemic connectivity, and our flight schedule for summer is testament to the success of these efforts. The connectivity we have secured augurs well for the coming months, and our confidence that this season will be significantly better than the past two summers has been further strengthened by the Prime Minister’s recent pledge that the government will be removing the remaining COVID-19 restrictions. Only once people are able to travel freely to Malta again, can we start competing on a more level playing field with other Mediterranean destinations.”

The RF MGS Index moved lower for the third consecutive session as it slid by a further 0.20% to an over 8-year low of 1,021.783 points. Investors’ sentiment continued to be dominated by the developments taking place in Ukraine as a Russian high official said that his country might reduce military activity considerably near Kyiv and Chernihiv in an attempt for a potential cease-fire based on certain conditions being met by Ukraine.


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.