Daily Market Highlights (29.04.2022)

IHI share price rallies following Term Sheet with UDC


The MSE Equity Price Index ended the week on a high note as it climbed by 3% to over 3,700 points. The uplift was driven by the significant gain in the share price of IHI which together with the positive movements in four other companies outweighed the declines in three companies. Meanwhile, BOV, GO, BMIT and M&Z closed unchanged as overall trading activity improved markedly to €0.64 million. Download today’s Equity Market Summary.

Following yesterday’s announcement that International Hotel Investments plc signed a preliminary Term Sheet with the United Development Company (“UDC”) of Qatar, during today’s trading session the equity added 34.2% to an over two-year high of €0.805 on robust volumes totalling 183,265 shares. The agreement with UDC provides that subject to the attainment of all necessary approvals, a satisfactory completion of a due diligence process, and satisfactory negotiation and completion of all requisite definitive agreements, UDC will subscribe to 100,000,000 new shares to be issued by IHI at a subscription price of €1.22 per share. Furthermore, UDC will be granted an option to subscribe to an additional 200,000,000 new shares within one year at a price of €1.28 per share. UDC is the owner and developer of ‘The Pearl in Doha’, Qatar, which is a luxury residential, commercial, social and hospitality development. UDC is a listed company whose main shareholder is the Pension Fund of Qatar.

Also among the large companies by market value, Malta International Airport plc advanced by 0.8% to the €5.95 level on heightened activity totalling 26,600 shares having a market value of €0.16 million.

HSBC Bank Malta plc moved back to the €0.78 level (+1.3%) across 21,136 shares.

In the property segment, AX Real Estate plc trended 9.1% higher to recapture the €0.60 level on 41,200 shares.

The other positive performing equity today was Malta Properties Company plc with an uplift of 1% to the €0.505 level across 14,000 shares.

Robust trading activity took place in the equities of GO plc (35,240 shares) and BMIT Technologies plc (219,500 shares) which ended the day unchanged at €3.30 and €0.48 respectively.

Two deals totalling 12,445 shares left the share price of Bank of Valletta plc at the €0.77 level.

M&Z plc stayed at the €0.75 level across 33,000 shares.

Meanwhile, Medserv plc was the wort performing equity today as it plummeted by 21.3% back to the €0.70 level across 71,713 shares.

Both MaltaPost plc (1,236 shares) and Santumas Shareholdings plc (5,214 shares) eased by 0.9% to the €1.09 level.

The RF MGS Index erased most of the gains registered in the previous two days as it slipped by 0.35% to 998.408 points. Nonetheless, despite today’s drop, during the past five days the Index added 0.12% thus recording its first weekly gain in almost two months.


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.