Daily Market Highlights (29.09.2021)

Farsons resumes dividend payments

 

The MSE Equity Price Index increased by 0.10% to 3,884.673 points as the gains in BMIT, BOV and LifeStar Holding outweighed the losses in Medserv and PG. Meanwhile, five other shares closed the day unchanged as overall trading activity remained subdued at just €0.04 million. Download today’s Equity Market Summary.

Today’s main highlight was the publication of the interim results of Simonds Farsons Cisk plc for the six-month period ended 31 July 2021. Revenues increased by 13.1% to €41.6 million reflecting the strong rebound in activity across all business segments. Furthermore, Farsons recorded a marked improvement in profitability reflecting the increase in the volume of business as well as the more efficient operating model which translated into substantially higher margins. In fact, the Group posted a net profit of €4.9 million compared to €1.6 million in H1 2020/21. Farsons will be paying a record (at interim stage) net dividend of €0.05 per share to shareholders as at close of trading on Monday 4 October. The Board of Directors also noted that it will consider declaring a second interim dividend before the end of the 2021 calendar year should business conditions continue to improve. The equity remained inactive today.

Bank of Valletta plc continued to trade within a tight range and ended the day 1.1% higher at the €0.89 level across seven deals totalling 19,000 shares after recovering from an intraday low of €0.87 (-1.1%).

BMIT Technologies plc added 0.8% to the €0.494 level on a single trade of 6,600 shares.

LifeStar Holding plc surged by 4.9% to the €0.64 level albeit on trivial volumes.

Meanwhile, MedservRegis plc traded for the first time in four weeks as it shed 4.1% to the €0.695 level on a single deal of 1,900 shares.

PG plc eased by 0.8% to the €2.48 level as 1,035 shares changed hands.

HSBC Bank Malta plc remained at the €0.83 level on two trades totalling 7,000 shares after recovering from an intraday low of €0.825 (-0.6%).

Also among the large companies by market value, GO plc remained at the €3.40 level on three deals totalling 750 shares.

International Hotel Investments plc closed unchanged at the €0.61 level on two trades totalling 7,300 shares after recovering from an intraday low of €0.605 (-0.8%).

In the property segment, Plaza Centres plc maintained the €1.00 level on a single trade of 5,000 shares.

Trident Estates plc remained at the €1.58 level across two deals totalling 1,750 shares after recovering from an intraday low of €1.50 (-5.1%).

The RF MGS Index recovered some of yesterday’s losses as it rebounded by 0.12% to 1,084.811 points. Inflationary pressures continued to be felt in Germany as import prices surged by 16.5% year-on-year in August, mainly due to higher natural gas and oil prices. Similarly, in Spain, inflation in September exceeded expectations and reached 4.0% which is well above the ECB target of 2%.

Today, Central Business Centres plc published a Prospectus in relation to a new €21 million bond issue at a coupon of 4% maturing in 2033 with the possibility of early redemption as from 2027. The net proceeds from the bond issue will principally be used for the acquisition of the property known as ‘Savoy Shopping Complex’ located in Valletta.

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