BOV surges to a six-year high of €1.65

 

The MSE Equity Price Index rose by 0.77% to an almost five-month high of 3,837.359 points reflecting the gains in BOV, APS, GO, IHI, Malita, and Santumas. Meanwhile, MIA, HSBC, Trident, Medserv, and Main Street declined and two other equities closed unchanged. Today’s trading activity in equities amounted to €0.34 million. Download today’s Equity Market Summary.

Bank of Valletta plc surged by 5.1% to a six-year high of €1.65 across thirty-four deals totalling 128,861 shares.

Also in the banking sector, APS Bank plc increased by 0.4% to the €0.482 level on a single deal of 5,682 shares.

GO plc rose by 1.4% to the €2.96 level over ten trades amounting to 15,550 shares.

Also among large companies by market value, International Hotel Investments plc rebounded by 7.3% to the €0.41 level on two trades totalling 4,310 shares.

Malita Investments plc rose by 2.1% to the €0.49 level after recovering from an intraday low of €0.454 (-7.5%) over four deals amounting to 6,100 shares.

Santumas Shareholding plc moved 10.2% higher to the €1.30 level on two trades totalling 8,500 shares.

On the other hand, Malta International Airport plc shed 1.7% to the €5.85 level across three trades amounting to 632 shares. Yesterday, MIA published its interim results for the six-month period ended 30 June 2024. Revenues reached a record (at interim stage) of €64.4 million, which is 20% higher than the previous record of €53.6 million generated in the same period in 2023. Total operating costs increased by 15.1% to €30.1 million, thus leading to an operating profit of €34.5 million. MIA reported a record interim net profit of €22.1 million. Considering the Group’s strong financial performance, the Board of Directors declared a net interim dividend of €0.06 per share, which is double the interim dividend paid in 2023. The dividend is payable by not later than Friday 13 September 2024 to all shareholders as at close of trading on Tuesday 20 August 2024.

Also among large companies by market value, HSBC Bank Malta plc moved 2.3% lower to the €1.70 level over seven deals totalling 27,941 shares. Following record interim profits for the first half of 2024, the Board of Directors declared a net interim dividend of €0.065 per share, which represents the highest interim dividend paid by HSBC Malta in over 10 years. The dividend is payable on 17 September 2024 to all shareholders as at close of trading on 13 August 2024.

Main Street Complex plc decreased by 0.6% to the €0.34 level over four trades amounting to 8,410 shares after recovering from an intraday low of €0.30 (-14%)

Trident Estates plc shed 2.5% to the €1.16 level on a single deal of 1,600 shares.

MedservRegis plc slumped by 22.4% to the €0.45 level over trivial volumes.

A single trade of 52,461 shares left the price of FIMBank plc unchanged at the USD0.199 level.

AX Real Estate plc closed unchanged at the €0.48 level as 5,100 shares changed hands.

Today, Tigné Mall plc published its interim results covering the six-month period ended 30 June 2024. Revenue remained unchanged at €4.09 million as the Company continued to benefit from the positive effects of strong consumer demand and improved tourism numbers, despite the prevailing inflationary pressures. On the expenditure side, operating costs increased by 9% to €1.66 million reflecting higher a depreciation charge following an increase in capital expenditure. Consequently, operating profit fell by 5.4% to €2.43 million. The net profit for the period amounted to €1.80 million, which is 6.4% lower than the record interim profit of €1.93 million recorded in the first half of 2023. The Directors of Tigné Mall declared a record net interim dividend of €0.01445 per share, which is 6.3% higher than last year’s interim dividend. The dividend represents a payout ratio of 45% (H1 2023: 40%) and is payable on Wednesday 28 August 2024 to all shareholders as of the close of trading on Monday 12 August 2024.

Hili Properties plc announced that following the share purchase agreement it had entered into in December 2022, the acquisition for the remaining 25% of the issued share capital in Baneasa Real Estate S.R.L. was completed. As a result, as from 1 August 2024, Hili Properties is the 100% owner of the holding company of the MIRO Office Building in Bucharest.

The RF MGS Index rose for the fifth consecutive session increasing by 0.17% to a fresh seven-month high of 905.018, points rising by 1.08% throughout the whole week, the highest weekly gain since the start of December. The surge in MGS prices is reflective of the continuous declines in sovereign bond yields over the past two weeks. Notably, the US 10-year treasury fell to a year to-date low of around 3.85% falling by more than 40 basis points from its peak, above 4.25% two weeks ago. Meanwhile, the German 10-year bund yield fell by 30 basis points to a 6-month low of around 2.17% after opening at 2.46% on Monday 22 July 2024. Data released today showed that in the United States, only 114,00 jobs were added during July, the lowest figure in three months and falling well below expectations of 175,000 new jobs. Furthermore, unemployment for July unexpectedly rose to 4.3%, the highest reported figure since October 2021.

 

This report contains only public information and is not to be construed as investment advice or an offer to buy or sell 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.