GHM dominates trading activity

The MSE Equity Price Index advanced by 0.70% to 3,862.539 points driven by the gains in Grand Harbour Marina, GO, MedservRegis, MIA, Malita, and the preference shares of RS2. Meanwhile, BOV and HSBC moved lower, and two other equities closed unchanged. Today’s trading activity in local equities was muted at €0.14 million. Download today’s Equity Market summary.

Grand Harbour Marina plc gained a further 1.2% to the €0.86 level across eight deals totalling 51,400 shares, making it today’s most actively traded equity. Last week, Grand Harbour Marina published its interim financial statements for the six-month period ended 30 June 2024, showing that revenues remained relatively unchanged at €2.06 million, but total operating costs moved 4.5% lower at €1.34 million mainly reflecting a drop in direct and personnel costs. GHM’s financial performance was positively affected by the share of profit of €3.26 million from its investment in IC Çeşme Marina located in Turkey (in contrast to the share of loss of €0.06 million reported in H1 2023), significantly boosted by a reduction in foreign exchange losses following IC Çeşme’s repayment of euro-denominated loans. GHM reported a pre-tax profit of €3.66 million (H1 2022: €0.24 million). After accounting for a tax charge of €0.16 million, the net profit for the period under review amounted to €3.49 million.

Notable activity took place across the shares of GO plc which climbed 3.6% to the €2.90 level across five trades totalling 11,962 shares.

Also among the large companies by market value, Malta International Airport plc advanced by 2.5% to the €6.10 level across five deals totalling 2,825 shares.

Malita Investments plc surged by 25% to the €0.60 level across two trades totalling 3,250 shares, however, the volume-weighted average price for the day was at €0.517 (+7.7%). Last week, Malita published its interim financial statements for the six-month period ended 30 June 2024. Revenues grew by 5.1% to €4.92 million which filtered through a 4.4% increase in operating profit to €4.32 million. Meanwhile, the financial performance of Malita was dented by a fair value decrease of investment property of €8.69 million in contrast to a positive movement of €7.30 million recorded in the first half of 2023. The net loss for the period under review amounted to €3.62 million compared to a profit of €10.4 million in the first half of 2023. As at 30 June 2024, the net asset value per share stood at €0.908. The Directors declared a net interim dividend of €0.0086 per share, virtually unchanged from the previous year but reflecting a higher payment in absolute terms in view of the additional shares subscribed through the Rights Issue. The dividend is payable on Wednesday 2 October 2024 to all shareholders as at the close of trading on Monday 9 September 2024.

MedservRegis plc advanced by 7.1% to the €0.45 level across three trades totalling 2,500 shares, however, the volume-weighted average price for the day was at €0.424 (+0.9%). Last week, MedservRegis also published the interim results. Revenues remained virtually unchanged at €32.2 million. On the expenditure side, total operating costs (net of other income) increased by 3.9% to €29.4 million. Consequently, the Group’s operating profit fell by 23.2% to €2.89 million compared to €3.75 million in the first half of 2023. MedservRegis reported an adjusted EBITDA of €8.07 million, which is 10% lower than the €9 million figure reported for the same period last year. This translates into an EBITDA margin of 25.0% (H1 2023: 28.1%). The Board of Directors expressed its optimistic views on achieving its 2024 forecasts. This is based on a robust pipeline of awarded contracts, timely arrival of critical materials, and positive feedback from clients. In this context, the Directors anticipate a significant increase in business volume during the second half of the year.

The preference shares of RS2 plc moved 0.8% higher to €0.605 on a single trade of 1,688 shares.

Meanwhile, Bank of Valletta plc eased by 1.2% to the €1.68 level across nine trades amounting to 18,599 shares.

Likewise, HSBC Bank Malta plc fell by 1.2% to the €1.64 level, albeit on trivial volumes.

MaltaPost plc (9,500 shares) and Harvest Technology plc (2,000 shares) held the €0.448 and €0.97 levels respectively.

The RF MGS Index registered the largest daily decline in almost three months as it fell by 0.41%, to a one-month low of 901.710 points, reflecting a continued increase in eurozone sovereign bond yields. The rise in yields was potentially fuelled by political uncertainty in Germany as well as new tensions in the Middle East following a general strike in Israel which shut down most of the country.