MIA closes at an eight-month high

 

The MSE Equity Price Index rose by 0.19% to 3,816.527 points driven by the gains in MIA and BMIT. Meanwhile, eight other equities closed unchanged as today’s trading activity in local equities amounted to €0.16 million. Download today’s Equity Market Summary.

Malta International Airport plc moved 1.7% higher to an eight-month high of €6.00 over six trades amounting to 20,000 shares. Last week, 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 the close of trading on Tuesday 20 August 2024.

BMIT Technologies plc increased by 0.6% to the €0.332 level on a single deal of 20,000 shares. Yesterday, BMIT published its interim results covering the six-month period ended 30 June 2024. The net profit for the period was €2.21 million, 16% less than the €2.63 million reported during the corresponding period in 2023 as the additional income from managing the mobile network towers was offset by the additional depreciation and amortisation charges as well as increased finance costs.

Meanwhile, Bank of Valletta plc held the €1.63 level on a single deal of 3,000 shares.

Mapfre Middlesea plc traded flat at the €1.33 level as 3,740 shares changed hands.

Simonds Farsons Cisk plc closed unchanged at the €6.85 level on two trades amounting to 2,500 shares.

Also among large companies by market capitalisation, GO plc held on to the €2.96 level on two trades totalling 625 shares. GO will publish its interim results for the six-month period ended 30 June 2024 this Friday.

PG plc and Main Street Complex plc both held the €1.81 and €0.34 levels respectively over trivial volumes.

Similarly, property-related equities AX Real Estate plc and Malta Properties Company plc both closed unchanged at the €0.456 and €0.33 levels respectively on muted activity.

The RF MGS Index remained relatively unchanged at 3,903.262 points, in spite of the spike in sovereign bond yields today. In particular, the German 10-year bund yield resurged above the 2.25% level after hovering below 2.1% last Monday. Similarly, the US 10-year treasury yield trended above 3.9% after dropping below 3.7% in the previous days. Elsewhere, today, the deputy governor of the Bank of Japan stated that interest rates will not be hiked whilst markets are so volatile. Last week, the Bank of Japan raised its key interest rate and signalled further tightening in the upcoming months, which culminated in Japan’s main equity index, the Nikkei 225, falling by about 13% last Monday, the largest daily fall in almost forty years.

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.