Daily Review 08.03.2024

APS share price climbs to 7-week high


The MSE Equity Price Index eased by 0.09% to 3,818.795 points as the drop in MIA offset the gain in APS. Meanwhile, four other equities closed unchanged as the overall trading activity in local equities was muted at €0.06 million. Download today’s Equity Market Summary.

APS Bank plc advanced by 1.8% to a 7-week high of €0.56 across eleven deals totalling 30,505 shares. Yesterday, APS published its 2023 financial results showing an increase in interest income, while non-interest income remained virtually unchanged. The Group performance was also boosted by fair value movements of financial instruments but suffered a net impairment loss related to a credit charge on an international syndicated loan. Overall, the APS Group reported a record profit before tax of €30.2 million which is nearly double the €15.7 million figure of 2022. The net profit attributable to equity holders amounted to €19.8 million (equivalent to €0.052 per share), which translates into a return on average shareholders’ funds of 7.6%. Shareholders’ funds as at 31 December 2023 amounted to €273.1 million, which translates into a net asset value per share of €0.723. The Directors of APS are recommending the payment of a final net dividend of €0.015 per share to shareholders as at close of trading on 5 April 2024, subject to regulatory and AGM approvals. Shareholders will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.55 per share.

Also in the banking sector, Bank of Valletta plc (11,200 shares) and HSBC Bank Malta plc (2,800 shares) closed unchanged at the €1.36 and €1.42 levels respectively.

MaltaPost plc held the €0.47 level on trivial volumes. Today, the Malta Stock Exchange announced that 2,828,376 new MaltaPost plc ordinary shares have been admitted to the Official List of the Malta Stock Exchange following the recent scrip dividend issue at an attribution price of €0.44 per share, representing a high take-up of 80%. Following this scrip dividend, the total number of shares in issue increased to 80,340,396 shares.

Simonds Farsons Cisk plc traded flat at the €6.75 level on muted activity.

Malta International Airport plc shed 1.7% to the €5.80 level across four deals totalling 4,390 shares.

The RF MGS Index moved higher for the sixth consecutive session as it increased by a further 0.45% to 899.185 points. The index gained 1.47% over the past week, reflecting the continued decline across eurozone sovereign bond yields as the ECB is anticipated to ease its monetary policy over the next few months through lower interest rates. While yesterday, the ECB decided to hold its interest rates unchanged, it was noted that economic growth and inflation are both declining. In particular, the ECB noted that energy prices are cheaper than a year ago and food prices are increasing at a much slower pace. Meanwhile, wage growth pressures and services costs are still creating inflationary pressures.


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.