Daily Review 08.05.2024

RS2 drops to 5-year low


The MSE Equity Price Index fell by 1.84% to 3,724.805 points as the declines in the ordinary shares of RS2, BOV, and GO outweighed the gain in MPC. Meanwhile, two other equities closed unchanged as today’s trading activity in local equities was muted at just €0.08 million. Download today’s Equity Market Summary.

The ordinary shares of RS2 plc fell by 13.8% to the €0.905 level, the lowest level since December 2018, across three deals totalling 11,456 shares.

Bank of Valletta plc slumped by 5.7% to a two-month low of €1.32 across nine trades amounting to 34,161 shares. On Monday, BOV issued a quarterly financial overview providing information about its performance in Q1 2024 when compared to the same period in 2023. Net interest income surged by 33.7% to €98.3 million whilst recording a drop of 13% in non-interest income to €19.1 million. On the expenditure side, total operating costs increased by 6.8% to €49.1 million. Furthermore, BOV’s financial performance was impacted by net impairment charges of €6.6 million, which is higher than the charge of €5.0 million recognised in the first quarter of 2023. Overall, BOV recorded a profit before tax of €63.7 million and a net profit for the period of €42.2 million which translates into an annualised return on average equity of 13.1%. Total equity increased by 3.2% to €1.31 billion, which translates into a net asset value per share of €2.242.

GO plc shed 2.0% to the €2.96 level albeit over trivial volumes.

On the other hand, Malta Properties Company plc rose by 4.9% to a five-month high of €0.388 over six trades amounting to 30,125 shares.

A single trade of 21,000 shares left the share price of BMIT Technologies plc unchanged at the €0.38 level.

APS Bank plc remained at the €0.55 level on a single deal of 9,966 shares. APS is holding its Annual General Meeting tomorrow.

The RF MGS Index increased by 0.05% to 893.397 points. Data released today showed that the prices of commercial properties in Germany decreased by 9.6% during the first quarter of this year compared to the same period in 2023. Nonetheless, the drop is less severe than the largest-ever decline of 12.1% seen in the last quarter of 2023.   Elsewhere, the mortgage rate in the US fell for the first time in five-weeks, reflecting the decline in US treasury yields in recent days.


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.