Daily Review (09.07.2024)

MIA sees record passengers in June


The MSE Equity Price Index fell for the third consecutive session as it declined by a further 0.17% to an almost 6-week low of 3,700.273 as the declines in APS, GO, IHI, Farsons and Malita outweighed the gains in BOV, MIDI and Malta Properties. Meanwhile, three other equities closed unchanged as today’s trading activity in local equities was muted at just below €0.1 million. Download today’s Equity Market Summary.

Malta International Airport plc closed unchanged at the €5.55 level after failing to hold on to an intra-day high of €5.65 (+1.8%) on two deals of 635 shares. Today, MIA announced that passenger movements during June 2024 amounted to a record 858,738, 13.9% above the comparable figure of 754,258 movements for June 2023. The seat load factor for May 2024 was 86.6%, 0.3 percentage points higher than the same month in 2023. Furthermore, total seat capacity was 13.5% higher when compared to last year. The passenger movements during the six-month period ended June 2024 amounted to 4.07 million, representing an increase of 18.4% over the corresponding period last year.

The ordinary shares of RS2 plc held the €0.80 level on a single trade of 3,825.

A single deal of 2,000 shares left the share price of HSBC Bank Malta plc unchanged at the €1.50 level.

Meanwhile, Malta Properties Company plc was today’s most actively traded equity as it surged by 15.6% to a one-month high of €0.37 across eight deals totalling 213,999 shares.

Also in the property sector, MIDI plc gained 3.7% to reach the €0.224 level albeit over trivial volumes.

Bank of Valletta plc moved 0.7% higher to a six-month high of €1.47 as 6,369 shares changed hands.

On the other hand, APS Bank plc shed 1.0% to the €0.51 level on one trade of 2,094 shares. APS’s Board of Directors is scheduled to meet on Thursday 25 July 2024 to consider the approval of the interim financial results covering the six-month period ended 30 June 2024. The Directors will also consider the declaration of an interim dividend, subject to regulatory approval.

Malita Investments plc fell by 1.8% to an all-time low of €0.442 over trivial volumes.

International Hotel Investments plc also reached an all-time low of €0.40 after slumping by 3.4% over four trades amounting to 8,399 shares.

GO plc moved 1.4% lower to an almost eight-month low of €2.86 level across three deals totalling 1,033 shares.

Simonds Farsons Cisk plc declined by 1.4% to reach a one-month low as 300 shares changed hands.

The RF MGS Index increased for the fifth successive session as it rose by 0.12% to a two-week high of 891.507 points. During an interview today, Bundesbank President Joachim Nagel noted that inflation is expected to reach the ECB’s 2% target by the end of 2025, although core inflation remains notably high. Meanwhile, the Chair of the Federal Reserve Jerome Powell remarked that despite progress in the last quarter, more positive data is needed to ensure that inflation is sustainably moving towards the target rate. In this respect, Mr Powell emphasised that cutting rates too soon could stall or even reverse progress on inflation.


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.