Daily Review 10.05.2024

BOV considering share buyback programme


The MSE Equity Price Index rose by 1.48% a two-month high of 3,799.523 points driven by the gains of BOV and IHI which outweighed the declines in MIA and Lombard. Meanwhile, three other equities closed unchanged. Download today’s Equity Market Summary.

Bank of Valletta plc surged by 6.6% to a two-week high of €1.45 as 119,699 shares changed hands, having a market value of €0.17 million. Within the Notice to Shareholders dated 8 May 2024 published ahead of the Annual General Meeting scheduled for 31 May 2024, the Chairman explained that the Board will be conducting a study to assess the feasibility of initiatives intended to optimise shareholder value. Such initiatives are intended to complement the cash dividend and include the possibility of a share buyback programme.

Also among large companies by market value, International Hotel Investments plc rose by 6.4% to the €0.50 level across three trades totalling 20,047 shares, albeit the volume-weighted average traded price of the day was of €0.468.

Malta International Airport plc shed 0.9% to the €5.60 level on a single trade of 300 shares.

Lombard Bank Malta plc declined by 1.3% to the €0.78 level on trivial volumes.

A single trade of 150 shares left the share price of Simonds Farsons Cisk plc unchanged at the €6.75 level.

Both APS Bank plc and Maprfe Middlesea plc closed unchanged at the €0.55 and €1.42 levels respectively on muted activity. Yesterday, APS held its Annual General Meeting which approved all resolutions, including the authorisation to the Board of Directors to undertake a Rights Issue and to issue further debt securities.

The RF MGS Index rose by 0.07% to 892.216 points. Today, the ECB published the minutes of its April monetary policy meeting, which showed that the ECB is inclined to cut rates in June if wage and inflation data continues to follow the current trajectory. Furthermore, the minutes indicated that the potential cut in June is unlikely to be the last one during the year. Nonetheless, the timing of future interest rate cuts cannot yet be determined since these are subject to abrupt changes in economic conditions. Meanwhile, data released today showed that the economy in the UK advanced by 0.6% in the first quarter of 2024, ahead of expectations. The growth was driven by an increase in services output and increases in both the industrial and manufacturing sectors in March.


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.