Daily Review (11.03.2024)

MIA oversees record passenger movements for February.


The MSE Equity Price Index rose by 0.39% to 3,833.70 points as the gains in BMIT, Convenience, GO, Hili Properties and Farsons offset the declines in PG, HSBC and Mapfre Middlesea. Meanwhile, six other equities closed unchanged as the overall trading activity in local equities was muted at €0.18 million. Download today’s Equity Market Summary. Download today’s Equity Market Summary.

Malta International Airport plc held the €5.80 level as 2,050 shares changed hands. Today, Malta International Airport plc published the February 2024 traffic results. Passenger movements reached a new record for February and amounted to 474,404 passenger movements, which is 12.5% higher than the previous record registered in February 2020, prior to the pandemic. Passenger movements in February 2024 represent a growth of over 25 compared to the movements registered in the same month last year. Seat capacity increased by 21.9% when compared to the same month last year with the seat load factor at 82.5% in February 2024 compared to 82.6% in February 2023 and 75.8% in February 2020.

APS Bank plc traded flat at the €0.56 level across three deals totalling 27,800 shares. Last Thursday, APS published its 2023 financial results showing an increase in interest income, while non-interest income remained virtually unchanged. The Group’s 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 the 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 closed unchanged at the €1.36 level over 10 trades amounting to 41,133 shares.

Lombard Bank Malta plc closed unchanged at the €0.85 level across three trades amounting to 2,180 shares after recovering from an intra-day low of €0.80 (-5.9%).

Tigné Mall plc traded flat at the €0.82 level over two trades for a total of 28,200 shares.

A single trade consisting of 200 shares of MaltaPost plc was executed at the previous closing price of €0.47.

Meanwhile, BMIT Technologies plc surged by 8.1% to a 7-week high of €0.40 across six trades totalling 87,500 shares. BMIT is scheduled to release its annual results for the financial year 2023 later today.

Hili Properties plc rose by 8.8% to the €0.21 level over three deals amounting to 14,400 shares.

Simonds Farsons Cisk plc advanced by 3.7% to the €7.00 level across eight trades totalling 1,066 shares.

Also, GO plc moved 1.3% higher to the €3.16 level albeit over trivial volumes. The company is expected to publish its financial statements for FY2023 on 20 March 2024.

The share price of The Convenience Shop (Holding) plc increased by 5.9% to the €0.90 level on a single trade of 2,500 shares.

On the other hand, HSBC Bank Malta plc shed 1.4% to a one-week low of €1.40 across four deals totalling 10,300 shares.

PG plc fell by 1.0% to a three-month low of €2.02 over two trades amounting to 5,000 shares.

The share price of Mapfre Middlesea plc decreased by 1.4% to the €1.43 level on muted activity.

The RF MGS Index moved higher for the seventh consecutive session as it increased by a further 0.14% to a fresh three-month high of 900.481 points as the ECB is expected to ease its monetary policy in the coming months. In this respect, ECB governing council member Peter Kazmir commented that the ECB is increasingly confident that inflation is coming down, despite wage pressures remaining high. Kazmir expects that the ECB will hold off interest cuts until June, by which updated forecasts for the year will be available.


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