Daily Review 11.04.2024

Seven equities decline amid low trading volumes


The MSE Equity Price Index snapped a two-day winning streak as it fell by 0.66% to 3,746.040 points reflecting the declines in seven equities. MIDI was today’s only positive performer while five other equities closed unchanged. Today’s trading activity in local equities was muted at just €0.08 million. Download today’s Equity Market Summary.

APS Bank plc was today’s most actively traded equity as it fell by 2.7% to the €0.55 level on two trades totalling 62,785 shares. Today, APS announced that it will publish the Group’s Q1 2024 financial results and hold a market briefing on 25 April 2024.

Also in the banking sector, Bank of Valletta plc shed 0.7% to the €1.40 level across four trades amounting to 8,760 shares. Shareholders as at close of trading on 26 April 2024 will be entitled to a final net dividend of €0.0455 per share.

Malta International Airport plc moved 1.7% lower to the €5.75 level across four deals totalling 995 shares. Last Tuesday, MIA announced that in the first three months of the year, it welcomed a total of 1,573,712 passengers, exceeding last year’s record for Q1 2023 by 26.3%. MIA shareholders as the close of today’s trading will be entitled to receive a final net dividend of €0.12 per share on Friday 31 May 2024.

Malita Investments plc plummeted by 7.8% to an all-time low of €0.452 across two trades totalling 15,000 shares. Today, Malita announced that its Board of Directors is scheduled to meet on Thursday 18 April 2024 to consider the approval of the financial statements for the year ended 31 December 2023. The Board of Directors will also consider the declaration of a final dividend.

Malta Properties Company plc slumped by 18% to the €0.30 level on two deals totalling 2,503 shares.

MaltaPost plc fell by 1.3% to the €0.45 level after partially recovering from an intraday low of €0.41 (-10.1%) on two deals of 10,054 shares.

AX Real Estate plc moved 0.8% lower to the €0.49 level on trivial volumes.

In contrast, MIDI plc closed 6.7% higher to the €0.256 level after recovering from an intra-day low of €0.222 (-7.5%) across seven deals totalling 25,700 shares. The volume-weighed average price traded today was of €0.228 (-5%).

PG plc closed unchanged at the €1.98 level on a single trade of 2,155 shares.

Mapfre Middlesea plc held the €1.34 level on one deal of 350 shares.

Tigné Mall plc remained at the €0.825 level as 400 shares changed hands.

HSBC Bank Malta plc and LifeStar Holding plc also closed unchanged at the €1.39 and €0.20 levels respectively on muted activity.

The RF MGS Index fell by 0.45% to 892.690 points. Today, the ECB left the deposit rate unchanged at its all-time high of 4.00%.  Officials acknowledged that inflation continued to decline, wage growth was moderating, and firms were absorbing most of the increases in labour costs.  On the other hand, the ECB expressed concerns with domestic price pressures which are keeping services price inflation high. Elsewhere in the US, producer prices grew by 2.1% in March, which was less than the expected 2.2%, albeit still the greatest increase since April 2023. Contrastingly, core producer prices exceeded expectations with a growth of 2.4%. Meanwhile, the resilience of the US labour market continued to be evident as the number of Americans filing for unemployment fell by more than expected last week to a one-month low.

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.