Daily Review 12.01.2023

Six equities drag the MSE Equity Price Index lower


The MSE Equity Price Index fell by 0.48% to 3,836.519 points as the declines in six equities outweighed the gains in MIA, Farsons and Hili Properties. Today’s total trading activity amounted to €0.14 million. Download today’s Equity Market Summary.

Half of today’s trading activity took place across the shares of GO plc, which declined by 1.8% to the €3.20 level across eleven deals totalling 22,495 shares. Yesterday, GO announced that the Board of Directors resolved to distribute a net dividend of €15.2 million, equivalent to €0.15 per share. Shareholders as at the close of trading on Tuesday 16 January 2024 will receive the interim dividend on Thursday 1 February 2024.

HSBC Bank Malta plc moved 2.3% lower to the €1.25 level as 22,000 shares changed hands.

Also in the banking sector, Bank of Valletta plc shed 0.7% to the €1.36 level across five deals totalling 12,306 shares. BOV partially recovered from an intra-day low of €1.32 (-3.6%).

Lombard Bank Malta plc slumped by 5.6% to a three-week low of €0.85 over three trades amounting to 4,866 shares.

In the property sector, Main Street Complex plc (-7.5%) and Malta Properties Company plc (-3.8%) fell to the €0.37 and €0.356 levels respectively on muted activity.

In contrast, Hili Properties plc rose by 0.9% to the €0.216 across two trades totalling 25,000 shares.

Malta International Airport plc advanced by 1.8% to the €5.65 level across four trades totalling 1,874 shares. Yesterday, MIA published the December 2023 traffic results and provided key performance targets for 2024. In December, MIA welcomed a record monthly record of 529,041 passengers, which is 10.8% higher than the movements handled in the same month in 2019. Passenger movements at MIA in 2023 reached a record of just over 7.8 million, which is 6.7% higher than the previous record of 7.31 million passenger movements registered in 2019. For 2024, MIA expects passenger movements of 8 million, revenue of €126 million, EBITDA of €79 million and a net profit of €42 million, which are all marginally higher than the forecasted figures for 2023. Meanwhile, MIA explained that capital investments in 2024 will amount to €45 million.

Simonds Farsons Cisk plc moved 0.7% higher to the €7.00 level on two trades totalling 700 shares.

The RF MGS Index climbed by 0.35% to a one-week high of 897.960 points as the Index increased for the third consecutive session. Data published today showed that inflation in Spain and France remained relatively stable at 3.3% and 4.1% respectively in December, in line with forecasts.  Meanwhile, the United Kingdom registered a marginal growth in economic output during November 2023, recovering from an unexpected contraction in the previous month. Elsewhere, geopolitical tensions continued to escalate following military strikes by the US and the UK in Yemen, which led to an uplift in commodity prices including fuels and industrial metals.

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.