Varied price movements amid lacklustre activity

The MSE Equity Price Index snapped a two-day losing streak as it gained 0.29% to 3,808.490 mainly driven by the gains in BOV. Furthermore, APS and the ordinary shares of RS2 also registered gains. On the other hand, BMIT, MIA, Malta Properties and PG moved lower and two other equities closed unchanged. Today’s trading activity in local equities was muted at just €0.07 million. Download today’s Equity Market Summary.

Bank of Valletta plc advanced by 2.4% to the €1.72 level across two trades amounting to 20,290 shares.

Also in the banking sector, APS Bank plc gained 0.9% to the €0.565 level across four deals totalling 5,565 shares.

The ordinary shares of RS2 plc rose by 2.0% to the €0.51 level as 20,000 shares changed hands.

On the other hand, Malta International Airport plc shed 1.7% to the €5.85 level over four deals amounting to 2,028 shares. On Wednesday, MIA published the October traffic results, the financial results for the first nine months of the year, together with a revised guidance for the full year. The passenger movements in October amounted to 838,393, which represents 8.7% growth from the same period last year. The nine-month financial performance to the end of September showed a 17.7% increase in revenue to €107.8 million, which translated into a net profit for the period of €39.5 million. Based on the strong performance, MIA revised its full-year guidance figures with passenger movements expected at 8.96 million compared to May’s forecast of 8.45 million. The annual revenue is expected at €141 million (previously €132 million), EBITDA of €85 million (previously €82 million) and a net profit of €46 million (previously €44 million and 14% above the actual net profit of €40.3 million in 2023).

PG plc declined by 1.6% to the €1.88 level on two trades amounting to 900 shares.

BMIT Technologies plc fell by 1.7% to the €0.344 level on a single deal of 960 shares.

Malta Properties Company plc slumped by 5.5% to the €0.346 level on muted activity.

Simonds Farsons Cisk plc traded flat at the €6.70 level on two trades totalling 450 shares.

Santumas Shareholding plc held the €1.24 level on trivial volumes.

The RF MGS Index rose for the second consecutive session, increasing by 0.27% to a two-week high of 913.633 points as focus in the euro area shift from controlling inflation to stimulating economic growth. In fact, today the European Commission released its economic forecasts until 2026 where it anticipates that economic growth will be 0.8% during 2024. Furthermore, the report revised the growth forecast for 2025 lower to 1.3% from 1.4% and projects growth of 1.6% in 2026. Meanwhile, inflation for the current year is anticipated to be 2.4%, revised lower from the Spring estimate of 2.5%. Inflation is expected to fall to 2.1% in 2025 and dip below the ECB’s target of 2.0%, reaching 1.9% in 2026. The European Commission expects a positive outlook for the labour market as unemployment in the euro area is projected to reach a new all-time low of 6.3% in 2025. On the local front, the economy in Malta is anticipated to grow by 5% in 2024, ahead of the previous forecast of 4.6%, which is also the highest growth rate in the euro area. Malta’s economic growth is anticipated to remain high at 4.3% during each of the upcoming two years.

 

This report contains only public information and is not to be construed as investment advice or an offer to buy or sell 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.