Daily Review 25.03.2024

Mapfre Middlesea increases dividend by 29%


The MSE Equity Price Index increased by 0.86% to 3,785.134 points reflecting the gains in BOV, HSBC, IHI, and MIDI. Meanwhile, Main Street Complex was the only negative performing equity and four other equities closed unchanged. Download today’s Equity Market Summary.

Today, Mapfre Middlesea plc published its financial statements for the year ended 31 December 2023, which included restated figures of the previous year’s results due to the adoption of new accounting standards. Net income from insurance and investments amounted to just under €28 million compared to a restated figure of €10.7 million in 2022. The net profit attributable to shareholders amounted to €11.3 million (2022 restated: €4.5 million) which translates into an annualised return on average shareholders’ funds of 13.7%. Shareholders’ funds increased by 9.9% (or €7.9 million) to €88.2 million which translates into a net asset value per share of €0.958 (31 December 2022 restated: €0.872). The Directors are recommending a net dividend of €4.5 million, equivalent to €0.048913 per share, which is 29% higher than the dividend paid out for the 2022 financial year. This is payable on 24 May 2024 to all shareholders as at the close of trading on 8 May 2024 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on 30 April 2024.

Bank of Valletta plc was today’s most actively traded equity moved 1.5% higher to an almost three-month high of €1.39 across thirteen trades totalling 45,618 shares. BOV will publish its 2023 financial results on Wednesday 27 March.

Also in the banking sector, HSBC Bank Malta plc gained 0.7% to the €1.36 level on two deals totalling 2,128 shares.

International Hotel Investments plc rebounded by 6.7% to the €0.48 level as 2,000 shares changed hands.

MIDI plc closed 8.3% higher to the €0.26 level after recovering from an intraday low of €0.216 (-10%) across four trades amounting to 37,620 shares.

Main Street Complex plc shed 4.9% to an almost five-month low of €0.35, albeit on a single trade of 8,000 shares.

One deal of 1,700 shares left the share price of Malta International Airport plc unchanged at the €5.85 level.

PG plc held the €2.00 level as 1,353 shares changed hands.

BMIT Technologies plc traded flat at the €0.39 level on volumes of 38,600 shares.

APS Bank plc closed unchanged at the €0.55 level after failing to hold onto an intraday high of €0.56 (+1.8%) across seven deals amounting to 20,020 shares.

Last Friday, The Convenience Shop (Holding) plc announced that its Board of Directors is scheduled to meet on Thursday 28 March 2024 to consider the approval of the financial statements for the year ending 31 December 2023. The Directors will also consider the declaration of a final dividend.

The RF MGS Index rose by 0.22% to a one-week high of 898.905 points. Today, the ECB’s chief economist Philip Lane said that the ECB is increasingly confident that wage growth is slowing down towards normalised levels. Moreover, Bundesbank President Joachim Nagel stated that there is an increasing possibility that the first rate cut will come before the summer break, most likely in June as he believes that inflation is on its way to the ECB’s 2% target. Nonetheless, Nagel indicated that the German economy is still experiencing substantial wage increases during the first quarter of 2024.


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.