Daily Review 26.02.2024

Four equities pull the MSE Equity Price Index lower


The MSE Equity Price Index fell by 0.16% to 3,774.098 points as the declines in BMIT, PG, Hili Properties, and MIDI outweighed the gains in HSBC and Malita. Meanwhile, five equities closed unchanged as today’s trading activity in local equities amounted to €0.33 million. Download today’s Equity Market Summary.

BMIT Technologies plc shed 2.6% to the €0.38 level across four trades totalling 260,250 shares.

MIDI plc plummeted by 8% to a one-month low of €0.276 as 10,000 shares hands.

Also in the property sector, Hili Properties plc moved 1.9% lower to the €0.21 level on a single deal of 4,450 shares.

PG plc fell by 1% to the €2.08 level on trivial volumes.

Meanwhile, HSBC Bank Malta plc advanced by 0.7% to the €1.38 level after recovering from an intraday low of €1.33 (-2.9%) across eleven deals totalling 85,799 shares. Last week, HSBC Malta published its financial results for 2023 and reported a profit before tax of €133.9 million, which is more than double the pre-tax profit of €55.6 million generated in 2022. The net profit figure for the year amounted to a record of €86.8 million (equivalent to €0.241 per share) which translates into a return on average equity of 17.1%. The Board of Directors is recommending a final net dividend of €0.0585 per share. The dividend will be paid on 25 April 2024 to all shareholders as at the close of trading on 14 March 2024 subject to approval by the Annual General Meeting scheduled for 18 April 2024.

Malita Investments plc moved 0.4% higher to the €0.492 level on a single trade of 10,000 shares. Earlier this month, Malita published a Prospectus in connection with a 4-for-9 rights issue. An amount of up to 65,825,806 new ordinary shares are offered at €0.50 per share. The net proceeds from the Rights Issue, estimated at €32.5 million, are principally earmarked to part-finance the required capital expenditure for the ongoing Affordable Housing Project. The offer period opens on Wednesday 28 February 2024 until Friday 15 March 2024.

Elsewhere, Bank of Valletta plc closed unchanged at the €1.32 level after recovering from an intraday low of €1.31 (-0.8%) across seven deals amounting to 24,126 shares.

Also in the banking sector, APS Bank plc traded flat at the €0.55 level on two trades totalling 4,500 shares.

GO plc held the €3.10 level across four deals totalling 19,926 shares.

MaltaPost plc closed unchanged at the €0.47 level after recovering from an intraday low of €0.43 (-8.5%) across three deals amounting to 16,824 shares.

Malta Properties Company plc held the €0.30 level on muted activity.

The RF MGS Index rose by 0.44% to a two-week high of 891.110 points. Preliminary estimates showed that inflation in the eurozone during February will be at 2.5%, while the core inflation rate is estimated at 2.9%. Data released today showed that during January, producer prices in Spain saw a year-over-year decline for the eleventh consecutive month, mainly driven by downward pressure from energy prices.


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.