Daily Review 26.03.2024

Daily trading activity in BOV reaches 6-year high


The MSE Equity Price Index decreased by 0.07% to 3,782.439 points as the declines in HSBC, APS, and Mapfre Middlesea outweighed the gains in BOV, whilst six other equities closed unchanged. Today’s trading in local equities was at a one-week high of €0.69 million. Download today’s Equity Market Summary.

Bank of Valletta plc was the most actively traded equity for the second consecutive session as it advanced by 1.4% to an almost three-month high of €1.41 across fifteen trades totalling 411,518 shares having a market value of €0.58 million making it the highest daily value traded in BOV shares since early 2018. BOV will publish its 2023 financial results tomorrow and the Directors will also consider the declaration of a final dividend.

BOV’s insurance associate Mapfre Middlesea plc fell by 2.8% to the €1.39 level on two trades totalling 3,594 shares. Yesterday, Mapfre Middlesea published its financial statements for the year ended 31 December 2023. 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 which translates into an annualised return on average shareholders’ funds of 13.7%. Shareholders’ funds increased to €88.2 million which translates into a net asset value per share of €0.958. 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.

HSBC Bank Malta plc reversed yesterday’s gains as it shed 0.7% to the €1.35 level across two deals totalling 6,187 shares.

Also in the banking sector, APS Bank plc slumped by 3.6% to an all-time low of €0.53 across three trades amounting to 9,914 shares.

Malta International Airport plc traded flat at the €5.85 level as 6,687 shares changed hands.

Also among large companies by market value, International Hotel Investments plc closed unchanged at the €0.48 level after recovering from an intra-day low of €0.45 (-6.3%) over three trades totalling 10,030 shares.

PG plc held the €2.00 level as 1,500 shares changed hands.

A single trade of 35,000 shares left the share price of Tigné Mall plc unchanged at €0.82.  

BMIT Technologies plc traded flat at the €0.39 level on volumes of 12,500 shares.

Malita Investments plc held the €0.49 level on one deal of 20,000 shares.  Malita recently extended its Rights Issue offer by three weeks to Friday 5 April 2024.

The RF MGS Index reversed yesterday’s gains as it fell by 0.22% to 896.883 points. Data released today showed that in the US, month-over-month new orders for manufactured goods rose by 1.4% during February which exceeded expectations of a 1.1% rise, following a 6.9% decline in January. Furthermore, the prices of housing in US cities rose by 6.6% in January 2024 which was the largest increase since November 2022. Elsewhere, Bank of England policymaker Catherine Mann remarked that the market is pricing too many interest rate cuts in the UK.

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.