M&Z posts double-digit growth in profits

 

The MSE Equity Price Index rose by 0.48% to 3,877.685 points as the gains in BOV, HSBC, IHI, Malita, and Farsons outweighed the decline in APS. Meanwhile, five other equities closed unchanged as the total trading activity in local equities amounted to €0.15 million. Download today’s Equity Market Summary.

Today, M&Z plc published its interim financial results for the six-month period ending June 2024. Revenues increased by 2.5% to €14.7 million while operating profit surged by 16.5% to €1.7 million amid a reduction in administrative expenses. The company’s net profit for the period climbed 12.4% to €0.95 million. The Directors also approved the payment of a net interim dividend of €0.009 per ordinary share payable by 30 September 2024 to all shareholders as at close of tomorrow’s trading session.

Bank of Valletta plc moved 0.6% higher to a fresh 6-year high of €1.70 across six trades amounting to 14,550 shares.

Also in the banking sector, HSBC Bank Malta plc increased by 0.6% to the €1.66 level over five deals amounting to 15,000 shares.

International Hotel Investments plc gained 2.3% to the €0.44 level on a single deal of 9,500 shares. IHI is expected to publish its interim results on Friday 30 August.

Malita Investments plc surged by 3.3% to the €0.496 level across three trades amounting to 2,492 shares. Malita is expected to publish its interim results on Friday 30 August.

Simonds Farsons Cisk plc climbed by 2.2% to the €6.85 level on a single trade of 300 shares.

On the other hand, APS Bank plc shed 1.2% to the €0.494 level on two deals totalling 9,679 shares.

Meanwhile, BMIT Technologies plc traded flat at the €0.34 level on two trades amounting to 26,000 shares.

The ordinary shares of RS2 plc closed unchanged at the €0.68 level after recovering from an intraday low of €0.655 (-3.7%) over four deals totalling 1,790 shares.

PG plc held the €1.91 level over three trades amounting to 5,800 shares. PG is expected to publish its full-year results for the financial year ended 30 April 2024 later today.

Malta International Airport plc traded flat at the €6.10 level over four trades amounting to 9,600 shares.

MedservRegis plc closed unchanged at the €0.42 level on two deals totalling 8,377 shares.

The RF MGS Index fell by 0.17% to 905.580 points reflecting the increase in eurozone sovereign bond yields. The German 10-year bund yield touched a three-week high of 2.30% today. Data released today confirmed that the German economy declined by 0.1% quarter over quarter as opposed to 0.2% growth during the first quarter. Nonetheless, economic growth was flat year-over-year compared to an anticipated decline. Yesterday, oil prices spiked to the highest level in two weeks amidst geopolitical tensions in the Middle East as well as supply disruptions as the Libyan government announced that it had shut down oil production and exports. Elsewhere in the US, the San Francisco Federal Reserve President Mary Daly stated that it would be hard to imagine anything that could derail a rate cut during the next monetary policy meeting in September. Ms Daly added that the Federal Reserve will not maintain a restrictive policy in a slowing economy and will take action to prevent deterioration in the labour market.

 

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.