APS & BOV dominate trading activity

 

The MSE Equity Price Index reversed yesterday’s losses as it increased by 0.71% to 3,789.175 points as the gains in APS, FIMBank, GO, MIA and PG outweighed the declines in AX Real Estate, MPC and Farsons. Meanwhile, two other equities closed unchanged as today’s total trading activity in local equities amounted to €0.18 million. Download today’s Equity Market Summary.

Bank of Valletta plc was today’s most actively traded equity as it closed unchanged at the €1.70 level across ten deals amounting to 42,827 shares.

Also in the banking sector, HSBC Bank Malta plc traded flat at the €1.45 level as 4,500 shares changed hands.

Meanwhile, APS Bank plc gained 2.7% to the €0.575 level across twenty-eight deals totalling 119,053 shares. Yesterday, APS confirmed its interest in the acquisition of the 70.03% holding of HSBC Continental Europe in HSBC Bank Malta plc, and that it has accordingly submitted a Non-Binding Offer to the ultimate parent, HSBC Holdings plc. APS believes that this proposal presents the best future for all the stakeholders of HSBC Bank Malta plc and those of APS Bank plc.

FIMBank plc rebounded by 13.8% to the USD0.165 level, albeit on trivial volumes.

A single trade of 500 shares pushed the share price of GO plc 0.7% higher to the €2.70 level.

Malta International Airport plc advanced by 3.5% to the €5.90 level over four trades amounting to 5,031 shares.

PG plc moved 1.1% higher to the €1.90 level on a single deal of 1,100 shares.

On the other hand, Simonds Farsons Cisk plc declined by 0.7% to the €6.70 level over three deals totalling 140 shares. On Wednesday, Farsons announced that following the strategic review of opportunities for the further expansion of the Food Business of the Farsons Group (currently carried out by Quintano Foods Limited and Food Chain Limited), the Board of Directors has concluded that the further growth of the Food Business as well as the interests of the Group, its shareholders and other stakeholders would be best served through its reorganisation by way of a Spin-off of the Food Business as a separate legal entity that would be listed on the Malta Stock Exchange.

Malta Properties Company plc shed 1.7% to the €0.344 level over three deals amounting to 2,601 shares.

AX Real Estate plc fell by 4.6% to an all-time low of €0.372 on one trade of 5,000 shares.

Yesterday, Malita Investments plc held an Extraordinary General Meeting which approved a change in auditors from PricewaterhouseCoopers to KPMG. During the meeting, the company also delivered a presentation showing its performance during the nine-month period ended 30 September 2024, compared to the previous year. Revenue increased by 19% to €8.88 million compared to €7.46 million in the same period last year. Malita explained that the total completed housing units now stood at 392 apartments and 253 garages/car spaces. Expenses increased by 14% to €0.69 million as the company incurred higher administrative costs and professional fees. Meanwhile, net finance costs dropped by 15% to €0.74 million as the company invested excess liquidity in risk-averse financial instruments in order to offset finance costs. Overall, the profit before tax for the period amounted to €7.44 million, which is 24% higher than the €5.99 million level for the first nine months of 2023.

The RF MGS Index increased for the sixth consecutive session as it rose by 0.18% to a fresh two-year high of 924.686 points, and marking a weekly gain in 9 months of more than 1%. Board members of the ECB are becoming increasingly confident that inflation is falling towards the target rate of 2% and shifting their concerns to the subdued economic growth in the euro area. Bank of France Governor Francois Villeroy de Galhau stated that if growth were to remain subdued and inflation is at risk of falling below target, the ECB should consider a 50-basis point cut during the next monetary policy meeting in December. Estimates released today showed that inflation in the euro area accelerated to 2.3% in November since energy prices in the same period last year were at lower levels. In fact, core inflation, which excludes energy and food prices was at 2.7%, which is below expectations of 2.8%. The anticipated inflation in Germany was revised lower to 2.4% from 2.6%.

 

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.