MSE Equity Price Index falls to a two-month low

The MSE Equity Price Index fell by 0.23% to a fresh two-month low of 3,822.900 points driven by the declines in BOV, Computime, M&Z, and PG. Meanwhile, four equities closed unchanged as today’s trading activity totalled to just about €100,000. Download today’s Equity Market Summary.

Bank of Valletta plc shed 0.5% to a fresh two-month low of €1.92 across eleven deals totalling 10,000 shares. Yesterday, BOV issued a quarterly financial overview providing information about its performance in Q1 2025 when compared to the same period in 2024. Net interest income dropped by 5.9% to €92.5 million as the 5.7% reduction in gross interest income to €105.8 million outweighed the 3.9% reduction in interest expenses to €13.3 million. Meanwhile, BOV’s non-interest income surged by 33.5% to €25.6 million driven by the improvement in net fee and commission income and trading profits. Furthermore, BOV’s financial performance was impacted by net impairment charges of €0.17 million, which are lower than the €6.6 million recognised in the first quarter of 2024. Overall, BOV recorded a profit before tax of €67.1 million, which is 5.3% higher than the €63.7 million in the first three months of 2024. The net profit for the period amounted to €44.3 million which translates into an annualised return on average equity of 12.4% (Q1 2024: 13.1%). Total equity increased by 3.1% (or €44 million) to €1.45 billion, which translates into a net asset value per share of €2.487. BOV also announced that the Board resolved to issue a second series of bonds under its existing Unsecured Euro Medium Term Bond Programme, which will consist of an offer of €100 million, with an over-allotment option of another €50 million. The publication of the final terms will be made available in due course.

Computime Holding plc slumped by 9.6% to a one-month low of €0.452 on two deals amounting to 3,000 shares.

M&Z plc fell by 1.9% to the €0.53 level over three deals amounting to 34,741 shares.

A single trade of 2,000 shares pulled the share price of PG plc 0.5% lower to the €1.89 level.

Meanwhile, International Hotel Investments plc held the €0.43 level on a single trade of 1,060 shares. Yesterday, IHI published its Annual Report and Financial Statements for the year ended 31 December 2024. Revenue amounted to a record €307 million which represents an uplift of 6.6% from the €288 million registered in 2024. EBITDA increased by 3.4% to €62.4 million resulting in an EBITDA margin of 20.3% (2022: 21.0%). The financial performance of IHI was positively impacted by a positive fair value movement on investment property of €6.32 million (2023: €6.42 million gain) and an impairment reversal of €6.22 million (2023: €0.28 million). Operating profit increased by 29.2% to €47.2 million compared to €36.5 million in the previous year. Net finance costs rose by 13.9% to €42.7 million from €37.5 million in the previous financial year. Overall, IHI reported a pre-tax profit of €2.3 million compared to the pre-tax loss of €4.13 million recorded in 2023. After accounting for a tax expense of €3.59 million and a loss of €5.61 million being allocated to minority interests, the net profit for the year attributable to shareholders amounted to €4.4 million compared to the loss of €10.3 million posted in 2023. Shareholders’ funds grew by 10% (or €61.1 million) to €674.3 million which translates into a net asset value per share of €1.0953 (31 December 2023: €0.9961).

Malta International Airport plc held the €5.95 level as 8,801 shares changed hands.

Trident Estates plc held the €1.10 level on a single trade of 1,540 shares. Yesterday, Trident announced that its Board of Directors is scheduled to meet on Thursday 29 May 2025 to consider the approval of the financial results for the year ended 31 January 2025. The Directors will also consider the declaration of a dividend.

Also in the property sector, VBL plc traded flat at the €0.188 level on two deals totalling 5,000 shares. Last week, VBL published its Annual Report and Financial Statements for the year ended 31 December 2024. The net profit for the year amounted to €2.48 million compared to €1.70 million in 2023. Total equity increased by 3.5% (or 2.28 million) to €67.7 million. The net asset value as at 31 December 2024 amounted to €0.2718 per share. The Directors stated their intention to propose a dividend at the upcoming Annual General Meeting.

The RF MGS Index rose by 0.03% to 918.104 points. The euro area economy grew for the fifth consecutive quarter by 0.4%. The growth was larger than the 0.2% which was anticipated on the back of stronger domestic demand, driven by easing inflation and lower borrowing costs, on an annual basis growth in the euro area was 1.2%. On the other hand, in the Us, the economy unexpectedly shrank by 0.3%, which was the first quarterly decline since the first quarter of 2022. The contraction was a sharp reversal of the 2.4% growth in the previous month. The economic decline was partially driven by an over 40% increase in imports as businesses rushed to stockpile goods in anticipation of tariffs. Moreover, consumer spending growth also eased to 1.8%, the slowest pace since Q2 2023, while federal government expenditure fell by 5.1%, the steepest drop since Q1 2022.

 

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.