Daily Review 31.05.2024

Heightened activity in PG shares


The MSE Equity Price Index advanced by 0.48% to a one-week high of 3,712.298 points as the gains in BOV, BMIT, PG, and Farsons outweighed the declines in MIA and APS. Meanwhile, three other equities closed unchanged as the daily trading activity in local equities reached a two-month high of €0.53 million. Download today’s Equity Market Summary.

PG plc was today’s most actively traded equity as it moved 1.6% higher to the €1.96 level on three deals totalling 151,550 shares having a market value of €0.30 million.

Simonds Farsons Cisk plc rose by 5.9% to a five-month high of €7.15 level after recovering from an intraday low of €6.70 (-0.7%) across twelve trades totalling 8,562 shares. On Wednesday, Farsons published its annual results for the financial year ending 31 January 2024. Farsons generated record revenues of €133 million (+12.4%) and record operating profit of €17.4 million (+4.1%), driven by the improvement in profitability of the ‘Importation, wholesale of food & Operation of franchised food establishments’ segment. The net profit of €15.3 million was minimally lower than the previous year due to a tax charge in contrast to the tax credit of the previous year. The Board of Directors is recommending a final net dividend of €0.11 per share to all shareholders as at the close of trading on Monday 3 June 2024, subject to approval at the Annual General Meeting Scheduled for Thursday 27 June.

BMIT Technologies plc surged by 7.4% to the €0.376 level on a single trade of 4,000 shares. During the Annual General Meeting held earlier this week, the Chairman stated that BMIT plans to acquire digital infrastructure assets across Europe such as data centres, fibre networks, energy meters and mobile towers. He noted that this transformation would make BMIT a one-of-a-kind investment asset class in Malta.

Bank of Valletta plc climbed by 0.7% to the €1.40 level across ten trades amounting to 65,575 shares. Today, BOV held its AGM which approved all resolutions in the agenda.

On the other hand, APS Bank plc fell by 1.9% to the €0.52 level over five deals totalling 44,986 shares.

Malta International Airport plc shed 0.9% to the €5.65 level across three trades amounting to 8,013 shares.

Malta Properties Company plc traded flat at the €0.34 level as 4,274 shares changed hands.

HSBC Bank Malta plc closed unchanged at the €1.40 level after recovering from an intraday low of €1.39 (-0.7%) across four trades totalling 7,201 shares.

Santumas Shareholding plc held the €1.20 level on trivial volumes.

Today, AX Real Estate plc announced that it concluded negotiations with the Government of Malta with respect to the property forming part of the Sunny Coast Lido, the Luzzu Complex, and the AX ODYCY Lido. In this respect, its subsidiary Suncrest Hotels plc acquired the property by title of Temporary Emphyteusis for a period of 65 years. Furthermore, all pending litigation with the Government of Malta was settled and the responsibility for the payment of such consideration were assumed by AX Group plc.

The RF MGS Index reversed some of yesterday’s losses rising by 0.08% to 885.304 points. Data released today showed that inflation in the eurozone in May was more than anticipated to 2.6% compared to forecasts of 2.5% as the rebound in energy prices and faster growth in the services sector outweighed the slower increase in food alcohol and tobacco. Furthermore, the core inflation unexpectedly climbed to 2.9%. The release of inflation data brought about a spike in eurozone sovereign bond yields, with the German 10-year bund yield touching a six-month high of 2.7% during the day. Nonetheless, the ECB is still widely expected to reduce the deposit rate during its monetary policy meeting on Thursday 6 June.