Four equities push MSE Equity Price Index higher

The MSE Equity Price Index rose by 0.25% to 3,794.726 points as the gains in Hili Properties, HSBC, MIA, and Farsons outweighed the declines in BOV and PG. Meanwhile, four other equities closed unchanged as today’s trading activity in local equities amounted to €0.26 million. Download today’s Equity Market Summary.

Hili Properties plc surged by 7.7% to an almost two-month high of €0.21 across six trades totalling 70,000 shares. Yesterday, the Board of Directors of Hili Properties plc resolved to recommend a final net dividend of €0.0108 per share, unchanged from the previous year. Shareholders as at the close of trading on Friday 21 June 2024 will receive the payment on or around the second week of July, subject to approval at the upcoming Annual General Meeting to be held on Tuesday 25 June 2024.

Malta International Airport plc recovered yesterday’s loss as it gained 0.9% to the €5.70 level over four deals amounting to 5,350 shares.

Also among large companies by market value, Simonds Farsons Cisk plc increased by 0.7% to the €6.75 level on two trades totalling 2,321 shares.

HSBC Bank Malta plc moved 1.5% higher to a two-month high of €1.44 across five trades totalling 7,500 shares.

On the other hand, Bank of Valletta plc shed 0.7% to the €1.40 level across eight trades totalling 89,747 shares. Yesterday, BOV issued a quarterly financial overview providing information about its performance in Q1 2024 when compared to the same period in 2023. Net interest income surged by 33.7% to €98.3 million as gross interest income increased by a larger magnitude than interest expenses, reflecting the continued growth in the lending portfolio, the deployment of excess liquidity in high-quality treasury assets, and the benefit of the ECB Deposit Facility rate which remained fixed at 4% since September 2023. The net interest income in the first quarter of 2024 is in line with the level registered in the fourth quarter of 2023. Meanwhile, BOV recorded a drop of 13% in non-interest income to €19.1 million as the decrease in trading profits offset the improvement in net fee and commission income and dividend income. On the expenditure side, total operating costs increased by 6.8% to €49.1 million driven by higher employee compensation costs. Furthermore, BOV’s financial performance was impacted by net impairment charges of €6.6 million, which is higher than the charge of €5.0 million recognised in the first quarter of 2023. Overall, BOV recorded a profit before tax of €63.7 million compared to €46.5 million in the first three months of 2023. The net profit for the period amounted to €42.2 million which translates into an annualised return on average equity of 13.1%. Total equity increased by 3.2% to €1.31 billion, which translates into a net asset value per share of €2.242.

PG plc moved 1% lower to the €1.96 level as 16,500 shares changed hands.

Meanwhile, GO plc closed unchanged at the €3.02 level after recovering from an intraday low of €3.00 (-0.7%) across six deals amounting to 9,850 shares.

Main Street Complex plc held the €0.35 level on a single trade of 2,626 shares. The Directors of Main Street Complex are recommending the payment of a final net dividend of €0.011 per share to shareholders as at close of trading on 29 May 2024, subject to shareholders’ approval during the upcoming Annual General Meeting scheduled to be held on 28 May 2024.

A single trade of 3,501 shares left the share price of Malta Properties Company plc unchanged at €0.37 level.

Malita Investments plc held the €0.49 on muted activity.

The RF MGS Index decreased by 0.04% to 892.910 points. Data released today showed that retail sales in the Euro area during April grew by 0.8% from the previous month, which exceeded projections and was the sharpest monthly increase in over 18 months. Meanwhile, factory activity in Germany unexpectedly fell by 0.4% driven by a drop in large-scale orders. On the other hand, Germany’s economic activity was boosted by a greater than forecasted increase in exports driven by strong demand for German goods from the USA and China.

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.