Farsons posts record interim performance

The MSE Equity Price Index moved lower for the first time is seven trading sessions as it slipped by 0.51% to 3,660.343 points. Four companies trended lower (including GO and BOV) whilst another three shares closed the day unchanged. Trading activity contracted to €0.07 million compared to €0.1 million yesterday. Download today’s Equity Market Summary.

Today’s main highlight on the local equity market was the publication by Simonds Farsons Cisk plc of its interim results showing record performance with revenues increasing by 7.6% over its previous high in H1 2019/20 to €57.3 million and net profits surging to just above €7 million. Farsons also declared a net interim dividend of €0.045 per share which is payable on 19 October to all shareholders as at close of trading on 3 October.

GO plc was the worst performing equity today as it dropped by 4.5% to a near two-year low of €2.94 across 5,060 shares.

Also among the large companies by market value, Bank of Valletta plc eased by 1.1% to the €0.915 level after partially rebounding from an intra-day low of €0.87 (-5.9%). A total of 9,950 shares traded.

A single deal of 1,500 shares forced the share price of Plaza Centres plc to move 3.8% lower to the €0.75 level.

With the same segment, Malta Properties Company plc moved back to the €0.51 level (-1.9%) across 5,060 shares. Yesterday, MPC announced that it concluded the sale of the Birkirkara Old Exchange for a total consideration of €8 million. The proceeds are expected to go towards funding MPC’s development projects and/or any acquisition opportunities.

Meanwhile, Malta International Airport plc traded flat at the €5.95 level across 4,800 shares.

A single deal of 5,000 shares left the share price of APS Bank plc at the €0.64 level.

BMIT Technologies plc also closed the day unchanged at the €0.466 level after opening at a high of €0.47. A total of 21,200 shares changed hands.

The RF MGS Index slumped by 1.04% to a new all-time low of 876.738 points as sovereign bond yields in the euro area extended their recent strong rally. Elsewhere, the International Monetary Fund urged the UK government to “re-evaluate” its new fiscal policy which triggered a collapse in the value of Pound Sterling. In conjunction, the Bank of England noted that it would need to take “significant monetary response” to the crisis amid “material risks to the UK financial stability”. In fact, the central bank announced that it will be delaying its planned programme for shrinking its balance sheet, and also launched a temporary bond purchase programme with a view of mitigating market turmoil.

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.