Thin trading across nine equities

The MSE Equity Price Index rose by 0.52% to 3,744.173 points as the gains in the ordinary shares of RS2, BOV, and GO outweighed the declines in IHI and MIA. Meanwhile, four other equities closed unchanged as today’s trading activity in local equities was lacklustre at just €0.03 million. Download today’s Equity Market Summary.

The ordinary shares of RS2 plc rebounded by 5% to the €0.95 level on one trade of 4,875 shares.

Bank of Valletta plc increased by 3% to the €1.36 level on a single deal of 2,500 shares. Last Monday, 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 whilst recording a drop of 13% in non-interest income to €19.1 million. On the expenditure side, total operating costs increased by 6.8% to €49.1 million. 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 and a net profit for the period of €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.

Also among large companies by market value, GO plc advanced by 2% to the €3.02 level across three deals amounting to 1,875 shares.

On the other hand, Malta International Airport plc shed 0.9% to the €5.65 level as 1,000 shares changed hands.

A single trade of 4,253 shares pushed the share price of International Hotel Investments plc 4.1% lower to the €0.47 level.

Mapfre Middlesea plc closed unchanged at the €1.42 level across three deals amounting to 3,596 shares. Mapfre Middlesea started trading without the entitlement of the net dividend per share of €0.0489 payable on 24 May 2024 to all shareholders as at the close of yesterday’s trading.

Simonds Farsons Cisk plc traded flat at the €6.75 level on two deals of 1,065 shares. The Board of Directors of Farsons is scheduled to meet on Wednesday 29 May 2024 to consider the approval of the financial statements for the year ended 31 January 2024.

APS Bank plc remained at the €0.55 level on two deals of 4,202 shares. APS is holding its Annual General Meeting later today.

The Convenience Shop (Holding) plc held the €1.05 level over trivial volumes.

The RF MGS Index fell by 0.20% to 891.571 points. Sovereign bond yields rose across the eurozone, with the German 10-year bund yield recapturing the 2.5% level. In the UK, the Bank of England opted to leave interest rates unchanged at 5.25% in line with expectations. However, the Bank of England reduced its inflation forecasts for two and three years to 1.9% and 1.6% respectively from earlier projections of 2.3% and 1.9%. Meanwhile in the US, the number of Americans filing for unemployment benefits over the last week was much larger than anticipated and reached an eight-month high, snapping a streak of four consecutive downward surprises.

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.