MSE Trading Report for Week ending 10 March 2023

Movement in Equity and Bond Indices:

The MSE Equity Total Return Index recovered the previous week’s drop, having advanced by 1.2% to end the week at 7,593.67 points. A total of 23 equities were active, as 11 closed in the green, while six closed in negative territory. Total turnover reached €1.3m, spread over 201 deals.

The MSE Corporate Bonds Total Return Index ended the week 0.6% higher at 1,127.217 points. Throughout the week, there were a total of 66 active bonds, with gainers and losers tallying to 23. The 3.25% APS Bank plc Unsecured Sub € 2025-2030 was the best performing issue, advancing by 5.3% to €100, while the 4% Exalco Finance plc Secured € 2028 suffered the biggest decline, as it dropped by 2.1% to €95.

The MSE MGS Total Return Index lost 0.7%, to end the week at 871.181 points. A total of 15 sovereign bonds were active during the week, with losses recorded in eight of them outweighing the gains registered across  five of the issues. The 4% MGS 2032 (VII) r gained 1.1% and ended the week as the best performer at €103. On the other hand, the 5.25% MGS 2030 (I) suffered the biggest drop, as it declined by 2.1%, closing at €110.

 

Market Highlights:

Malta International Airport plc (MIA) had the greatest influence on the MSE index in the past week, as its share price rose by 2.7%. This increase was the result of 20 transactions involving 26,533 shares. The equity traded between a low of €5.65 and a high of €5.80.

Simonds Farsons Cisk plc kicked off the week with a positive 4.4% movement in its share price. Even though the equity partially erased Monday’s gains, it still managed to close 3.6% higher on the week at €7.15. A total of 12,551 shares exchanged hands across five deals.

BMIT Technologies plc (BMIT) joined the list of gainers after closing at a 16-week high of €0.47. BMIT shares added 6.8% as a total of 18 shares worth €47,444 were executed.

International Hotel Investments plc was active over five transactions as 13,770 shares changed hands. As a result, the price was up to €0.59, translating into a 1.7% week-on-week increase.

Similarly, APS Bank plc shares registered a gain of 1.6% during the week as the price moved from €0.61 to €0.62. A total of 126,200 shares worth €76,865 exchanged ownership across 29 deals.

In the same sector, Bank of Valletta plc (BOV) was the most liquid equity during the week, after 36 deals generated a total turnover of €207,473. Despite reaching a weekly low of €0.90, BOV closed the week at €0.925, lower by 0.5% over the previous week.

Mapfre Middlesea plc followed suit with a positive performance, adding €0.12 or 8% to the previous week’s closing price. The equity ended the week at a five-month high of €1.62, as 6,074 shares exchanged hands across five deals.

Malita Investments plc gained 12.5% over the past week, with a trading value of just €878 over a single transaction. The equity closed the week at a seven-week high €0.675 level.

The share price of AX Real Estates plc registered a decline of 9.1%, ending the week at a low of €0.482. This was the outcome of two transactions involving 60,000 shares.

Tigne Mall plc followed suit, as the share price retracted by €0.07 or 8.5%. The equity closed at €0.75 as a result of two deals involving 4,250 shares.

 

Announcements:

Last Thursday APS Bank plc announced the financial results for the year ended December 31, 2022. The Bank registered a profit after tax of €19.2m, an increase of 27.4% over 2021. This strong performance was offset by unprecedented financial market volatility which impacted the returns of investments held by the Group. As a result, at group level the profit after tax stood at €5.8m, lower by €9.3m when compared to 2021 results.

Net interest income was the largest revenue driver, as total net interest income for 2022 was €65.1m, higher by 17.6% over 2021. At the next AGM, scheduled for May 16, the Directors will be recommending a net dividend payment of €0.0174 per ordinary share. Shareholders will have the option to receive the dividend in cash or through the issuance of new shares.

On Friday afternoon MIA published its traffic results for the month of February. The company achieved further encouraging results for the winter season, with last February’s traffic almost doubling over the same month in 2022 to total 379,073 passenger movements. Despite being a short 28-day month, February’s traffic was only 262 passenger movements below the traffic handled by MIA during January. The month’s average seat load factor stood at 82.6%, marking an increase of 6.8% over the seat occupancy registered by MIA in February 2019.

FIMBank plc announced that its AGM is scheduled to take place on May 4, 2023.

The board of BMIT Technologies plc approved the financial results for the year ended December 31, 2022. Revenue increased marginally to €25.8m and was minimally impacted by the loss of key customers. EBITDA amounted to €10.7m while cost of sales and other costs increased by 1.5% to a total of €17.2m. Profit before tax increased by 3% to €8.3m.

At the next AGM, which will be held on May 10, the board will recommend the payment of a final net dividend of €0.0246. The dividend will be paid on May 12, 2023 to all shareholders on the shareholders’ register as at April 10, 2023.

 

Market Movers by Sector:

Upcoming Events:

 

16 March 2023 MT: MaltaPost plc – Dividend Payment Date

 

This article, which was compiled by Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice and the contents therein should not be construed as such. The Company is licensed to conduct investment services by the MFSA and is a Member of the Malta Stock Exchange and a member of the Atlas Group. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. Jesmond Mizzi Financial Advisors Limited is acting as sponsoring brokers for the upcoming BNF Bank plc bond issue. For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or on Tel: 21224410, or email [email protected]