MSE Trading Report for Week ending 1 November 2024

Movement in Equity and Bond Indices:

The MSE Equity Total Return Index closed the week with a fourth consecutive gain, advancing by 0.9%, to close at 8,565.285 points. A total of 25 equities were active, as 10 headed north while another 12 closed in the red. Total weekly turnover fell when compared to the previous week, recording €0.9m generated across 162 transactions.

The MSE MGS Total Return Index declined by 0.4%, to close at 942.882 points. Out of 28 active issues, 17 lost ground while eight posted gains. The 3% MGS 2040 registered the best performance with a 4.7% increase, ending the week at par. Meanwhile, the 2.3% MGS 2029 headed the list of fallers, as it closed 2% lower at €98.02.

The MSE Corporate Bonds Total Return Index partially erased the previous week’s gain, declining by 0.3%, to close at 1,182.245 points. A total of 54 issues were active, of which 19 registered gains, while another 18 declined. The top performer was the 4.25% CPHCL Finance plc Unsecured € 2026, with a 2.6% increase in price, to close at €99.95. On the other hand, the 4% International Hotel Investments plc Unsecured € 2026 declined by 2%, to close at €97.

 

Market Highlights:

Bank of Valletta plc registered a 1.7% positive movement, with its share price closing at €1.78. The equity traded between a weekly high of €1.80 and a low of €1.74. A total of 36 deals involving 135,532 shares, generated a total turnover of €238,524. From a year-to-date perspective, BOV shares are 25.4% up.

HSBC Bank Malta plc also enjoyed a positive week, with its price climbing 2.8%, closing at a weekly high of €1.46. A total of 28,261 shares exchanged hands across 12 deals and generating €40,524 in turnover.

Lombard Bank Malta plc posted a positive 3.8% movement in its share price, closing at €0.83. Eight deals of 12,883 shares generated a turnover of €9,994.

Meanwhile, APS Bank plc registered a 3.6% gain, to close at €0.58. This was the outcome of 20 trades of 124,973 shares, generating a turnover of €72,071.

FIMBank plc advanced by 6.3% to close at $0.17. Three trades recorded a total of 11,250 shares worth $1,803.

Mapfre Middlesea plc registered the best performance for the week, closing at €1.40 – a 7.7% gain. A total of €144,861 was recorded in turnover as a result of nine deals involving 110,562 shares.

Malta International Airport plc experienced a dip in its share price, closing 2.5% lower at a weekly low of €5.85. A total of 5,680 shares exchanged ownership over eight deals, resulting in a total turnover of €33,303.

The share price of GO plc headed north, advancing by 3.7%, to close at a weekly high of €2.80. A total of 11 deals involving 41,087 shares were executed. Turnover for the week totalled €110,923.

Malita Investments plc experienced a downturn during the week, with a 4.6% price drop, closing at €0.52. This was the result of a sole transaction involving 50,000 shares, resulting in a total value of €26,000.

Simonds Farsons Cisk plc witnessed a decline of 1.5%, with its share price closing at a weekly low of €6.65. A total of 2,057 shares generated a turnover of €13,771.

 

Company Announcements:

Bank of Valletta plc achieved strong financial results for the nine months ending September 2024, generating a profit after tax of €147m at Group level, up by 35.5% over the same period in the prior year. The Group’s operating income amounting to €359m for this period, is the result of the continuous expansion of loan portfolios, a drive to improve and diversify net fee and commission income as well as continued effort on the balance sheet optimization strategy. Net interest income, the core business area of the bank, totalled €290.5m for the period at Group level, an increase of 14.5% when compared to the same period in 2023. The Group saw a positive increase in the gross loan-to-deposits ratio from 51.7% in December 2023 to 55.7% at the end of September 2024.

HSBC Bank Malta plc reported strong profits, with a profit before tax for the first nine months of 2024 of €118m, an increase of 17% over the €100.8m profits reported in the same period last year. Revenue was up €19m or 11% over the identical period in 2023, driven by higher customer activity amidst the higher interest rate environment. The Bank also announced that HSBC Holdings plc will undertake a strategic review of its indirect 70.03% shareholding. The review process will consider a range of options, and no decisions have yet been made. The Bank remains focused on running its business and will provide further updates as required.

APS Bank plc registered an after-tax profit of €11.6m at Group level for the third quarter of 2024, 22.6% lower when compared to the same period in 2023. Despite a progressive improvement in performance over the past months, the results continue to lag those of 2023 mainly due to a contraction in net interest income, primarily driven by margin compression on loans and deposits.

Loqus Holdings plc reported a loss of €625k, for the financial year ended June 30, 2024. Despite the negative performance, the Company achieved a record revenue of nearly €12m. The costs of implementation, along with significant investments in resources and product development, have depressed the Company’s gross profit margins. The directors believe that the strategic actions taken will position the Group for future profitability and sustainable growth.

The board of M&Z plc has approved a share buy-back programme of 500,000 shares which will be purchased back by the Company at €0.60 between November 4, 2024 and November 29, 2024.

 

Market Movers by Sector:

 

 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 under the Investment Services Act by the MFSA and is a Member of the Malta Stock Exchange. The directors or related parties, including the company and their clients, are likely to have an interest in securities mentioned in this article. For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or on Tel: 21224410, or email [email protected]