The MSE equity price index snapped a four-day losing streak as it rebounded by 0.96% to 3,705.202 points.

Farsons, MIA, BOV and FIMBank closed the day higher while only MIDI trended in negative territory. Meanwhile, Malta Properties Company plc stayed at the 50c5 level on trivial volumes. Overall trading activity in equities amounted to €0.14 million.

Simonds Farsons Cisk plc advanced by 3.1% to the €8.25 level after failing to hold on to an intraday high of €9 (+12.5%). A total of 14,675 shares changed hands having a market value of just over €0.12 million.

On Wednesday, Farsons published its annual financial statements for the year ended January 31. Revenues surged by 25.7% to €91.8 million while EBITDA climbed back to pre-pandemic level of €22.7 million as the Ggroup recorded strong growth across all business segments.

Overall, Farsons posted a net profit of €12.4 million which translates to a return on average equity of 10%. Shareholders as at close of trading on June 1 will be eligible to receive a net dividend of 13c33 per share and one bonus share for every five shares held, subject to approval at the upcoming AGM which will be held remotely on June 23.

Bank of Valletta plc moved 2.3% higher to recapture the 88c level on 2,770 shares.

Also among the large companies by market value, Malta International Airport plc gained 0.8% to the €5.95 level on a single deal of 2,000 shares.

FIMBank plc surged by 18.3% to regain the USD0.22 level albeit on trivial volumes.

Elsewhere, MIDI plc eased by 1.1% to the 37c6 level across three deals totalling 11,000 shares.

The RF MGS Index moved higher for the first time in four sessions as it gained 0.20% to 982.936 points. On Tuesday, ECB President Christine Lagarde indicated that there is no urgency for the central bank to withdraw its monetary stimulus.

The ECB President also dismissed concerns of an imminent economic recession given the healthy labour dynamics, the strong level of household savings, as well as the prevailing robust momentum underpinning the recovery in tourism.

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.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.