Movements in equity and bond indices
The MSE Equity Total Return Index posted a 0.7% decline, as it ended the week at 8,509.517 points. Out of 22 active equities, five advanced, while another 11 fell. A total of 172 transactions registered a turnover of €1.2m.
The MSE Corporate Bonds Total Return Index registered a 0.1% gain, as it reached 1,185.542 points. Out of 67 active issues, 26 headed north, while another 18 closed in the opposite direction. The 3.75% Virtu Finance plc Unsecured € 2027 issue recorded the best performance, up by 4.9%, to close at €99.90. Conversely, the 5.8% Agora Estates plc Secured € 2036 S1 T1 lost 4%, ending the week at €101.01.
The MSE MGS Total Return Index retracted further, closing 0.1% higher at 929.894 points. Out of 22 active issues, nine appreciated while another eight headed south. The 3.4% MGS 2027 topped the list of gainers, as it closed 0.8% higher at €101.63. On the other hand, the 0.10% MGS 2026 closed 5.7%, lower at €95.15.
Top 10 market movements
Malta International Airport plc (MIA) retracted by 2.5% to close at €5.95. MIA traded between a weekly high of €6.10 and a low of €5.70. This outcome was the result of 21 deals of 35,639 shares, generating a turnover of €215,515.
International Hotel Investments plc experienced a negative 4.4% movement in its share price as it closed the week at a low of €0.43. A total of four transactions generated a turnover of just €7,314.
Bank of Valletta plc (BOV) experienced a slight uptick, with its share price edging up by 1.2%, to close at a weekly high of €1.70. BOV was the most liquid equity during the week, generating a total turnover of €0.6m across 49 transactions.
HSBC Bank Malta plc recorded a 1.2% increase in its share price, as it closed at a weekly high of €1.66. Trading volume reached 24,000 shares, recording a total value of €39,646.
FIMBank plc experienced a decline, with its share price falling by 5.5% to close at $0.189. This was the result of 153,334 shares spread across 10 deals worth $25,087.
Similarly, RS2 Software plc faced a 5.8% drop in its share price, to close at €0.65. The equity traded at a weekly high of €0.68 and a low of €0.59. A total of 44,415 shares changed hands across 18 deals, generating €28,907 in turnover.
The share price of GO plc fell by 3.4%, closing the week at a weekly low of €2.80. GO saw a total of 5,234 shares exchange hands across five deals, recording €15,000 in turnover.
Grand Harbour Marina plc had an impressive week, with its share price soaring by 37.1% to close at €0.85. Trading activity stood at 11 deals of 64,000 shares, resulting in a total turnover of €52,103.
Simonds Farsons Cisk plc saw its share price increase by 2.2%, closing the week at €6.85. The equity was active across two transactions worth just €2,130.
Hili Properties plc experienced a decline of 5.3% in its share price, closing at €0.195. Two deals worth €7,260 were executed.
Company announcements
International Hotel Investments plc approved the unaudited half-yearly financial report for the period ended June 30, 2024. The group’s revenues increased by 9% to €135.6m compared to the same period in 2023. The group’s subsidiary, Corinthia Hotels Ltd, is incurring significant pre-opening costs as it prepares to open several new luxury hotels. Due to increased interest costs driven by higher base rates, the group reported a loss after tax of €10.2m, slightly better than the €11.7m loss registered last year. The group’s net profit of €17.1m in the statement of comprehensive income is primarily due to favourable currency translation effects from its investments in London and St Petersburg.
Lombard Bank Malta plc delivered strong financial results during the first half of 2024, with the group’s profit after tax rising to €7.2m, a significant increase from €3.4m in the same period last year. Gross interest revenues rose by 13% to €18.4m, driven by an increase in customer lending. Treasury activities also played a significant role in boosting interest income, benefiting from higher market interest rates.
The board of PG plc approved the annual financial statements for the year ended April 30, 2024. The supermarket and associated retail operations saw a turnover increase of 14.6%, following a 19.2% rise in the previous year. The franchise operations also experienced a turnover increase of 10.4%, reaching €32.6m. The profit after taxation was €13.5m, marking a 6.9% increase over the previous year’s €12.7m.
At group level, Hili Properties plc achieved an operating profit of €5.9m on revenues totalling €7.6m during the six-month period ending June 30, 2024. After factoring in finance costs and investment losses, the group recorded a profit after tax of €2.1m, 9.1% lower when compared to the same period in the previous year.
In the first half of 2024, M&Z plc experienced growth in core revenue despite challenges like inflation, cost-of-living pressures, and increased competition continue to impact the business. Profit for the year rose by 12.4% to €949,880. The directors approved the payment of a net interim dividend of €396,000 or €0.009 per ordinary share.
MedservRegis plc announced that one of its subsidiary companies, Medserv (Cyprus) Ltd, has signed a contract with a multinational oil and gas corporation to provide ShoreBase Logistics services for exploration activities taking place offshore Cyprus. Profit after tax for Medserv Regis plc fell significantly when compared to the same period in 2023, declining from €1.2m to €63,452 in 2024.
FIMBank plc reported an after-tax profit of $0.8m, compared to an after-tax profit of $3.9m registered for the six months ended June 30, 2023.
Malita Investments plc registered a loss of €3.6m during the first six months of the year, compared to a profit of €10.4m during the same period last year. The directors approved the payment of a net interim dividend of €1.8m or €0.0086 per share.
Santumas Shareholding plc recorded an unrealised gain of €735,674 from its financial assets’ portfolio, marking an 11% increase in value compared to the previous year’s gain. The statement of comprehensive income shows a net profit for the year of €1.1m, an increase from €735,883 in 2023.
Grand Harbour Marina plc reported revenue of €2.1m, in line with last year, with an increase in pontoon annual and visitors making up for the fall in superyacht annual and visitors. Profit after tax increased significantly from €120,000 to €3.5m.
This article, 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 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. For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, tel: 2122 4410, or e-mail info@jesmondmizzi.com.