MSE trading report for the week ended March 28, 2025

Movements in equity and bond indices

The MSE Equity Total Return Index recovered the previous week’s drop, having advanced by 0.8% to end the week at 8,816.461 points. A total of 21 equities were active, as six closed in the green, while nine closed in negative territory. Total turnover reached €2.23m, spread across 276 deals.

The MSE Corporate Bonds Total Return Index ended the week 0.4% lower at 1,182.545 points. A total of 69 issues were active, with 24 heading north and 27 closing in the opposite direction. The 4.55% St Anthony Co plc Secured 2032 was the best performing issue, advancing by 3.8% to €103, while the 4% International Hotel Investments plc Secured 2026 suffered the biggest decline, as it dropped by 2% to €99.

The MSE MGS Total Return Index gained 0.3%, to end the week at 949.996 points. Out of 20 active issues, 13 advanced while another six closed in the red. The 4% MGS 2043 gained 3.8% and ended the week as the best performer at €104.80. On the other hand, the 3% MGS 2040 suffered the biggest drop, as it declined by 3.3%, closing at €94.70. 

Market movements

After a stagnant performance from the previous week, Bank of Valletta plc (BOV) registered a 4% increase in its share price closing at €2.08, following the release of strong 2024 financials. BOV was the most liquid equity, with 627,995 shares traded across 114 transactions, generating a turnover of €1.29m.

Meanwhile, HSBC Bank Malta plc (HSBC) registered a slight 0.7% decline, closing at €1.54 after trading between €1.50 and €1.55. The equity saw 16 transactions involving the exchange of 137,208 shares worth €209,003. Despite this dip, HSBC advanced 7.7% during the quarter.

Mapfre Middlesea plc recorded a 6.7% increase, closing at a weekly high of €1.60. Trading volume was minimal, with 2,780 shares across six transactions, generating €4,199 in turnover.

APS Bank plc (APS) retracted by 1.6%, closing at €0.60. A total of 19 deals involving 80,404 shares were executed, generating a turnover of €48,207.

Malta International Airport plc (MIA) slipped 0.8% to €6.05, moving further from its four-year high of €6.25. A total of 12,902 shares changed hands across 15 trades, with a turnover of €78,361.

International Hotel Investments plc (IHI) declined 2.3%, closing at a weekly low of €0.42. Trading activity included 11 transactions totalling 37,617 shares, with a turnover of €15,855.

Malita Investments plc saw the sharpest drop of the week, falling 5.7% to €0.50. The equity traded 370,000 shares over 17 transactions, generating a turnover of €184,113.MIDI plc was the best performer, with its share price increasing 7% to €0.246. This resulted from two transactions involving 26,000 shares, with a total turnover of €5,987.

MaltaPost plc experienced the steepest drop of 10.9% to close at €0.41. The share price traded between €0.382 and €0.444. The equity saw 13 transactions involving 72,151 shares, with a turnover of €30,571.PG plc gained 1.7%, closing at a weekly high of €1.85. A total of 4,655 shares changed hands across five trades, generating a turnover of €8,481.

Company announcements 

BOV reported a profit after tax for the group of €199,599m for FY2024, up from €167,936m in 2023, driven by a 10.1% increase in operating revenues and controlled costs. The bank’s balance sheet grew to €15bn, with credit expansion of €700m, while maintaining some of the euro area’s lowest interest rates. For FY2025, profit before tax is projected between €200m and €250m, with distributions capped at 50%. The board is recommending a final gross dividend of €0.1314 per share, bringing the total FY2024 payout to €0.2238 per share, resulting in an increase of 92.5% from 2023. A bonus share issue of one share per 10 held and a share buyback program meto enhance market liquidity are also being proposed, both subject to regulatory approval. The board is considering issuing Tranche 2 of the €250m medium term bond programme. 

In a positive announcement, Fitch Ratings has upgraded BOV’s long-term issuer default rating to ‘BBB’ from ‘BBB-’ with a stable outlook and its viability rating to ‘bbb’ from ‘bbb-’.  Fitch has also assigned a long-term deposit rating of ‘BBB+’ and a short-term deposit rating of ‘F2’.

HSBC announced it is in the process of signing confidentiality agreements with a number of prospective offerors and will be proceeding to furnish information in confidence to them. The bank has been informed by HSBC Holdings plc that there is no preferred offeror and that the process remains at an early stage. Any potential transaction would require regulatory approval from both the MFSA and the European Central Bank. This process is expected to take several months.

APS notified the market that following the execution of a non-disclosure agreement with HSBC on March 25, APS has been granted access to a virtual data room. APS is now initiating a comprehensive due diligence exercise on HSBC. This process represents a standard procedural step in exploring potential strategic opportunities or transactions.

MAPFRE Middlesea plc posted a €7.1m post-tax profit for FY2024, up from €6.7m in FY2023. Written premiums rose 8.4% to €103.8m compared to €95.7m in FY2023, driven by growth across all business lines, particularly motor, health and property. The company retained its lead in the non-life market, though its share declined slightly as industry growth outpaced its own, according to provisional data from the Insurance Association Malta. The board will recommend at the company’s AGM a final net dividend of €4.8m, equivalent to a net dividend of €0.052174 per share.

At group level, Harvest Technologies plc registered an operating profit of €1.83m, resulting in an increase of 118% when compared to the previous year. After accounting for net finance costs and taxation, the group registered a profit for the year of €1.11m. The board announced the distribution of a final net dividend of €341,710 equivalent to €0.015 per share, subject to approval at the AGM.

BMIT Technologies plc entered into a share purchase agreement on March 24, in relation to the acquisition of 51% of the shares in 56BIT Ltd. The board of MIDI plc shall meet on April 29 to approve the audited financial statements for the year ended December 31, 2024 and discuss any dividend recommendation for the AGM.

M&Z plc announces that its board will meet on April 11 to consider and approve the annual report and audited financial statements for year ending December 31, 2024. The board will also discuss a potential dividend recommendation for the upcoming AGM, being held on June 4.

GPH Malta Finance plc announced it has received regulatory approval from the MFSA for the issue of up to €15m 5.80% unsecured bonds redeemable in 2032. The bonds are guaranteed jointly and severally by the company’s parent entity, Global Ports Holding Ltd.JD Capital plc has applied to the MFSA for the listing of up to €40m in 5.6% secured bonds maturing in 2035 on the MSE. Part of the proceeds will be used to finance the early redemption of €5m 7.25% secured callable notes  due 2025-2027.

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.