Movements in equity and bond indices

The MSE Equity Total Return Index ended the week in negative territory, closing 1% lower at 8,237.522 points. A total of 20 issues were active, three of which headed north, while another 11 closed in the opposite direction. The weekly total turnover remained in line with the previous week at €0.6m, generated across 147 transactions.

The MSE Corporate Bonds Total Return Index registered a 0.3% gain, as it closed at 1,175.263 points. A total of 62 issues were active, 30 of which traded higher, while another 17 lost ground.

The 4.85% JD Capital plc Secured € 2032 S1 T1 was the best performer, as it closed 8.1% higher at €99.50. On the other hand, the 4.35% SD Finance plc Unsecured € 2027 ended the week 3.3% lower at €96.75.

The MSE MGS Total Return Index advanced marginally by 0.3%, as it reached 909.610 points. Out of 21 active issues, 15 advanced, while another four closed in the red. The 4.00% MGS 2043 headed the list of gainers, as it closed at €104, equivalent to a positive 1.5% change. Conversely, the 2.90% MGS 2032 closed 3% lower at €97.

Top 10 market movements

Bank of Valletta plc registered a 2.1% decline in its share price, partially erasing the previous week’s gain. The banking equity finished the week at €1.42. A total of 207,449 shares exchanged hands across 42 deals, generating the highest weekly trading turnover of €290,271.

HSBC Bank Malta plc followed suit, as its share price retracted by 1.4% to close at €1.42. The equity traded between a weekly high of €1.44 and a low of €1.36. Fourteen transactions involving 49,702 shares worth €68,777 were executed.

In the same sector, the share price of APS Bank plc fell by 1.8%. This was the outcome of nine trades worth €14,001. The equity closed at a weekly low of €0.54.

Malta International Airport plc (MIA) recorded a 0.9% increase in its share price, closing at €5.65. The price per share fluctuated between a weekly high of €5.70 and a low of €5.60. A total of 23,607 shares were spread across 33 deals, generating a total trading turnover of €133,189.

The share price of BMIT Technologies plc dropped by 7.9% to the €0.35 level.  Trading activity included six deals worth €11,610.

The telecommunications company GO plc saw its equity value decline by 0.7% to close at €3.00. Four transactions of trivial volume were executed.

Similarly, Simonds Farsons Cisk plc fell by 0.7% to €6.70. A total of 1,205 shares exchanged hands over four deals, generating €8,124 in turnover.

Malita Investments plc experienced a 1.2% decrease in its share price, closing at a weekly low of €0.484. Three deals worth €6,566 were recorded.

Malta Properties Company plc plummeted 23.2%, finishing the week at €0.298. Two deals worth just €358 were executed.

MIDI plc saw a 6.9% decrease in its share price, closing at €0.242. Seven trades involving the exchange of 79,800 shares were recorded.

Company announcements

MIA disclosed the financial results of the group for the first quarter of 2024. MIA reported a strong start to 2024. The group’s first quarter financial performance highlighted substantial growth over the same period in 2023.

Heightened travel demand resulted in a 26.3% hike in passenger volumes. Between January and March 2024, the group generated revenues tallied to €25.7m, which translates to a 35.7% year-on-year increase. The group’s first-quarter earnings surged 75% year-on-year, as net profit stood at €7.3m.

MIA also published its traffic results for April, welcoming 774,562 passengers in April and posting a 9.3% growth in traffic volumes over the same period in 2023. This result was achieved in parallel with a 9.6% increase in aircraft movements.

The company held its AGM where all resolutions were considered and approved at the meeting. A final net dividend of €0.15 per share was approved, representing a gross payment of €31.2m.

Malita Investments plc has addressed recent news articles about a decision by Magistrate Donatello Frendo Dimech regarding changes to identity card addresses for voters in a Siġġiewi property owned and managed by the company. Reports claim that a witness testified that CEO Jennifer Falzon directed officials at Identità agency to facilitate these address changes.

The company and Falzon deny any wrongdoing, asserting they were not involved in altering identity card addresses, and only organised meetings with new tenants to handle utility service changes. The company is referring the allegations to the Commissioner of Police for further investigation.

The board of Halmann Vella Group plc announced that it has submitted an application to the MFSA, seeking approval for the listing of secured bonds worth €23m maturing between 2031-2034. This move aims to refinance the €30m 5% secured bonds which are due for redemption at par on November 6, 2024.

Merkanti Holding plc announced plans to propose amendments to its secured bonds due in 2026, increasing the interest rate to 5.7% and extending the maturity by seven years to 2033. These amendments are designed to retain balance sheet diversification with balanced long-term debt, avoiding the significant costs and time associated with issuing new bonds and re-registering German mortgage securities.

Additionally, all bondholders will receive a bonus payment of 0.8% of the bonds’ face value if the amendments are approved at the bondholders’ meeting.

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.