Movements in equity and bond indices

The MSE Equity Total Return Index returned to positive territory, as it closed 0.3% higher at 7,701.299 points. A total of 19 issues were active, seven of which headed north, while another six closed in the opposite direction. Total weekly turnover increased by €0.15m to €0.45m, generated across 135 transactions.

The MSE MGS Total Return Index advanced by 0.7%, as it reached 863.787 points. Out of 19 active issues, 11 advanced while another three closed in the red. The 2.5% MGS 2036 (I) headed the list of gainers, as it closed at €85, equivalent to a 3.7% change. Conversely, the 3.4% MGS 2027 (VI) closed 1.8% lower at €98.98.

The MSE Corporate Bonds Total Return Index registered a 0.6% decline, as it closed at 1,148.637 points. A total of 48 issues were active, 19 of which traded higher, while another 18 registered a drop. The 4.55% St Anthony Co. plc Secured € 2032 was the best performer, as it closed 5.2% higher at €100.49. On the other hand, the 3.5% GO plc Unsecured € 2031 ended the week 4.2% lower at €90.09.

Top 10 market movements

Malta International Airport plc shares experienced a positive 2.8% movement, closing the week at €5.55. This was the outcome of 9,403 share movements worth €51,901, spread across 13 transactions.

International Hotel Investments plc closed the week at €0.47 after recovering from a weekly low of €0.452. This translated in a week-on-week increase of 4.4%. Nine transactions of 11,600 shares were executed.

Bank of Valletta plc (BOV) ended the week unchanged at €1.25, despite trading at a weekly low of €1.21. The equity was the most liquid as 26 transactions involving 87,070 shares, generated €107,112 in turnover.

The share price of PG plc fell to €1.91 ‒ a decline of 5.4% week-on-week. This was the outcome of two deals of 5,000 shares.

MedservRegis plc closed the week 5.3% lower at €0.62. The equity was active over two trades in which 4,600 shares changed hands and yielded a total turnover of €2,312.

A total of seven transactions involving 12,172 Mapfre Middlesea plc shares dragged the share price 2.4% lower. The equity ended at a weekly low of €1.20.

GO plc fell by 0.7%, to close the week at €2.90. A total of 12 deals on a volume of 35,950 shares generated a turnover of €100,465.

Malita Investments plc witnessed a double-digit gain of 14.6%, closing at an intra-week high of €0.59. A total of 31,100 shares exchanged hands across six deals.

A single transaction of 581 Trident Estates plc shares, pushed the share price 6.4% higher. The equity closed at €1.33.

MaltaPost plc headed north, as a result of 16,188 shares transacting over five deals. The equity registered a gain of 14%, to end the week at €0.49.

Company announcements

BOV continued to deliver robust financial performance in the third quarter of the year with strong net interest income and capital generation alongside resilient asset quality. Profit before tax for the nine months was €163.5m compared with a loss before tax of €48.7m, as restated, in the comparative period.

Group profits have been restated by €7m in share of results from insurance associates, reversing a €5.4m loss in September 2022. This was a result of the implementation of IFRS 17 by the group’s associated companies, which accounting standard introduced a new methodology for the valuation of insurance contracts. The performance of the group in 2022 was impacted by the out-of-court settlement of the Deiulemar case. Excluding the impact of the settlement, the group’s results for the comparative period were a profit before tax of €54.8m restated.

HSBC Bank Malta plc delivered strong results for the nine-month period ended September 30, 2023. Reported profit before tax was €100.8m, an increase of €67.9m compared to the €32.9m profits reported in the same period last year, following IFRS 17 restatement. The bank confirmed that the increase in profitability is mainly attributable to strong interest income, improved credit quality of the loan book and continued focus on cost management, while continuing to invest in the future of the business.

During the week, Lombard Bank Malta plc announced that not all the rights to subscribe for new ordinary shares were accepted or validly assigned by existing shareholders by the close of the rights issue offer period. This resulted in a residual balance of 12,430,744 excess shares, which were available for subscription at the offer price of €0.75 per share. The offer closed yesterday.

Santumas Shareholdings plc held its annual general meeting on October 27, and all resolutions were approved.

The board of Malita Investments plc has successfully concluded discussions with the Housing Authority to extend the emphyteutical concession by a further period of eight years, thus to a total period of 36 years, commencing from December 29, 2017. The board also concluded to rescind the temporary utile dominium it holds over a site in Żebbuġ after it has transpired that the development of this site would not be commercially feasible for the company.

Malta Properties Company plc has continued to improve its operational and financial performance in the year to date. Revenues grew compared to the same period of 2022 on the back of rental income from the Żejtun property and the commencement of rental income from the Spencer Hill property. The profit for the period registered a decrease when compared to the previous year due to the sale of one of the properties in Birkirkara.

Multitude Bank plc is assessing the possibility of issuing a €25m subordinated floating rate bond with a 10-year maturity date and a call option exercisable five years from the issue date.

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.