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  • The MSE Share Index retreated by 0.37% to 3,041.316 points as the gains in Bank of Valletta was offset by losses in FIMBank, GO and Island Hotels. The decline registered this morning trimmed the weekly gain in the Index to 0.17% mainly as a result of the 2.3% rise in HSBC’s equity. Download a copy of the equity market summary here.
  • On the local bond market, the Rizzo Farrugia MGS Index advanced marginally higher to 991.935 points as the Central Bank of Malta once again revised the MGS bid prices upwards. The movement in the Rizzo Farrugia MGS Index reflected this morning drop in the Eurozone yields to 1.219% as investors sought the ‘safer’ German bund. This morning Moody’s downgraded Italy’s credit rating by two notches to Baa2 due to the country’s susceptibility to potential events such as a Greek exit from the euro zone or Spain requiring additional financial aid. Italy’s 10-year bond yield rose past the 6% level on the news which is perceived to be unsustainable in the long run.
  • BOV shares were the only positive performer of the day. Following yesterday’s 0.5% drop to a 36-week low of €2.04, the equity of BOV advanced by 0.7% to €2.055 on volumes of 6,526 shares with further bids remaining outstanding at €2.06 during the session.
  • Meanwhile the equity of HSBC failed to break through the 2012 high of €2.67 as a further 5,000 shares traded at this level today. HSBC ranks as the best performer of the week with a 2.3% rise. The bank is scheduled to announce its half year results on Friday 27 July.
  • Plaza and Simonds Farsons Cisk plc also closed the day unchanged at €0.579 and €2.00 respectively. Plaza will be publishing its interim results on 31 July. During the last communication with the market, Farsons mentioned that despite working in a highly competitive environment, its performance from the beginning of its financial year on 1 February through to 13 June was higher than the results achieved in the comparative period last year.
  • GO’s equity dropped by 9.9% to €1.00 on low volumes of 1,950 shares. Today’s decline places GO as the worst performer of the week. Yesterday, Forthnet announced that an extraordinary meeting is scheduled for 3 August to discuss an increase in share capital of €30 million as well as a reverse share split.
  • The two other active equities of the day were Island Hotels and FIMBank. The equity of Island Hotels dropped to a 29-week low of €0.845 on a single deal of 8,000 shares. In a recent announcement, IHG mentioned that Buttigieg Holdings (in which IHG has 50% ownership) will be converting its three catering outlets at the airport to Costa branded stores. The share price of FIMBank retreated by 2.3% to USD0.86 trimming this week’s rise to 1.2%.

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