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  • Declines in the share prices of the three local banks forced the MSE Share Index 0.4% lower to 3,347.694 points. Malita also trended in negative territory whilst GO and Island Hotels ended this morning’s session unchanged on low volumes. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index trended higher for the fifth consecutive session with a further marginal increase to yet another all-time high of 1,024.117 points despite a recovery in Eurozone yields to the 1.2% level.
  • This afternoon, the European Central Bank (ECB) announced a 25 basis point cut in its reference benchmark rate to a historically new low of 0.5% in a bid to counteract the declining economic activity across the single currency bloc as reflected by the record unemployment reached in April. Moreover, the ECB action came also in response to the declining inflation rate which registered the biggest monthly drop in the last four years to 1.2%.  
  • HSBC retreated by 0.8% to the €2.65 level on low volumes of 2,000 shares.
  • Similarly, the share price of BOV again failed to hold on to the €2.30 level as it eased minimally lower to close this morning’s session at the €2.298 level across nine trades totalling 8,680 shares. In an interview with the new Chairman published on The Times of Malta today, Mr Cassar White reiterated the need for the Group to accelerate its capital building which will possibly impact future dividend payments. The Chairman also explained that the CEO will be given a mandate to review all processes at the Bank in order to ensure improved efficiency and to become more customer oriented.
  • Lombard Bank lost 5.1% closing at the €1.85 level as fresh offers entered the market satisfying some long-outstanding demand. A total of 7,965 shares traded today.
  • Similarly, the equity of Malita Investments slumped 3.7% back to the IPO level of €0.50 on a single trade of 2,000 shares.
  • A single trade of 3,825 GO shares transacted at the €1.59 level representing no change from the previous close.
  • Island Hotels Group shares also held on to the €0.60 level on volumes of 1,000 shares.
  • Meanwhile, the Malta Stock Exchange this morning announced the listing of the Tigné Mall plc shares following the recent combined offering. Trading in the shares of Tigné Mall plc (TML) is expected to commence as from tomorrow.

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