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  • The MSE Share Index edged 0.1% during this morning’s session to yet another new 3-month low of 3,384.030 points as the declines in HSBC and MIA offset the gains in Lombard, Middlesea, FIMBank and MaltaPost. Meanwhile, the other three active equities, including BOV and RS2, ended the session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index edged 0.2% higher to 1,021.500 points as the benchmark 10-year German Bund yield slipped back to the 1.96% level. Demand for ‘safe-haven’ assets has once again increased as investors await the decision of the US Congress on whether to initiate a military intervention in Syria or otherwise. Furthermore, investors are also keeping a close eye on developments in Italy with respect to the uncertainty on whether the coalition government will be able to progress and the possibility that the Italian state (already struggling to control its €2 trillion debt pile) might need to nationalise Monte dei Paschi di Siena – a banking group which is facing serious financial difficulties.
  • Meanwhile, Medserv plc recently announced the issuance of €13 million 6% Secured and Guaranteed Notes due 2020/23. Interest is payable twice yearly on 31 March and 30 September. The preplacement will take place on 19 September 2013 and the General Public Offer opens on 23 September 2013. Minimum applications are for €2,000 and in multiples of €100 thereafter.
  • More than 80,600 shares of RS2 Software changed hands during this morning’s session at the equity’s all-time high of €1.85 with lowest offers now placed at the €1.87 level. Over the weekend, shareholders received the circular issued in connection with the Extraordinary General Meeting (EGM) scheduled to be held on Wednesday 2 October for shareholders to consider and approve a number of changes to the Memorandum and Articles of Association (MAA) of the Company. These changes were requested by Barclays Bank plc as part of the agreement with ITM Holdings plc to acquire a 10% shareholding in RS2. Barclays subsequently intends to acquire a further 10% stake through purchases on the secondary market.
  • Meanwhile, the share price of HSBC extended its negative run seen in the past four weeks. The Bank’s equity touched a new 14-month low of €2.50 before partially recovering to end the session at the €2.511 level which still represents a 1.1% drop from the previous close. A total of 23 deals totalling 86,700 shares were executed today.
  • Similarly, the equity of MIA eased 1.1% back to the €1.87 level on a small trade of 800 shares. 
  • On the other hand, new bids helped the share price of Lombard Bank move 1.6% higher to regain the €1.90 level on low volumes of 5,877 shares.
  • FIMBank also edged 0.5% higher to close at the US$0.945 level on a deal of 1,000 shares.
  • Also in the financial sector, Middlesea Insurance jumped 6.3% to regain the €0.85 level across 2,177 shares. 
  • The only other positive performing equity was MaltaPost with a 2% increase to the €1.00 level on volumes of 4,521 shares.
  • Elsewhere in the secondary market, BOV maintained the €2.34 level across ten trades totalling 13,797 shares.
  • Malita Investments also ended this morning’s session unchanged as it held on to the €0.51 level on 20,000 shares. The property related company is due to pay its maiden gross interim dividend of €0.01476 per share (net: €0.00959) to all ‘B’ shareholders on Friday 13 September.

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