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  • MSE Share Index down 0.2% to 3,038.756 points mainly due to the decline in BOV shares. Meanwhile GO, MIA and RS2 Software trade higher whilst HSBC ended the session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index edged marginally higher to 988.599 points despite this morning’s significant recovery in Eurozone yields to above the 1.40% level. This followed this weekend’s approval of a €100 billion EU-funded rescue for Spain’s debt stricken banks. However, the positive reaction was short-lived as doubts over the terms and structure of the bailout deal as well as concerns over whether this is enough for Spain surfaced reversing the earlier increase in eurozone yields which by the afternoon were closer to the 1.30% level.
  • Later on this afternoon, Mediterranean Investments Holding plc will be convening a meeting for holders of the 7.15% bonds to approve a change to the use of bond proceeds originally set out in the Prospectus. The Company is requesting bondholders to vote on a proposal which will allow the Company to use €8 million of the 2010 bond proceeds to finance the part repayment of the €13.2 million 2011 loan taken out during the Libyan civil war to counteract the lost business from Palm City and be able to meet the payment of capital creditors and other commitments during the political turmoil.
  • Last week, the Treasury published a prospectus in respect of three new Malta Government Stock issues. The Treasury will be offering a maximum of €180 million in the following stocks: 3.75% MGS 2017 (IV); 4.3% MGS 2022 (II) and 5.1% MGS 2029 (I). Prices will be announced on Thursday 14 June with the opening of subscriptions taking place on Monday 18 June. Subscriptions close on Wednesday 20 June for the general public and at noon on Friday 22 June for applications in the auction process. Copy of the prospectus available here.
  • BOV’s share price eased 0.4% back to the €2.051 level – just €0.01 above the equity’s 2012 low. Eleven trades totalling almost 124,000 BOV shares changed hands during this morning’s session with best bids in the market at €2.05 and lowest offers pitched at the €2.07 level. Last week, the Bank announced the MFSA conclusions with respect to the sales practices adopted by the Bank in connection with the La Valette Multi Manager Property Fund (LVMMPF). Further information can be obtained here.
  • Meanwhile HSBC held on to last week’s 1.6% rise as 600 shares were exchanged at the €2.52 level. Further offers unsatisfied at the closing price whilst best bids placed at the €2.49 level.
  • GO’s equity in positive territory for the seventh time in the last nine sessions as its share price touched a new 2012 high of €1.00 before easing to a close of €0.99 which still represents a 2.1% rise over the previous close. GO’s share price is now 1% higher than its value at the beginning of the year following a turnaround in investors’ sentiment which can be possibly attributed to the Group’s plans revealed during the May 2012 Annual General Meeting in respect of its property holdings.
  • A small deal of 100 MIA shares transacted at the €1.749 level representing a 0.5% increase over the previous closing price. A further 600 shares remaining unsatisfied at the closing price whilst best bids in the market at the €1.651 level. Last week, the airport operator published the traffic results for the month of May. The statistics revealed a record for the month of May of 344,008 passenger movements representing a 5.8% rise compared to the same period last year. Further details on the traffic results available here.
  • On the IT front, RS2 Software edged 1% higher to regain the €0.505 level across three trades totalling 13,800 shares. The IT Company is scheduled to hold its Annual General Meeting on 12 June.

 

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