The MSE Share Index retreated by 0.53% to 4,444.492 points as five equities, including the large cap companies BOV, IHI and MIA, closed lower whilst only two shares closed in positive territory. Trading volumes remained subdued as just over €177,000 worth of shares changed hands. Download a copy of today’s Equity Market Summary.

On the bond market, the RF MGS Index closed in positive territory for the third successive day as it advanced by a further 0.34% to 1,130.376 points. In fact, the 10-year German bund yield slipped from the 0.64% level of yesterday to 0.60% today after comments made in a speech to the Economic and Monetary Affairs Committee of the European Parliament by the President of the European Central Bank (ECB) Mr Mario Draghi. The President warned that signs of a sustained turnaround in core inflation had weakened and thus paving the way for further monetary easing in December.

On Tuesday, Bank of Valletta plc confirmed the publication of a Prospectus dated 16 October and a Supplement dated 9 November 2015 in connection with the recently announced €150 million Subordinated Debt Issuance Programme. BOV also published the Final Terms confirming the issuance of the first tranche of €75 million 3.50% Subordinated Notes maturing in 2030. Tranche 1 is split into Series 1 (minimum €25,000 per application) and Series 2 (minimum €5,000 per application). €40 million has been reserved for preferred applicants (shareholders, directors and employees) who must submit all information by 30 November. Other investors must apply by 2 December.

Despite still trading with the entitlement to the final dividend, the equity of Bank of Valletta plc dropped a further 0.1% and closed at the €2.397 level across 28,866 shares. BOV shareholders as at close of trading tomorrow will be entitled to receive a final net dividend of €0.05525 per share which is payable on 18 December. Moreover, a bonus share issue of 1 new share for every 12 shares will also be distributed to those shareholders as at close of trading on 13 January 2016.

Yet, the worst performer of the day was International Hotel Investments plc as the equity shed 4.1% and closed at the €0.81 level across 6,424 shares. Recently, IHI issued its Interim Directors’ Statements explaining that the positive trends highlighted in the 2015 interim financial statements have persisted during the third quarter of the year and expectations for the rest of the financial year remain buoyant.

The equities of Malta International Airport plc and Tigne’ Mall plc retreated from their respective all-time highs of €4.00 and €0.97. MIA closed at the €3.99 level (-0.2%) across 7,900 shares. Last week, the airport operator published its October traffic results revealing a 10.2% increase in passenger movements bringing the growth in the first ten months of 2015 to +7.4%.

Tigne’ Mall plc edged 1.0% lower to the €0.96 level across 10,000 shares. Last week, the property company issued its Interim Directors’ Statement explaining that profitability during the first three quarters of the year increased when compared to the corresponding period last year. The Company is also anticipating a positive performance for the final quarter of the financial year.

Similarly, RS2 Software plc failed to hold on to its record intra-day high of €2.78 as it closed at the €2.76 level (-0.7%) across 4,540 shares.

Meanwhile, HSBC Bank Malta plc and Grand Harbour Marina plc closed the day in positive territory as both equities advanced by 0.5% to €1.879 and €1.00 respectively. Yesterday GHM issued its Interim Directors’ Statement updating the market on its performance since the publication of its interim results as at 30 June 2015. The Directors explained that, despite not concluding any berth sales, the Group registered an improved performance when compared to the same period last year. In fact, on a consolidated basis, GHM registered a profit before tax amounting to €0.55 million (against €0.29 million in the corresponding period last year).

A single trade of just 2,300 shares left the equity of Medserv plc unchanged at the €2.15 level.


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