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  • The MSE Share Index shed 0.6% during this morning’s session to a fresh 6-week low of 3,304.581 points largely due to the 3.4% drop in HSBC which offset the marginal increase in BOV. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index eased minimally lower to just below the 1,091 points level as Eurozone yields remained close to the 0.89% level early this morning. However, by this afternoon, the benchmark 10-year German Bund yield slumped to a new all-time low of 0.837% following the announcement that German investor sentiment dropped to a 2-year low as Europe’s largest economy is being adversely affected by the various adverse developments around the globe and the sluggish growth across the 18-nation single currency bloc. Germany slashed its economic growth forecasts this afternoon to 1.2% for 2014 and 1.3% for 2015 when compared with the April forecasts for 1.8% and 2.0% respectively.
  • Two new bond issues were launched last week. Hal Mann Vella Group plc published a formal notice in connection with the issue of €30 million 5.0% Secured Bonds 2024 and United Finance plc announced the issue of €8.5 million 5.3% Unsecured Bonds 2023. Further information available from www.rizzofarrugia.com
  • Meanwhile, earlier on today the Treasury announced the issue of 2 new institutional tranches of Malta Government Stocks for a total aggregate amount of €40 million with an over-allotment option of a further €35 million which are only available through an auction process for a minimum of €250,000 per application and in multiples of €50,000. Applications in the form of sealed bids will be accepted until noon on Friday 24 October.
  • The share price volatility across the large banks persisted today as HSBC shed 3.4% to a fresh 9-week low of €1.92 on increased volumes totalling 94,849 shares.
  • This decline in the Bank’s share price offset the marginal 0.5% increase in BOV’s equity to €2.20 across 15,295 shares.
  • Elsewhere in the local equity market, a single trade of 30,000 Tigné Mall shares was executed at the €0.52 level representing a 1% drop from the previous closing price.
  • Meanwhile, 25,000 Malita Investments shares traded unchanged at the €0.56 level.
  • Activity was low in the other active equities with GO holding on to its 6-year high of €2.68 across 1,000 shares.
  • MIA maintained the €2.34 level on a single trade of 2,000 shares.
  • The only other active equity was 6pm with a single deal of 250 shares executed at the GBP0.72 level.

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