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  • HSBC shares extend rally to lift the MSE Share Index a further 0.6% higher to 3,090.258 points. The 3.6% rise in HSBC offset the declines in BOV and RS2 Software whilst IHI and Lombard ended the session unchanged. Download a copy of the Equity Market Summary. The local equity benchmark ended the week in positive territory for the third consecutive time with another 1.6% rise on the back of the gains in HSBC and GO which offset the declines over the last five sessions in BOV and five other equities.
  • On the bond market, the Rizzo Farrugia MGS Index edged marginally higher to close at 992.930 points as Eurozone yields slid back to the 1.16% level as Germany consolidated its ‘safe-haven’ status. Despite this morning’s approval of a €100 billion bailout for Spain’s banking system, market concerns over Spain are still escalating with the spread between German and Spanish government bonds rising to 595 basis points – the widest since the introduction of the euro.
  • HSBC closed in positive territory for the third time this week on continued support ahead of the Bank’s interim results publication on 27 July. The equity touched yet another 11-month high of €2.88 before easing to a close of €2.85 which still represents a 3.6% rise over the previous close. A total of 17,500 shares changed hands today with the Bank’s equity ending the week 6.7% higher (the fourth consecutive weekly increase).
  • The only other positive performing equity this week was GO (which was inactive today) which regained most of last week’s 9.9% drop with an 8% jump to the €1.08 level. Nonetheless it was a very volatile week for GO’s equity as it initially surged to regain the €1.20 level on Monday before easing back to the €1.08 level yesterday.
  • Meanwhile, BOV drifted a further 2.4% lower today to close at its 33-month low of €2.00 across thirty one deals totalling over 69,500 shares. BOV ended the week with a 2.7% decline.
  • Also in the financial sector, Lombard Bank shares continued to trade close to its 79-month low of €2.15 as 1,000 shares changed hands today at the €2.18 level representing a weekly drop of 0.9%.
  • On the IT front, RS2 Software slid 4% lower to the €0.48 level (minimally higher than its 2012 low of €0.478) on volumes of 8,200 shares. Following this morning’s dip, RS2’s equity ranks as the worst performer of the week.
  • Next Monday marks the opening of subscriptions in respect of the new share issue by Malita Investments plc. The company is issuing a total of 20,000,000 new ‘B’ shares for general public subscription at the nominal value of €0.50. Malita Investments will have a market capitalisation of €69 million representing a 2.5% weighting in the MSE Share Index. Further details on this IPO available here.

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