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  • Local equity market back into positive territory as gains in the share prices of BOV and GO lift the MSE Share Index 0.1% higher to 2,973.024 points. Meanwhile, the only other active equity, namely HSBC, ended the session unchanged. Download of copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index closed marginally unchanged at 988.710 points as Eurozone yields floated around the 1.46% level as the markets await new measures from European leaders to foster growth in the euro zone and restore market confidence. Eurozone leaders are also expected to discuss the potential issuance of euro area bonds jointly underwritten by all Eurozone member states – an idea which is being opposed by Germany. In the meantime, concerns still remain in respect of the potential euro exit by Greece following the country’s general elections expected to be held next month.
  • Yesterday, Mediterranean Investments Holding plc announced that it will be convening a meeting for its bondholders in the 7.15% bonds maturing in 2017. During the meeting the Company will ask bondholders to vote on a resolution that will allow it to use a portion of the outstanding bond proceeds to partly fund a reduction of a loan. The loan was taken out by MIH during the civil war in Libya in order to continue to honour payments to its capital creditors and other commitments. Further details available here.
  • BOV’s share price reversed yesterday’s 0.5% drop with an equivalent increase during this morning’s session to close at the €2.08 level. However, almost 75% of the total volumes that passed through the market today amounting to 241,247 shares were exchanged at a fresh 7-month low of €2.055. The Bank is scheduled to pay the recently declared interim gross dividend of €0.06 per share on Thursday 24 May.
  • GO also closed in positive territory today with the share price recovering from an intra-day low of €0.83 to end this morning’s session 1.2% higher at the €0.86 level. A total of ten trades totalling 31,137 shares were executed with further offers unsatisfied at the closing price and highest outstanding bids at the €0.82 level. Following today’s increase, GO’s equity has risen by 17.8% since the quad play telecom operator held its Annual General Meeting during which it announced a new Special Purpose Vehicle (SPV) holding the Group’s properties valued at €50 million. The SPV will seek to extract the best value from these properties.
  • The only other active equity, HSBC Bank Malta, again traded unchanged at the €2.50 level on volumes of 34,760 shares. Other offers are outstanding at the last traded price with highest bids in the market at the €2.45 level.
  • Over 6.3 million new shares of FIMBank have been admitted to the Official List of the Malta Stock Exchange pursuant to the bonus share issue and scrip dividend issue as approved by the recent Annual General Meeting. The equity was inactive during this morning’s trading session with best bids in the market at US$0.75 and lowest offers at the US$0.879 level compared to the last closing price of US$0.81.

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