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  • The MSE Share Index advanced by 0.04% today to 4,505.520 points, largely reflecting the strong rebound in the share price of Medserv plc on healthy volumes. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index extended yesterday’s rebound by a further 0.43% to 1,147.103 points as euro zone sovereign yields continued to retreat (bond prices advanced) from recent highs. In fact, the 10-year benchmark German Bund yield touched a near two-week low of 0.22% today from a high of 0.299% yesterday. Yesterday, the European Central Bank’s (ECB) President Mr Mario Draghi confirmed that the ECB’s monetary policy will remain accommodative “to secure a sustained convergence of inflation towards levels below, but close to, 2% over the medium term”.
  • Following the issuance of an Interim Directors’ Statement yesterday, the equity of Medserv plc climbed 8.9% to a three-month high of €1.623 across 112,000 shares. Medserv explained that despite the tough trading conditions, it is still expecting its revenues for 2016 to be close to the revised forecasted amount of €38 million. However, this could improve if the projects earmarked to commence in the last quarter of the year materialise. Overall, Medserv explained that the initiatives taken to date have not only reduced the shortfall in performance but also placed the Company in a position to perform strongly next year.
  • The other positive performing equity today was RS2 Software plc which gained 0.9% to regain the €1.599 level on volumes totalling 27,500 shares. RS2 also issued an Interim Directors’ Statement last Friday reiterating that it has a strong business pipeline both in licencing and processing. RS2 also indicated that during 2016 the Group’s revenue remained stable and comparable to 2015. However, the adverse impact of foreign currency fluctuations and the expense incurred in relation to the Group’s international expansion have affected the Group’s profitability.
  • In contrast, Bank of Valletta plc eased back to the €2.26 level (-0.4%) across 11,875 shares.
  • GO plc opened at an intra-day low of €3.19 (-1.8%) before partially recovering to close the session 0.3% lower at €3.24. A total of 3,000 shares changed hands.
  • Simonds Farsons Cisk plc retreated by 1.4% to the €6.505 level on 1,539 shares whilst GlobalCapital plc shed 2.2% to the €0.44 level on shallow volumes.
  • Meanwhile, two single deals left the equities of HSBC Bank Malta plc and Lombard Bank Malta plc unchanged at €1.83 and €2.10 respectively.
  • Likewise, Malta Properties Company plc maintained its one-month low of €0.57 on thin volumes totalling 1,825 shares.
  • Yesterday evening, Premier Capital plc announced the allocation policy in respect of the recently issued €65 million 3.75% unsecured bonds maturing in 2026. The Company received 6,107 applications totalling €100.1 million. All applications submitted by bondholders of the 6.8% Premier Capital plc 2017/2020 bonds will be accepted in full. Applications from Hili Ventures Group Bondholders (namely Hili Properties plc and PTL Holdings plc) will be satisfied up to the first €3,000 and 11.367% of the remaining balance. Applications submitted by the General Public were allocated the first €50,000 in full and 55.0375% of the remaining amount. Refunds of all unallocated monies will be made by 28 November 2016 and trading is expected to commence on 1 December 2016.
  • This morning, International Hotel Investments plc announced that it received regulatory approval for the issuance of a new €40 million unsecured bond maturing in 2026 at a coupon rate of 4%. IHI is giving preference to holders of the existing 6.25% IHI 2017/2020 and the 6.5% IHG 2017/2019 bonds which will be redeemed next year.

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