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  • Local equity market back into positive territory as the MSE Share Index advanced by 0.4% to 2,988.225 points as most of the active equities, including HSBC and BOV, traded higher to offset the 0.9% decline in Lombard Bank’s equity.  Download a copy of the Equity Market Summary.
  • On the local bond market, the Rizzo Farrugia MGS Index edged marginally lower to 988.959 points. On the international front, Eurozone yields this morning touched a new all-time low of 1.343% on the back of a renewed flight to safety following indications that the Spanish Government will issue new bonds to fund the recapitalisation of the nationalised lender, Bankia, at a time when the country is having difficulty raising funds at sustainable rates.
  • The share price of Lombard Bank Malta plc eased a further 0.9% to €2.52 – its lowest level since January 2006. Following this morning’s decline, Lombard’s equity now ranks as the second worst performer since the start of the year with a 16.7% drop compared to its value at the start of the year. In 2011, the Lombard Bank Group registered a 20.1% decline in after-tax profits while its subsidiary MaltaPost plc recently announced a significant drop in profits during the first half of their financial year. In the recent Interim Statement, Lombard Bank confirmed that the downturn at the postal operator will adversely impact the Bank’s financial performance during the first half of the year.
  • On the other hand, BOV edged 0.5% higher to €2.06 after easing from an intra-day high of €2.08 across five deals totalling 5,155 shares. Other bids outstanding at the last closing price with lowest offers at the €2.08 level.
  • HSBC’s share price also on the rise with a 0.8% increase to €2.50 on volumes of 3,650 shares. However offers are already placed lower at €2.48 with highest bids at the €2.46 level.
  • Also in the financial sector, FIMBank reversed yesterday’s 1.8% drop to regain the US$0.85 level across three trades totalling 7,300 shares. Other offers remaining unsatisfied at the closing price whilst best bids placed at the US$0.75 level.
  • The only other active equity was GO which initially receded to an intra-day low of €0.855 before recovering and ending the session 1.1% higher at the €0.89 level. A total of 17,151 shares changed hands today across nine trades.

 

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