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  • Following the declines registered in the previous three trading sessions, the MSE Share Index advanced by 0.66% to 4,472.126 points today reflecting the rebounds in the share prices of BOV (+1.8%) and HSBC (+2.4%). Meanwhile, MIA and MIDI moved lower whilst a further three equities closed the day unchanged. Trading activity improved today as nearly €0.45 million worth of shares changed hands – the highest activity in the last fifteen trading sessions. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index trended higher for the first time in the last four days as it rebounded by 0.17% to 1,143.433 points. Euro zone sovereign yields drifted lower today (bond prices went up), with the 10-year benchmark German Bund yield touching an intra-day low of 0.189% from 0.243% last Friday, possibly due to the downturn in the price of oil following renewed uncertainty on whether OPEC reach a deal to cut production. Meanwhile, fresh data showed that growth in corporate lending in the single currency area reached its fastest pace since mid-2011.
  • Bank of Valletta plc advanced by 1.8% to recapture the €2.24 level across 48,948 shares. Last Thursday, Fitch downgraded its credit rating on BOV to “BBB”, citing pressure on the Bank’s level of capitalisation. Fitch further added that “although the bank is considering strengthening its capital through a new share offer, this would not be sufficient to meet all future requirements”. Commenting on the downgrade, BOV’s CEO Mr Mario Mallia reaffirmed the Bank’s commitment towards strengthening its levels of capital as well as its risk management framework. Mr Mallia also added that BOV is retrenching from some traditional businesses and addressing legacy issues.
  • Within the same sector, HSBC Bank Malta plc climbed by 2.4% to the €1.844 level on volumes totalling 53,889 shares.
  • Also among the large companies, Malta International Airport plc dropped back to the €4.05 level (-0.7%) across 5,050 shares.
  • MIDI plc traded for the first time in the last sixteen trading sessions, with the equity easing 2.9% to the €0.33 level on light volumes totalling 5,000 shares.
  • Low activity also took place in GO plc and Mapfre Middlesea plc. Both equites closed flat at €3.24 and €2.20 respectively.
  • In contrast, robust volumes were traded in the equity of Simonds Farsons Cisk plc today, which maintained its three-month low of €6.45 level across 33,000 shares – representing 47.6% of the total value of equities traded today.

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