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  • MSE Share Index edged a further 0.3% higher during this morning’s session to close at 3,090.469 points as BOV’s 1.3% rise offset the 2% drop in Lombard. Meanwhile the only other active equity, HSBC, ended the session unchanged. Download a copy of the Equity Market Summary.
  • Today marks the end of August during which the MSE Share Index shed 0.4% to 3,090.469 points. During August just under €2 million worth of shares traded. August ranking as the second lowest monthly activity this year. This month’s outperformer was BOV as its share price rallied by 11.4% to the €2.29 level on renewed demand for the Bank’s equity ahead of the full-year results. Meanwhile, the other banking shares moved in opposite directions. HSBC retreated by 4.2% to €2.75 with FIMBank sliding 5.9% to USD0.80 as investors await further developments with respect to the potential takeover by Burgan Bank. More significant declines were registered in the equity of Lombard Bank and MaltaPost which also rank as the worst performers since the beginning of the year.
  • On the bond market, the Rizzo Farrugia MGS Index edged 0.3% higher in August to 997.103 points. The bond market awaits the promised actions by the European Central Bank (ECB) to counteract the prevailing sovereign debt crisis in the Eurozone. Markets also await new stimulus measures by the US Federal Reserve.
  • On the local market, differing results were issued by a number of bond issuers. On the one hand, GAP Developments plc reported losses as it completed construction works on the Fort Cambridge development. Meanwhile, PAVI Shopping Complex plc registered yet another set of record results as the popularity of the supermarket increases given its competitive pricing and surrounding amenities complementing the complex. Dolmen Properties plc also announced another strong operational performance and the company stated that it will be redeeming its outstanding balance of the 6% Secured bonds on 20 November 2012.
  • This afternoon, the Treasury announced the results of its Malta Government Stock tender offer comprising two floating rate stocks. The Treasury received 13 bids totalling €66.9 million out of which it allotted €56.4 million as follows: €25 million in FR% MGS 2017 (V) and €31.4 million in the FR% MGS 2018 (IV).
  • Back to the local equity market, BOV’s share price moved 1.3% higher today to regain the €2.29 level across eight trades totalling 12,462 shares. Further offers remain unsatisfied at the closing price.
  • Meanwhile HSBC traded unchanged at the €2.75 level on a single trade of 1,900 shares.
  • Even lower volumes transacted in Lombard Bank as its share price dwindled a further 2% to a new 7-year low of €1.95 across two trades totalling 574 shares. The financials of Lombard adversely affected by the prevailing unfavourable environment for banks as well as by the negative impact at MaltaPost related to the amendments in the tariffs of the Universal Postal Union (UPU) on international mail. Further details on interim results available here.
  • GO shares inactive today in spite of the Group’s half-year results publication. The interim financials revealed a significant turnaround in profitability to €15.3 million compared to the €17.8 million loss registered during the first six months of 2011. The turnaround was due to the €11.4 million gain registered on the exchange of properties between the Group and the Government of Malta in May 2012 and a substantial decline in the impairment from Forthnet. Further details available on results available here. Investors now await the Directors’ decision on whether to participate or not in Forthnet’s upcoming €30 million rights issue.

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