Another negative session for the MSE Share Index

The local equity market closed in negative territory for the second consecutive day. The MSE Share Index declined by 0.2% to 3,355.587 points as the large cap banks continued to weaken.

Bank of Valletta plc closed this morning’s session 0.6% lower at €2.08 on weakening volumes of 18,108 shares. Similarly, HSBC Bank Malta plc closed minimally lower at the €2.001 level on a single trade of a mere 2,000 shares. HSBC will be publishing its interim financial statements next Monday 4 August.

Shallow volumes were also evident in Simonds Farsons Cisk plc with the equity shedding 3.4% lower to the €2.85 level on a single trade of 417 shares.

Meanwhile, the only equity to perform positively today was GO plc, which edged 0.85% higher to reach another multi-year high of €2.38. 5,000 shares traded today as the market awaits further developments regarding Forthnet.

All the other active equities closed the day unchanged. The highest activity was registered in RS2 Software plc as a total 54,662 traded at the €2.55 level. Meanwhile, Middlesea Insurance plc (86 shares at €0.87), Malta International Airport plc (3,800 shares at €2.30) and MaltaPost plc (2,899 shares at €1.12) also closed unchanged.

On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher, reaching a new all-time high of 1,060.601 points as Eurozone yields slumped to a fresh record low of 1.12% as tensions in the East continued to intensify. Japan joined other countries as it also imposed its first sanctions on Russia whilst the US, Germany, UK, France and Italy widened their sanctions on Russia. This could negatively impact the Eurozone’s already sluggish economic recovery.