BOV down 1.7% on high volumes

The share price of Bank of Valletta plc retreated by 1.7% during this morning’s session back to the €2.26 level on high volumes. A total of thirty trades were executed today totalling almost 140,000 shares – the highest volume of BOV shares traded in a day during the last five months. Yesterday media reports revealed that Mr John Cassar White has been selected by the Government to serve as Chairman of BOV thus replacing the current Chairman Mr Frederick Mifsud Bonnici.

On the other hand, Lombard Bank Malta plc edged 1% higher to regain its 2013 high of €2.00 across two trades totalling 16,103 shares. Similarly, GO plc shares moved 0.6% higher to close at the €1.549 level on volumes of 12,750 shares.

Meanwhile, the two other active equities ended the session unchanged. Plaza Centres plc held on to the €0.55 level across 16,100 shares and RS2 Software plc maintained its all-time high of €0.98 on volumes of 22,043 shares.

Overall, the MSE Share Index eased by 0.4% to 3,326.936 points.

On the bond market, the Rizzo Farrugia MGS Index edged a further 0.1% higher to a fresh 30-month high of 1,018.35 points as Eurozone yields dipped back below the 1.3% level. This afternoon, yields slipped further lower to the 1.265% level after the European Central Bank announced that it will be holding its benchmark interest rate at the historically low level of 0.75% as the monetary policy committee adopts a ‘wait and see’ strategy following some recent bleak economic data. Similarly, the Bank of England held to its benchmark rate of 0.5% and decided not to extend its asset purchase programme possibly in view of the already high inflation rate of 2.8% and to avoid further weakening of the British Pound.