Further gains in bank shares

The equities of the two large banks continued to build on last week’s gains as further demand emerged during this morning’s session. HSBC Bank Malta plc edged 0.4% higher to regain the €2.515 level across four deals totalling 10,000 shares. Similarly, Bank of Valletta plc moved 0.8% higher to recapture the €2.42 level on volumes of 11,509 shares. Today marks the end of BOV’s financial year and the financial statements are normally published by end of October.

On the other hand, the share price of MIDI plc slipped 4% back to the €0.24 level on two trades totalling 70,000 shares. Likewise, fresh offers emerged in Grand Harbour Marina plc forcing the equity to close 5.3% lower at €1.799 across 9,500 shares.

International Hotel Investments plc eased minimally lower to €0.859 on a single trade of 1,200 shares. Shallow volumes were also registered in Simonds Farsons Cisk plc as the equity traded for the first time since the publication of the results last week. The Group registered a 1.1% increase in profitability to a record net profit of €3.8 million but the directors warned that the outlook remains challenging given the intense competition. Farsons’ equity eased 1.1% to €2.75 across two deals totalling 2,000 shares.

Meanwhile, GO plc recovered from an intra-day low of €1.46 to end this morning’s session unchanged at the €1.489 level on volumes of 5,500 shares.

Similarly, no change was registered in the share price of Crimsonwing plc as 101,850 shares changed hands at the €0.74 level. The IT Group is scheduled to hold its Annual General Meeting on 16 October.

On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to 1,021.376 points as benchmark Eurozone yields slipped back to near seven week lows. The 10-year Bund slumped to the 1.77% level on the back of renewed appetite for ‘safe-haven’ assets amid concerns over the US debt ceiling and the survival of Italy’s coalition government.