GO reaches new 6-year high

Further support for the shares of GO plc continued to emerge during this morning’s session helping the equity rise by a further 0.8% to a fresh 6-year high of €2.47 across four deals totalling 34,200 shares. Demand for the equity of the telecoms quad-play operator has been buoyant in recent weeks on the back of the improved financial performance during the first six months of 2014 as well as the potential value that may be unlocked from the indirect investment in Forthnet and the local property portfolio.

The only other positive performing equity was Bank of Valletta plc with a 0.5% increase to regain the €2.15 level across ten trades totalling 30,799 shares.

Nonetheless, the MSE Share Index still retreated by 0.6% to 3,271.930 points as the above-mentioned gains were offset by the declines across most of the other active equities.

High volumes were transacted in Malita Investments plc with the equity shedding 0.9% back to the €0.535 level on a single trade of 200,000 shares. Likewise, a large deal of 245,000 shares was executed in 6pm Holdings plc at the GBP0.72 level representing a 2% drop from the previous closing price.

The share price of International Hotel Investments plc dropped a further 4.6% to a fresh all-time low of €0.62 on low volumes of 10,130 shares.

Simonds Farsons Cisk plc also closed in negative territory with a 5.6% drop back to the €2.70 level on a small deal of 550 shares.

On the bond market, the Rizzo Farrugia MGS Index continued to reach new highs as the local MGS benchmark advanced by a further 0.1% to 1,074.719 points given that Eurozone yields slumped to a new all-time low of 0.9%. This morning yields came under further pressure as data for Germany’s consumer confidence was weaker than expected and reports are indicating that Italy will possibly reduce its economic growth forecasts. This disappointing data increased expectations of larger stimulus measures by the European Central Bank.