GO share price advances to a 28-week high

During this morning’s trading session, GO plc’s share price continued to move higher with a further 3% increase to a new 28-week high of €1.02 on a single trade of 2,000 shares. Following today’s latest upturn, GO’s equity jumped 45.7% since it touched an all-time low of €0.70 on 14 May. Over the past few weeks, activity in GO shares was significant with just under 1.2 million shares changing hands across 109 deals, representing 1.2% of the total issued share capital.

Similarly, Bank of Valletta plc shares ended today’s session in positive territory with a marginal 0.4% rise to close at the €2.06 level. Trading activity was limited to a mere 2,334 shares in contrast to the high volumes that changed hands yesterday.

The only other active equity, Malta International Airport plc, closed unchanged at the €1.749 level also on shallow volumes of only 100 shares.

This morning, RS2 Software plc held its Annual General Meeting during which shareholders approved all the items on the agenda including a 1 for 15 bonus issue and increase in the authorised share capital of the company from 40 million shares to 50 million shares. The new bonus shares are expected to be admitted to the Official List as from next Friday 15 June.

On the bond market, the Rizzo Farrugia MGS Index again edged marginally higher to 989.041 points as the Central Bank of Malta raised its bid prices for the medium to long-term local government paper. Eurozone yields started the day close to the 1.3% level in contrast to yesterday’s rally as markets raised doubts over the terms and conditions of the €100 billion bailout for Spain’s banking system and questioned whether the bailout resolves all of Spain’s issues. Moreover, markets are still awaiting Greece’s general elections which are scheduled to be held this weekend. Nonetheless, this afternoon yields surged to regain the 1.37% level as prices declined possibly on some profit taking by large institutions. Various market commentators have however stated that this rally is not sustainable and expect yields to fall back.