GO share price hits a 1-month high

The share price of GO plc climbed 6.5% during this morning’s session to reach a 1-month high of €0.905 on renewed demand and lack of supply at the €0.85 level. A total of 29,500 GO shares changed hands today across six trades. According to a recent announcement by the company, the Board of Directors is expected to meet by the end of this week to decide on whether to participate in Forthnet’s €30 million rights issue.

Medserv plc also closed in positive territory as fresh bids lifted the equity by 1.3% to a new 14-month high of €4.00 although volumes were low at 5,500 shares. The Company recently issued its half-year results showing a pre-tax loss of €0.68 million. However the Directors noted that business activity is now expected to pick up as preparatory works in relation to drilling operations offshore Libya gain momentum. Moreover, the Company announced that it was awarded a substantial contract for maintenance whilst also making further inroads into its expansion plans to Sicily and Cyprus.

Similarly, Middlesea Insurance plc edged 6.2% higher to regain the €0.69 level on a single trade of 262 shares.

Meanwhile, HSBC Bank Malta plc recovered from an intra-day low of €2.70 to close unchanged at the €2.73 level across three trades totalling 10,600 shares. Lombard Bank Malta plc also closed the day unchanged as a further 7,000 shares traded at the equity’s multi-year low of €1.90.

The only other active equity, International Hotel Investments plc also traded unchanged at its 2012 high of €0.90 on a single deal of 1,000 shares.

Shortly after the close of today’s trading session, Simonds Farsons Cisk plc published its half-year results covering the six months ended 31 July 2012. The interim financials show a 45% increase in profit attributable to shareholders to a record €3.8 million mainly reflecting the 9.7% increase in turnover on the back of a strong performance of the company-owned brands, Cisk and Kinnie as well as record tourist numbers. The Directors declared an unchanged interim net dividend of €0.0133 per share to all shareholders as at close of trading on Tuesday 2 October.

Also this afternoon, Loqus Holdings plc published its half-year results covering the six months ended 31 December 2011. The half-year report reveals a loss for the period of €36,305 compared to the loss of €387,946 registered in the previous year. The reduction in the loss was due to the 18% increase in revenue to just under €2.1 million and the significantly lower amortisation charge in relation to the fleet management business which is still the subject of a proposed sale.

On the bond market, the Rizzo Farrugia MGS Index edged minimally higher to 996.359 points as Eurozone yields were relatively flat this morning at around the 1.51% level. However by this afternoon, the benchmark 10-year German Bund yield dropped back below the 1.5% level for the first time in two weeks. This afternoon’s downturn reflects the renewed preference for safe haven assets given the prevailing concern over Spain which continues to delay its decision to request a bailout. As a result, Spanish borrowing costs rose above the 6% level.