High volumes in BOV and RS2

High volumes were transacted in the shares of Bank of Valletta plc and RS2 Software plc during this morning’s session. BOV’s share price recouped most of yesterday’s 0.7% decline with a 0.5% increase to the €2.652 level across 62,851 shares. Tomorrow marks the last day for investors to gain entitlement to the final gross dividend of €0.13 per share. This dividend will be paid on 20 December subject to shareholders’ approval during the Annual General Meeting (AGM) scheduled to be held on Thursday 19 December.

RS2’s share price remained well supported at the €2.28 level with activity totalling 73,850 shares across ten trades. Last week, the IT Company announced that Barclays Bank plc acquired a further 8.25% to increase its stake to 18.25% – the second largest shareholder in RS2.

Mild volumes were registered elsewhere. A single deal of 10,000 GO plc shares was executed at the €1.56 level representing no change from the previous close. Similarly, HSBC Bank Malta plc closed unchanged at the €2.651 level after failing to hold on to an intra-day high of €2.66.

Meanwhile, the share price of Plaza Centres plc advanced by 1.8% to regain the €0.57 level on a trade of 2,000 shares.

The Interim Directors’ Statement of Tigné Mall plc failed to generate any activity. This morning the Directors explained that the Company continues to perform in line with expectations as the complex remains fully-leased out and footfall increased during the first nine months of 2013 compared to the same period last year.

In the coming days, 12 other companies with a December financial year-end will be publishing their Interim Directors’ Statements to update the market on their performances since the half-year end.

On the bond market, the Rizzo Farrugia MGS Index remained relatively unchanged at 1,018.326 points as Eurozone yields stabilised at 1.78%. Meanwhile, the Bank of England this morning announced that the recovery is now gaining momentum and as such it expects the unemployment rate to fall to the 7% level by the third quarter of 2014 – two years before its previous forecasts (published back in August). This also led to an increase in GDP growth forecasts to 1.6%. This news lifted the British pound but forced UK equities into negative territory (FTSE100 down by 1.1%) due to the possibility of lower stimulus measures and a rebound in UK yields.