High volumes in MIDI shares

A single deal of 2 million shares of MIDI plc was executed during this morning’s session at the €0.255 level representing a 1.9% drop from the previous close. Last week, the Company issued its Interim Directors’ Statement revealing that it has entered into 31 promise of sale agreements with prospective owners following the recent launch of the new 39 Q1 apartments currently under construction for a total value of €30.8 million. Nonetheless, the Directors explained that the Company is still expected to register a loss for the 2013 financial year given that the profits from the Q1 apartment sales will be booked in 2015 being the targeted delivery date.

Shallow trading activity was registered elsewhere in the secondary market. In the IT sector, 6pm Holdings plc failed to hold on to an intra-day high of €0.75 but still ended the session 0.6% higher at GBP0.705 across three deals totalling 13,575 shares. Similarly, RS2 Software plc inched minimally higher to €2.301 across six deals totalling 14,466 shares.

The share price of GO plc edged 0.3% higher to €1.595 across seven deals totalling 33,500 shares.

The equity of Bank of Valletta plc edged 1.1% higher to regain the €2.629 level although volumes declined to 8,600 shares. Also in the financial sector, Middlesea Insurance plc edged 2.4% higher to recapture the €0.85 level on a single trade of 3,000 shares.

Meanwhile, HSBC Bank Malta plc maintained the €2.66 level on just 1,370 shares. Similarly, no change took place in the share price of Malta International Airport plc as the equity held on to the €2.145 level across 4,000 shares.

On the bond market, the Rizzo Farrugia MGS Index eased from its near 2-week highs to 1,021.084 points as Eurozone yields surged this morning to above the 1.75% level on speculation that the minutes of US Federal Reserve monetary policy meeting (expected to be published this afternoon) will indicate some degree of tightening in the near-term.