IHI drags MSE Share Index to 16-month low

The equity of International Hotel Investments plc slumped 7.9% during this morning’s session to a new 2014 low of €0.70 on very shallow volumes of 1,861 shares. The drop in IHI’s share price was the main reason for the 0.8% decline in the MSE Share Index to a fresh 16-month low of 3,293.636 points.

The shares of Plaza Centres plc also shed 5.1% this morning back to the €0.56 level on volumes of just 400 shares.

On the other hand, the share price of Bank of Valletta plc edged 1% higher to regain the €2.07 level on activity of just over 6,800 shares. Similarly, FIMBank plc jumped 6.9% on just 200 shares to recapture the USD0.748 level.

Meanwhile, HSBC Bank Malta plc held on to the €2.01 level across 13 deals totalling 30,434 shares. Similarly, GO plc ended this morning’s session unchanged at the €2.22 level after recovering from an intra-day low of €2.16 across 18,000 shares.

Simonds Farsons Cisk plc and MIDI plc also closed unchanged at the €2.95 level (1,500 shares) and at the €0.24 level (78,000 shares).

On the bond market, the Rizzo Farrugia MGS Index eased marginally lower to 1,058.220 points notwithstanding a decline in Eurozone yields slipped below the 1.20% level for the first time since April 2013. Furthermore, it is noteworthy to highlight that yields continued to decline this afternoon to 1.17% after Germany’s economic minister projected a bleak outlook for Europe’s powerhouse during the second quarter of 2014. Investors were also concerned by the near bankruptcy situation of Portugal’s Banco Espirito Santo. Both events have cast doubts over the eurozone’s ability to rebound.