Volumes dwindle with start of summer period

Trading volumes dwindled during this morning’s session coinciding with the start of the summer period which traditionally is associated with lower activity.

Nonetheless, following two sessions of declines, the MSE Share Index moved into positive territory today with a 0.1% increase to 3,427.609 points mainly reflecting the 0.2% rise in the share price of HSBC Bank Malta plc to the €2.695 level on a small deal of 195 shares.

The share price of RS2 Software plc also recovered some of last week’s 2% decline with a 0.8% increase to regain the €1.26 level across two trades totalling 6,388 shares.

Meanwhile, Bank of Valletta plc ended this morning’s session unchanged at the €2.27 level on volumes of 9,891 shares. Similarly, International Hotel Investments plc held on to the €0.92 level on a trade of 1,905 shares.

The only other active equity, 6pm Holdings plc, also closed today’s session unchanged at the GBP0.61 level after failing to hold on to an intra-day high of GBP1.00 across 6,000 shares.

On the bond market, the Rizzo Farrugia MGS Index dropped for the fifth consecutive session with a further 0.1% decline to a fresh 3-month low of 1,016.627 points. This is in line with the continued rise in Eurozone yields to the 1.78% level as investors continued to shun German bunds in view of the potential reduction in US Federal Reserve stimulus. The rally in the benchmark 10-year Eurozone yield gained further momentum this afternoon when yields touched a 14-month high of 1.84% which should be reflected on the local market tomorrow.