BOV’s share price recovery stalls

Bank of Valletta plc’s share price closed in negative territory for the first time in seven sessions as the equity shed 1.2% to the €2.59 level across fourteen trades totalling just under 11,200 shares. BOV’s share price had recovered gradually in recent days with the equity gaining 4.8% from its €2.50 level on 30 August.

Today’s downturn in BOV led to a 0.3% decline in the MSE Share Index to 3,121.904 points.

Meanwhile, HSBC Bank Malta plc closed unchanged at the €2.73 level on lower volumes of 2,264 shares. Weak trading activity also continued to characterised Malta International Airport plc shares. MIA’s equity maintained the €1.51 level across two trades of just 500 shares. The airport operator is schedule to pay its interim dividend on 15 September.

The only other active equity, GO plc, eased minimally lower to close at its all-time low of €1.20 on volumes of 3,200 shares. GO ranks as one of the worst performing equities in the local equity market this year with a 38% slump on increasing concerns on the fate of its large indirect investment in the Greek telecommunications company Forthnet S.A.

On the bond market, the Rizzo Farrugia MGS Index eased 0.3% lower from yesterday’s 10-month high as Eurozone yields recovered from the all-time low of 1.706%. Reports that Italy was in discussions with China for the latter to acquire Italian Government bonds in a bid by the Italian Government to suppress increased concern over the sustainability of its debt lifted yields across eurozone markets.