The negative run across the local equity market extended to the fifth consecutive session with the MSE Share Index shedding a total of 1.4% during the past week. The Index dropped 0.5% to yet another 20-month low of 3,255.429 points today on the back of selling pressure in Bank of Valletta plc and GO plc.
BOV’s share price slipped 1.9% lower to its 2011 low of €2.60 on hefty activity totalling almost 59,000 shares. Meanwhile HSBC Bank Malta plc recovered from an intra-day low of €2.87 to close unchanged at the €2.89 level on low volumes of 4,225 shares ahead of next Friday’s half-year results publication.
GO’s share price declined by 2.3% to a new all-time low of €1.27 across twelve trades totalling just over 23,000 shares. GO has yet to announce the date of their 2011 half-year results publication.
The only other active equity, Malta International Airport plc closed unchanged at the €1.55 level after recovering from a new 9-month low of €1.54. Three deals were transacted today totalling 1,475 shares ahead of the company’s 2011 half-year financial results scheduled to be published next Wednesday 27 July.
The bond market saw further volatility with Eurozone yields dropping back below the 2.8% level as the initial reassurances emanating from last Thursday’s summit of European leaders waned over the weekend as critics started raising doubts on the viability of the solutions agreed during the summit. Many international commentators are still claiming that the solution agreed upon for Greece is just delaying an inevitable default. Following the decline in Eurozone yields this morning, the Central Bank of Malta stockbroker raised its bid prices across most Malta Government Stocks with the largest increase of 82 basis points being registered in the 5.25% MGS 2030 (I) to 101.56%. Overall, the Rizzo Farrugia MGS Index climbed 0.4% to 976.859 points. Heavy trading activity characterised the MGS market this morning.