Following yesterday’s 1.3% drop in the MSE Share Index, the local equity benchmark immediately rebounded by 1.6% today to close at 3,166.724 points. Today’s upturn in the MSE Share Index was triggered by the increases in the share prices of Bank of Valletta plc and International Hotel Investments plc.
BOV’s equity added 0.8% to reach the €2.52 level on volumes of over 13,300 shares. The Bank is scheduled to hold its Annual General Meeting on 16 December during which shareholders will be asked to approve a number of resolutions including the recommended final gross dividend of €0.08 per share and a 1 for 8 bonus share issue.
IHI immediately recovered from yesterday’s 7.1% drop as fresh bids emerged during this morning’s session helping the equity climb by 8.9% to €0.849. Increased volumes of over 46,500 shares changed hands today.
The only other active equity today was Simonds Farsons Cisk plc which retreated by 1.1% to €1.81 on two trades totalling 734 shares. In its latest communication to the market, the Farsons Group revealed it expects to register a further improvement in profitability for the current financial year ending 31 January 2012 compared to the previous year on the back of further improvements across all business segments. The Directors reiterated that the new brewhouse and water treatment facility are on schedule for commencement of operations by summer 2012.
On the bond market, Eurozone yields continued to climb higher as investors demand a higher return following the possibility of a downgrade of France’s ‘AAA’ rating. Meanwhile S&P confirmed Spain’s ‘AA’ credit rating but retained a negative outlook on the country pending actions by the newly elected government. The Central Bank of Malta lowered its Malta Government Stock bid prices pushing the Rizzo Farrugia MGS Index another 0.3% lower to a new 4-month low of 978.765 points.