During this morning’s trading session on the Borza the MSE Share Index edged minimally higher to 3,060.233 points as the only two active equities traded higher. Bank of Valletta plc edged 0.4% higher to close at the €2.50 level on volumes of 5,200 shares. The Bank is scheduled to hold its Annual General Meeting this afternoon. During the meeting shareholders will be asked to approve, amongst other resolutions, a final gross dividend of €0.08 per share and a 1 for 8 bonus issue.
The only other active equity, MaltaPost plc also inched marginally higher as the equity traded for the first time since turning ex-dividend. The share price of the postal operator rose by 0.5% to the €0.955 level on a single trade of over 2,200 shares. MaltaPost is due to hold its Annual General Meeting on 17 January 2012.
Recent announcements by GO plc failed to generate any trades as the equity remained inactive with offers already placed below the last closing price of €1.00. The quad play telecom operator, through its investment vehicle Forgendo Ltd, requested Forthnet to postpone its Extraordinary General Meeting to 13 January 2012. GO stated that given the current macroeconomic environment in Greece and the adverse impact on Forthnet’s performance, it requires further evaluation of the request made by Forthnet to increase shareholders’ equity through a €30 million rights issue. GO added that in their view it is premature for the company, through Forgendo Ltd, to commit any funds to the proposed capital increase.
On the bond market, the Rizzo Farrugia MGS Index ended the week 0.3% higher at 987.170 points after Eurozone yields fell below the 2% level as European leaders once again failed to reach a solution for the prevailing sovereign debt crisis. During today’s session, €5 million (nominal) of the newly listed 4.3% MGS 2016 (IV) were exchanged in a single deal at 104.71%, an increase of 78 basis points compared to the weighted average price of the successful bids at the recent auction but 25 basis points below today’s bid price quoted by the Central Bank.