BOV reverses most of recent gains

The share price of Bank of Valletta plc tumbled 8.3% lower this morning to close at the €2.155 level thereby reversing most of the recent gains in this equity. Fourteen trades totalling 29,771 BOV shares were executed during this morning’s session. Following today’s downturn, the Bank’s equity moved back into negative territory with a year-to-date decline of 3%.

GO plc also reversed yesterday’s 5.8% jump with an equivalent decline of €0.049 to the €0.85 level on volumes of 37,150 shares. Shareholders now await the Directors’ decision on whether GO will participate in the upcoming €30 million rights issue of Forthnet.

Similarly, HSBC Bank Malta plc shares eased by 0.4% to close at the €2.74 level on low volumes of 3,600 shares.

Meanwhile, the share prices of Lombard Bank Malta plc and MaltaPost plc traded unchanged at their respective multi-year lows. Over 2,100 Lombard shares were exchanged at the €1.95 level whilst almost 12,000 MaltaPost shares traded at the €0.63 level.

On the bond market, the Rizzo Farrugia MGS Index dropped 0.1% to 994.881 points as the Central Bank of Malta Stockbroker revised its bid prices lower in line with the jump in Eurozone yields to above the 1.40% level. This turnaround materialised after the European Central Bank’s (ECB) President Mario Draghi was quoted as saying that the planned bond-buying programme by the Central Bank of the single currency is within the parameters of the union’s regulations. In turn, this ignited risk appetite amongst investors which switched their focus onto Spanish and Italian bonds pushing their respective yields lower.