BOV shares continue to edge higher

The share price of Bank of Valletta plc edged a further 0.4% higher to regain the €2.27 level for the first time in a month on volumes of just over 20,800 shares. BOV’s equity trended higher this week as demand for the Bank’s shares increased ahead of the full-year results publication next Friday 26 October.

A single trade of 1,000 Simonds Farsons Cisk plc shares was executed at the €2.40 level representing a 2.1% rise over the previous close. Farsons’ equity is the best performer since the start of this year with a 33.3% rise mainly reflecting the record profitability of €3.78 million with respect to the six months ended 31 July 2012.

Meanwhile, HSBC Bank Malta plc eased lower for the second consecutive session with a further 0.5% drop to €2.755 across two trades totalling 4,356 shares.

All other active equities today ended the session unchanged. GO plc held on to its 8-week high of €0.99 on a single trade of 3,000 shares and Malta International Airport plc maintained the €1.75 level on low volumes of 1,200 shares. Meanwhile, Lombard Bank Malta plc shares failed to recover from its multi-year low of €1.80 as a further 1,497 shares traded at this level.

On the bond market, the Rizzo Farrugia MGS Index shed a further 0.1% to a new 4-week low of 994.936 points in line with the extended surge in Eurozone yields which hit a new 4-week high of 1.661%. The rise in yields reflects the prevailing optimism over Spain which managed to sell a further €4.6 billion of sovereign bonds at lower yields than the previous auctions. Markets are now focused on a two-day summit of EU leaders which started this morning although many analysts do not expect any major decisions to be taken.