The benchmark 10-year Eurozone yields continued to retreat from the 20-month high of 3.51% (reached on 11 April) to 3.34% today as concerns on the sovereign debt of the peripheral EU countries, particularly Greece, Ireland and Portugal resurface. Likewise, the Central Bank of Malta Stockbroker today raised its bid price for Malta Government Stocks. The highest increase was registered in the bid price of the 5.25% MGS 2030 (I) which was raised by 67 basis points to 102.35%. This upward revision in all MGS prices was reflected in a 0.3% rise in the Rizzo Farrugia MGS Index to 976.732-points.
On the local equity market, the MSE Share Index moved back into negative territory mainly due to the declines in Malta International Airport plc, GO plc and FIMBank plc. MIA’s share price slipped 2% close at the €1.72 level following last Friday’s announcement revealing a Fuel Grand Handling tender which will result in an 80% reduction in the fuel handling user fee. The Company estimates that this reduced fee will lead to a €1.2 million drop in revenue per annum.
Further selling pressure in GO forced the equity another 1.2% down to a new 25-month low of €1.43 across three trades totalling 6,000 shares. Fresh sell orders also evident in FIMBank as its share price retreated by 2.2% to a new 68-month low of US$0.88 on a single deal of 9,615 shares. Last week FIMBank plc sent to its shareholders all the relevant Annual General Meeting documentation scheduled to be held on 5 May. Moreover the Company also published a Prospectus by FIMHoldings plc with respect to a share for share exchange. Further details are available at https://rizzofarrugia.com/news-events/exchange-offer-details/.
On the other hand, Bank of Valletta plc inched marginally higher to regain the €2.90 level on volumes of 24,440 shares. Meanwhile HSBC Bank Malta plc maintained the €2.96 level across eight trades amounting to just over 15,400 shares.
Simonds Farsons Cisk plc eased from an intra-day high of €1.73 but still closed 1.2% higher at €1.70 ahead of the financial results publication for the year ended 31 January 2011 next Wednesday. Four trades totalling 1,163 shares changed hands today.