Further volatility in BOV’s share price

Bank of Valletta plc’s share price remained volatile ahead of the final few days of the offer to the shareholders of the La Valette Property Fund. Following the 5.4% rally on Tuesday’s which was subsequently wiped out by a similar drop during yesterday’s session, the equity returned to positive territory today. Fresh demand for BOV shares helped the equity advanced by 3.7% higher to regain the €2.70 level across six trades totalling over 8,000 shares. As at the close of today’s session, offers in the market are already placed minimally below the last closing price.

GO plc also closed the day in positive territory with 0.8% rise to the €1.35 level across two trades totalling 6,750 shares.

The only other active equity, Middlesea Insurance plc, ended this morning’s session unchanged as 1,000 shares traded at the €1.00 level. No announcement has been published in connection with the acquisition of Munich Re’s 19.9% shareholding by Mapfre Internacional (approved by the MFSA earlier this week) and the subsequent mandatory offer to be launched by Mapfre Internacional for the remaining shares.

Overall, the MSE Share Index moved 0.8% higher to 3,339.275 points. On the bond market, the Rizzo Farrugia MGS Index climbed marginally higher for the first time in four days to 975.795 points in line with this morning’s dip in Eurozone yields back to the 2.95% level. However yields have dropped to 2.87% on weakening economic data from the US.