Further volatility in FIMBank’s share price

FIMBank plc’s US Dollar denominated equity experienced another volatile session. Earlier on this week, FIMBank’s share price slumped 9% on Tuesday to a 2-month low of US$0.70 but recovered by 10% the following day to regain the US$0.77 level. The equity closed today’s session unchanged at the US$0.77 level after recovering from an intra-day low of US$0.74 on total volumes amounting to 33,000 shares.

GO plc closed in negative territory today as its share price retreated by 2% today on very low volumes of 400 shares. GO’s equity slumped 49.4% since the start of 2011 as investors shunned the equity on the back of increasing concerns with respect to the indirect investment in Forthnet which continued to register losses and also restructured its bank borrowings. Forthnet is now scheduled to hold an Extraordinary General Meeting on 13 January 2012 asking shareholders to approve a number of changes to its capital structure and a €30 million rights which has to be completed by the end of next month as per the conditions on the debt restructuring.

On the other hand, fresh bids helped the share price of Bank of Valletta plc to reach an intra-day high of €2.52 before easing back to close the session just 0.3% higher at the €2.50 level. Eight trades amounting to 6,120 shares were executed today. BOV’s shares are still trading with the entitlement to the approved 1 for 8 bonus issue. The Bank’s shares will start trading ex-bonus as from 10 January.

MaltaPost plc’s equity was active for the fifth consecutive session as its share price closed unchanged at the €0.98 level across five trades totalling 17,379 shares. The postal operator is scheduled to hold its Annual General Meeting on 17 January for shareholders to consider and approve a number of resolutions including the final net dividend of €0.04 per share and the scrip dividend option with an attribution price of €0.98 per share.

On the bond market, the Rizzo Farrugia MGS Index slipped another 0.1% lower to 984.150 points reflecting the marginal increase in eurozone yields this morning. EU benchmark yields registered increased volatility yesterday as the initial euphoria with respect to the higher-than-expected €489 billion 3-year loans by the European Central Bank (ECB) to euro-area banks was offset by worries over the extent of euro-banks’ liquidity needs.