The share price of GO plc slipped 7.2% during the final stages of today’s session to a new 2-week low of €0.90 on volumes totalling 18,800 shares. The downturn in the equity of the telecoms operator was the main reason for the 0.3% drop in the MSE Share Index (the second consecutive decline) to 3,121.218 points, also a 2-week low.
FIMBank plc eased by 1.3% to USD0.79 on very low activity of 1,092 shares. The trade finance specialist this morning issued an announcement to explain that the recent reports in the local and international media in relation to the acquisition of a 25% stake in FIMBank by the Kuwaiti based Burgan Bank is linked to the previous announcements in March when it was revealed that Burgan Bank is seeking to acquire a 38.8% shareholding in FIMBank and then inject new equity to become the majority shareholder. FIMBank stated today that it will announce further details in due course.
The other negative performing equity today was Island Hotels Group Holdings plc which traded for the first time since 13 July. A single deal of 500 shares was executed at the €0.799 level representing a 5.4% drop from the previous close and a new all-time low. This month marks the end of the Group’s financial year with the full-year preliminary results generally published in February.
On the other hand, Lombard Bank Malta plc’s share price jumped 3.3% from its multi-year lows to €1.88 on a single trade of 2,000 shares. Similarly, MaltaPost plc edged 0.1% higher to €0.71 across four trades totalling 30,000 shares. Nonetheless, the two equities still rank as the worst performers since the start of 2012 with year-to-date declines of around 30%.
The share price of Bank of Valletta plc closed unchanged at the €2.15 level after failing to hold on to an intra-day high of €2.161. Just over 37,000 shares traded today. The market awaits the publication of the preliminary full-year results of the Bank which generally takes place by the end of October.
On the bond market, the Rizzo Farrugia MGS Index slipped a further 0.1% lower to 996.116 points in line with the increase in Eurozone yields to just below the 1.5% level. Investors risk appetite improved this morning after Eurozone finance ministers announced that Spain does not need a bailout for now as it is taking the necessary corrective action to repair its economy and is managing to finance its debt from the bond markets.