GO’s share price slips to 4-month low

The share price of GO plc slipped by 2.9% to a new 4-month low of €0.825 during the final stages of today’s session after holding on to the €0.85 level earlier on. Renewed supply satisfied some long outstanding bids in the market ahead of the Board’s decision on whether to participate or not in Forthnet’s €30 million rights issue. The decision should be announced by the end of the month.

The share price of Bank of Valletta plc also eased minimally lower to €2.269 across five trades totalling 2,680 shares. This month marks the end of the Bank’s financial year with the preliminary results generally published by the end of October.

On the other hand, Simonds Farsons Cisk plc moved 1% higher to regain the €2.12 level ahead of the Group’s half year results publication due on 26 September. Similarly, a single trade of 10,000 MaltaPost plc shares lifted the postal operator’s equity 1.5% higher to close at the €0.66 level.

All three other active equities traded unchanged. Most notably, almost 112,000 MIDI plc shares changed hands at the €0.28 level. Lower volumes were registered in Malta International Airport plc and Malita Investments plc as they held on to €1.759 and €0.52 respectively.

On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to 993.700 points as Eurozone yields retreated from yesterday’s 5-month high of 1.73% to 1.62% by this afternoon on the back of increased concerns over Spain. Investors are increasingly becoming wary over the postponement by Spain to formally request a bailout which will kick start the recently announced European Central Bank buying programme. As a result, Spain’s 10-year yields moved closer to the 6% level today with investors seeking the shelter of safe-haven bunds.