GO and FIMBank retreat

The share price of GO plc remained volatile with the equity continuing to trade between its all-time low of €0.95 and the €1.00 level. A total of 20,500 shares changed hands today with the equity ending the session at the €0.95 level representing a 5% drop from yesterday’s closing price. Investors now awaiting the outcome of Forthnet’s Extraordinary General Meeting scheduled to be held on 15 December. During this EGM, Forthnet’s shareholders will be asked to approve a number of changes to the company’s capital structure and a €30 million rights issue in line with the conditions of the latest €90 million bond loan.

The US Dollar denominated equity of FIMBank plc was active for the first time since 18 November. FIMBank’s share price dropped 3.9% to US$0.74 across six trades totalling 61,300 shares.

On the other hand, Bank of Valletta plc and HSBC Bank Malta plc closed unchanged at €2.50 and €2.58 respectively on low volumes. RS2 Software plc also ended the day unchanged as a further 20,000 shares traded at the €0.59 level.

On the bond market, the Rizzo Farrugia MGS Index edged marginally higher to 981.08 points in line with the further retreat in Eurozone yields this morning. Following the successful bond auction by the German Government mid-morning, the eurozone benchmark yield dropped even further to around 2.12%. Markets now await tomorrow’s monthly monetary meetings of the European Central Bank and Bank of England as well as next Friday’s EU summit during which European leaders will seek to agree on a resolution for the region’s sovereign debt crisis.

Trading on the Malta Stock Exchange will resume on Friday 9 December.