GO plc succumbed to further selling pressure during most of this morning’s trading session as the equity initially slumped by 7.9% to a new all-time low of €1.05. However, during the latter stages of today’s session, the equity recovered strongly to the €1.12 level after all offers at €1.05 were snapped up. GO’s equity ended the day 1.8% lower on increased volumes of almost 48,000 shares. At today’s closing price, GO ranks as the worst performing equity of the week with a 6.7% drop reflecting the announcement of a €30 million rights issue by Forthnet S.A. (details of which are available at https://rizzofarrugia.com/news-events/2011/rights-issue-by-forthnet/). GO’s equity is now also the worst performer of the year with a decline of 42.1% over the past 9 months.
The share price of MaltaPost plc also declined to an 11-month low of €0.90 earlier on today before recovering to close unchanged at the €0.979 level. A total of 3,300 shares changed hands today with offers already placed minimally below the last closing price.
On the other hand, RS2 Software plc further strengthened its position as the best performing equity this year as a single trade of 10,000 shares was transacted at a new 21-month high of €0.60, representing a 3.5% rise from the previous close. RS2’s equity has so far risen by 25% this year after touching an all-time low of €0.30.
The share prices of the two large banks also closed in positive territory today. HSBC Bank Malta plc recovered by 1.2% today to regain the €2.63 level (-2.6% this week) while Bank of Valletta plc gained a further 0.4% this morning to close the week 1.2% higher at the €2.53 level.
Overall, the MSE Share Index ended the week 1.4% lower at 3,090.282 points mainly as a result of the negative performances of GO and HSBC Malta coupled with a 5% decline in International Hotel Investments plc.
On the bond market, the Rizzo Farrugia MGS Index climbed 0.6% this week to 997.134 points reflecting the continued decline in Eurozone yields to all-time lows amid the European sovereign debt crisis and the threat of a renewed global recession.