GO and RS2 move in opposite directions

During this morning’s trading session on the Malta Stock Exchange, the share prices of GO plc and RS2 Software plc moved in opposite directions reflecting the contrasting financial performances of both companies.

On the one hand, the share price of GO shed a further 0.8% to drop back to its all-time low of €1.20 after the Group yesterday revealed a widened loss of €17.3 million for the first six months of 2011. The increment in GO’s loss was solely due to the worsening financial performance of Forthnet which offset the increasingly profitable operations in Malta. The Greek telecoms operator reported a €60 million loss for the first half of 2011 on the back of a €38.2 million impairment on its pay-TV business. Further details available at https://rizzofarrugia.com/news-events/2011/interim-results-g015/

Meanwhile, RS2 Software’s equity edged 0.2% higher to reach a new 20-month high of €0.58 reflecting the significant rise in pre-tax profits to €1.6 million arising from higher sales of licences of BANKWORKS.

Elsewhere in the local equity market, HSBC Bank Malta plc edged 0.4% higher to €2.66 across thirteen trades totalling 13,000 shares. Meanwhile Bank of Valletta plc traded unchanged at the €2.51 level. Trading activity amounted to a mere 231 shares on lack of further supply at this level. On the other hand, fresh demand entered the market during the session with bids totalling 18,669 shares remaining unsatisfied at €2.51.

The only other active equity was International Hotel Investments plc which also closed unchanged at the €0.73 level on a single trade of 640 shares.

On the bond market, the most notable development was a continued recovery in the price of the 7.5% Mediterranean Investments Holding plc 2014 to 97% compared to a low of 80% shortly after the uprising in Libya a few months ago.