GO & GHM shares drop to new lows

Following the Easter festivities, the Malta Stock Exchange opened again for business today. During this morning’s trading session, GO plc’s share price tumbled a further 2.6% to a new all-time low of €0.75 across three trades totalling 8,450 shares. The value of GO’s equity is now 23.5% below 2011-year end figure reflecting the significant negative impact of the Group’s substantial investment in Forthnet which culminated in a €62.3 million impairment in respect of the 2011 financial year. The quad play telecom operator is scheduled to hold its Annual General Meeting on 9 May.

The share price of Grand Harbour Marina plc also hit a new 2-year low of €1.89 on an insignificant trade of 100 shares. The Company will be publishing its 2011 full-year results on 18 April.

Elsewhere in the local equity market, HSBC Bank Malta plc edged 0.4% higher to close at the €2.55 level following a single trade of just 1,200 shares. Meanwhile, Bank of Valletta plc traded unchanged at the €2.14 level across eight trades totalling 13,500 shares. BOV generally publishes its half-year results by the end of April.

The equity of Simonds Farsons Cisk plc also closed the day unchanged at the €1.77 level on volumes of 12,550 shares. The Farsons Group generally publishes its results for the financial year ended 31 January by the end of April.

The other three active equities, namely Island Hotels Group Holdings plc, Medserv plc (equity turns ex-dividend from tomorrow) and Middlesea Insurance plc, also ended this morning’s session unchanged on low volumes.

On the bond market, the Rizzo Farrugia MGS Index rose 0.2% to a one-month high of 983.766 points reflecting the further drop in Eurozone yields which touched a fresh 28-week low of 1.674%. The downturn in benchmark yields since last Friday follows the publication of weak economic data by the US which ignited fresh economic growth concerns as well as rising concerns over Spain’s sovereign debt crisis.