GO plc plunges to new all-time low

GO plc’s share price plunged another 6.3% to a new all-time low of €0.89 on low volumes of 3,738 shares. Following the 49.4% drop registered in 2011 and the 9.2% slump in the first few trading sessions of 2012, GO now ranks as the sixth largest company on the local equity market with a market cap of €90.2 million compared to fourth place at the end of 2009. This reflects the uncertainty surrounding the Group’s investment in Forthnet which is currently facing financial difficulties. In fact, Forthnet is scheduled to hold an Extraordinary General Meeting next Friday 13 January seeking shareholders’ approval on a number of changes to its capital structure and a €30 million rights issue in line with the conditions of its restructured debt.

Elsewhere in the market, HSBC Bank Malta plc edged 0.8% higher to €2.60 across four trades totalling 4,180 shares while Bank of Valletta plc closed unchanged at the €2.28 level on higher volumes of 24,753 shares.

On the bond market, the Rizzo Farrugia MGS Index edged marginally lower to 986.187 points. Almost €480,000 (nominal) of the retail tranche of the 5.2% MGS 2031 changed hands during this morning’s session with its price closing at 102.46%, representing a 27 basis points drop from the previous level.