GO share price at 14-week high

The share price of GO plc maintained its upward momentum as the equity gained a further 2.3% to end the day at a 14-week high of €0.88. Since dropping to a low of €0.70, the share price has climbed by 25.7% mainly following the news at the recent Annual General Meeting that the company will record a gain of over €11 million from the recent transfer of properties. GO is the only local company that has so far failed to publish its Interim Statement covering developments since the start of the year.

The MSE Share Index edged 0.5% higher today to 2,981.009 points as the upward movement in GO coupled with the gains registered in BOV and MIDI offset the decline in Plaza Centres.

Bank of Valletta plc gained 1.5% from yesterday’s 30-month low to close the day at €2.08. Volumes decreased to just under 6,000 shares today compared to much higher activity in previous sessions. BOV today paid its gross interim dividend of €0.06 per share.

MIDI plc ranks as the best performer of the day as the share price advanced by 2.9% on volumes of 51,000 shares. MIDI’s equity initially opened at a new all-time low of €0.339 but recovered to close the day at €0.35.

The share price of Plaza Centres plc dropped 2.9% today to close at a new 11-month low of €1.70 on a small trade of 600 shares. This afternoon Plaza will be holding its Annual General Meeting when shareholders will be asked to approve the customary resolutions as well as special resolutions related to a change in the nominal value and a subsequent 3-for-1 share split. Earlier this week, Plaza issued its Interim Statement where it revealed that profitability increased while expenses were maintained at a lower level during the first few months of 2012. Plaza also announced that it is already negotiating new lease contracts for the office area to be vacated in summer and the company anticipates that it will be reaching an agreement before the end of August 2012.

The only other active equity today was that of HSBC Bank Malta plc. The share price again touched its 2012 low of €2.499 but recovered to close unchanged at €2.50. A total of 4,800 shares traded with further offers in the market at this level.

    On the local bond market, trading across government paper was high with a total of €6.8 million (nominal) changing hands. The most active MGS was the 4.3% MGS 2016 with a total of €4.2 million (nominal) being traded. The 7.8% MGS 2012 matured today and holders of this MGS ought to have received their capital and final interest payment. The Rizzo Farrugia MGS Index edged marginally higher to 989.426 points as the Central Bank of Malta increased its indicative bid prices. Eurozone 10-year yields dropped to a new all-time low of 1.35% this morning as fears that Greece might exit the Eurozone escalated.