The MSE Share Index moved 0.3% higher to surpass the 3,000-point level on the back of increases in the share prices of GO plc and International Hotel Investments plc. In fact, GO plc recovered from a new all-time low of €0.76 to close this morning’s session 3.1% above yesterday’s close at the €0.83 level on high volumes of over 154,400 shares. Similarly, significant volumes were traded in IHI amounting to 137,328 shares with the share price edging 2.6% higher to the €0.80 level.
Meanwhile Bank of Valletta plc eased 0.5% lower back to the €2.16 level across four trades totalling 5,350 shares. Also in the financial sector, FIMBank plc edged marginally lower to US$0.747 on two trades totalling 8,500 shares. This afternoon, the trade finance specialist issued a press release in reaction to yesterday’s decision by Fitch in which the rating agency confirmed FIMBank’s ‘BB’ credit rating but revised its outlook from stable to negative. The Group’s President, Ms Margrith Lutschg-Emmenegger, expressed her satisfaction at the fact that the bank was not downgraded despite the various downgrades of international financial institutions and the deteriorating global economic performance. Moreover, FIMBank’s President explained that the reduction in the Bank’s capital ratios over the past two years was solely due to the Group’s business expansion through the introduction of new factoring joint ventures. These will, in turn, provide diversification to the Group whilst also creating a platform for further expansion once the new ventures mature.
Elsewhere in the local equity market, Simonds Farsons Cisk plc slumped 4.4% lower to a new 2-month low of €1.75 across very low volumes of 209 shares. Meanwhile Lombard Bank Malta plc closed unchanged at €2.51 with RS2 Software plc also ending this morning’s session unchanged at the €0.55 level on a single deal of 10,000 shares.
On the bond market, the Rizzo Farrugia MGS Index eased 0.1% lower to 986.602 points in line with this morning’s increase in Eurozone yields to just below the 2% level. The focus across the international markets remains on Greece following the approval of a second bailout of €130 billion.