Higher volumes traded in the shares of Bank of Valletta plc and MIDI plc leading to a total of €332,580 worth of shares changing hands during this morning’s session. This is the highest daily volume across the equity market in the last four weeks.
BOV’s share price edged 0.9% higher to regain the €2.20 level across fifteen trades totalling over 100,000 shares. The Bank has yet to announce the date when the preliminary September 2012 full-year results will be published.
On the other hand, MIDI’s share price shed 10.7% to drop back to its all-time low of €0.25 across three trades amounting to 401,000 shares.
Elsewhere in the local equity market, the equity of Middlesea Insurance plc edged another 2.6% higher to regain the €0.78 level on low volumes of 1,682 shares while a single deal of 100 Plaza Centres plc shares was transacted at the €0.59 level representing a 1.7% increase over the previous close.
Meanwhile, Lombard Bank Malta plc and Malta International Airport plc traded unchanged at €1.88 and €1.73 respectively. Low volumes were evident across both equities.
On the bond market, the Rizzo Farrugia MGS Index gained 0.1% to 997.651 points as Eurozone yields tumbled back to the 1.45% level as demand for safe-haven bunds surged after S&P downgraded Spain’s credit rating. According to the international rating agency, Spain’s debt is now rated as BBB- (down two notches from BBB+) which is just one step above junk status. Furthermore, S&P maintained a negative outlook on Spain’s debt citing the significant risks to economic growth and budgetary performance and the lack of a clear direction in euro-zone policy. The rating agency also commented that the deepening economic recession is limiting the Spanish government’s policy options.