HSBC & BOV shares decline

The share price of Bank of Valletta plc moved lower for the sixth consecutive session as it eased by 0.2% to close at the €2.50 level, representing a total decline of 4.4% in the past six sessions. Trading activity in BOV increased to over 55,000 shares today as most outstanding bids at the €2.50 level were satisfied during the session. As the session progressed, further demand entered the market and as at today’s close bids of 13,630 shares remained unsatisfied at this level.

Selling pressure was also evident across HSBC Bank Malta plc as the equity touched a new 23-month low of €2.65 before recovering to a close of €2.665 – still representing a 0.2% drop from the previous close. 18,200 shares traded today across twelve transactions.

A single trade of almost 10,900 MaltaPost plc shares was transacted at a new 8-month low of €0.97 representing a 2% drop from the previous close. In its recent communication to the market, the postal operator revealed that during the period from 1 April 2011 to mid-August overall turnover figures were marginally higher compared to those in the corresponding last year whilst profitability on normal trading activity is in line with the comparative period. However, the postal operator revealed that the positive fluctuations from foreign exchange that enhanced revenue streams during the last financial year were not repeated during the period under review.

On the bond market, the Rizzo Farrugia MGS Index rose by 0.1% to 991.294 points as Eurozone yields retreated back to the 2.12% as markets remained unstable amid the sovereign debt crisis. High volumes were maintained across local Government paper with a further €3.7 million (nominal) changing hands during this morning’s session.

Tomorrow GlobalCapital plc will be published their financial statements for the first half of 2011.