HSBC drops back to its 2011 low

The share price of HSBC Bank Malta plc dropped back to its 2011 low of €2.55 as fresh offers entered the market and satisfied the outstanding bids at this level. A total of 23,042 shares traded this morning with few bids remaining outstanding at this level.

The MSE Share Index closed the day 0.15% lower at 3,088.43 points as the decline in HSBC offset the minimal gains registered by Bank of Valletta and GO.

Bank of Valletta plc edged 0.7% higher to €2.519 on weaker activity amounting to just over 7,000 shares. A further 6,000 shares remain on offer at the closing level. BOV will be holding its Annual General Meeting next Friday 16 December. 

 The share price of GO plc advanced by 2.1% to €0.97 on minimal volumes amounting to 400 shares. Meanwhile the share price of the Greek company Forthnet SA tumbled to a new low today ahead of the Extraordinary General Meeting scheduled to be held next Thursday 15 December. During this EGM, Forthnet’s shareholders will be asked to approve a number of changes to the company’s capital structure and a €30 million rights issue in line with the conditions of the latest €90 million bond loan.

On the bond market, the Rizzo Farrugia MGS Index edged marginally lower as the indicative bid prices of the longer-term Malta Government Stocks declined. However, the secondary market price of the 5.20% MGS 2031 maintained last week’s close of 102.50% level. The main highlight across the eurozone bond markets was the success registered by the Italian Treasury to sell €7 billion worth of 1-year Treasury Bills at a rate of slightly below 6%.

Trading on the Malta Stock Exchange will resume on Wednesday 14 December.