Index lower for third successive session

The Malta Stock Exchange Share Index closed in negative territory for the third successive day. The Index eased a further 0.1% during this morning’s session on declines in Bank of Valletta plc and Lombard Bank Malta plc which offset the minimal increase in MaltaPost plc. Trading activity was spread across 8 equities with increased volumes in MaltaPost, Malta International Airport plc and GO plc. Following today’s downturn, the Index is 2% below its value at the beginning of the year.

BOV’s share price continues to trade within a tight range. After regaining the €3.23 level yesterday, the Bank’s equity slipped 0.3% this morning to the €3.22 level on low volumes of 1,300 shares.

Thin volumes also in Lombard as 300 shares changed hands at the €2.73 level (-0.7%). Lombard’s equity has declined to its the lowest price since November 2009. Meanwhile HSBC Bank Malta plc and Middlesea Insurance plc closed unchanged at €2.84 and €1.00 respectively.

MaltaPost plc recovered its 2010 high as it traded for the first time in over a week. Share price edged minimally higher to close at the €0.90 level across 20,500 shares. Meanwhile GO plc recovered from a low of €1.85 closing the session unchanged at €1.89 on volumes of 16,000 shares.

On the bond market, a sharp upturn in the 10-year benchmark Eurozone yield to 2.47% forced Malta Government Stock prices to trade lower. Most notably, the Central Bank of Malta Stockbroker reduced its bid price for the 5.25% MGS 2030 (I) by 35 basis points to 102.67% compared to its recent high of 104.66%.

Copy of the Prospectus and details on the €15 million 6.25% Mediterranean Bank plc bond issue available at https://rizzofarrugia.com/news-events/2010/details-of-new-bond-issue-medbank01/.

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