Further declines in the share prices of HSBC Bank Malta plc and Bank of Valletta plc forced the MSE Share Index to drop 0.5% to a fresh 2010 low of 3,330.417 points. Following today’s downturn, the local equity benchmark is now 3.8% below its value at the beginning of the year in contrast to the positive performances registered by international markets year to date. In fact the UK’s FTSE 100 is up 6.1%, the German DAX gained 9.6% whilst the US DJIA is currently 6.9% higher.
Renewed selling pressure pushed HSBC’s share price 1% lower to a new 12-month low of €2.77 on volumes of almost 10,000 shares. BOV also closed in negative territory with a 0.9% drop back to the €3.21 level across eight trades totalling just over 6,000 shares.
On the other hand, Malta International Airport plc edged marginally higher to €1.56 on volumes of 4,000 shares.
Investor focus remains centred around the bond market with encouraging trading levels in a number of corporate bonds and Malta Government Stocks. This morning P G Finance plc (formerly Big Bon Finance plc) announced that it will be exercising its early redemption option and paying back all bondholders on 20 December 2010. A total of €6.99 million bonds are currently in issue.
On the primary bond market, preferred applicants in FIMBank’s bond offering have until next Friday 22 October to submit their application and avail themselves of the guaranteed minimum allotment and preferential price of 99%. Further details on this euro and US Dollar denominated bond issue is available at https://rizzofarrugia.com/news-events/2010/details-of-new-bond-issue-6/.