Malta Government Stock prices dropped sharply today as the benchmark 10-year Eurozone yield rebounded to the 2.34% level. The downturn in prices wiped out the gains recorded in the previous two days with most Government paper ending the week in negative territory.
On the equity market, although the MSE Share Index edged 0.1%, this was not sufficient for the local benchmark Index to close the week in positive territory. In fact, the Index ended the week 0.3% lower mainly on losses in the share prices of International Hotel Investments plc (-1.2%), Malta International Airport plc (-1.9%), FIMBank plc (-2.5%) and Middlesea Insurance plc (-4.8%).
The share price of Bank of Valletta plc gained 0.6% today to end the week unchanged at the €3.20 level. Meanwhile HSBC Bank Malta plc closed unchanged at the €2.84 level on thin volumes of 560 shares to end the week 0.7% higher.
International Hotel Investments plc failed to recover from recent declines as a further 15,000 shares traded unchanged at the €0.83 level.
For the second consecutive session, Middlesea Insurance plc traded lower to rank as the worst performing equity this week. Middlesea’s equity dropped 1% this morning closing at the €1.00 level across five trades totalling 9,150 shares.