MaltaPost drops to 21-month low

MaltaPost plc’s equity dropped 1.7% during this morning’s session to a new 21-month low of €0.89 on a single trade of only 2,000 shares. The postal operator’s equity has shed 7.3% since the publication of its interim results on 8 May. The half-year financial statements revealed a 54.5% plunge in net profits to €0.5 million mainly due to changes in the tariff structure imposed by the Universal Postal Union.

The only other mover today was Malta International Airport plc with 0.6% decline to €1.77 from its 2012 high also on very low volumes amounting to 390 shares. Meanwhile all other active equities ended the session unchanged. Bank of Valletta plc held on to the €2.05 level across sixteen trades totalling 32,677 shares whilst HSBC Bank Malta plc maintained the €2.51 level on volumes of 4,935 shares.

On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to 985.079 points as Eurozone yields tumbled from yesterday’s 1.6% level following disappointing economic data issued by the United States which revealed an unexpected contraction in the manufacturing sector during the month of June for the first time since July 2009. Markets are now awaiting Thursday’s monetary policy meetings of the European Central Bank (ECB) and the Bank of England as both are expected to announce further measures to stimulate economic growth. Moreover, various analysts are now predicting that the ECB will lower its reference rate by 25 basis points from the historically low level of 1%.