MSE Share Index 0.3% lower

The local equity market kicked off the last week of September and the third quarter of 2011 in negative territory with the MSE Share Index shedding 0.3% to 3,080.465 points. Eight equities were active today but volumes remained generally low.

GO plc eased a further 1.8% today to close at the €1.10 level on a small deal of 500 shares with offers already placed below the last closing price. Similarly International Hotel Investments plc retreated by 2.6% back to the €0.74 level across two trades amounting to almost 6,000 shares.

On the other hand, following last week’s 1.2% rise, Bank of Valletta plc’s share price climbed 0.8% to regain the €2.55 level on volumes of over 15,000 shares. This week also marks the end of BOV’s financial year. The Bank generally publishes its preliminary full-year results by the end of October. HSBC Bank Malta plc traded unchanged at the €2.63 level on volumes of 8,375 shares.

All other active equities closed unchanged including Simonds Farsons Cisk plc ahead of the publication of the Group’s half-year results (covering the six months ended 31 July 2011) due next Wednesday 28 September.

On the bond market, the Rizzo Farrugia MGS Index eased 0.2% back to 995.456 points as Eurozone yields regained the 1.73% level. The drop in yields reflects efforts by European leaders to stem the Eurozone debt crisis. In fact, European leaders are discussing a number of measures including improvements to the EU’s €440 billion rescue fund and injecting funds to strengthen the capital of banks in order to be able to sustain a potential Greek default.