MSE Share Index at new 1-month low

The MSE Share Index tumbled 0.9% today to 3,022.168 points as six out of the ten active equities closed the day lower. Bank of Valletta plc was amongst the negative performers today with a 1% drop to €2.06, on a single trade of 2,813 shares, to end this shortened week 0.4% lower. On the other hand, HSBC Bank Malta plc edged 0.4% higher this week after advancing by 1.2% today to reach the €2.51 level on volumes of 5,600 shares.

Following last Tuesday’s 5% jump, Simonds Farsons Cisk plc moved a further 2.4% higher to close at yet another fresh 42-month high of €2.15 on volumes of 10,560 shares, representing a 7.5% weekly increase. The only other positive performing equity this week was Middlesea Insurance plc with a 1.6% rise over the last four sessions to reach the €0.64 level.

Meanwhile, a single trade of 500 International Hotel Investments plc during this morning’s session pushed the equity 5.6% lower (for an equivalent decline over the week) back to the €0.85 level. GO plc also closed the week in negative territory this week with a 0.4% decline to the €1.175 level. This was the first time in eight weeks that the equity of the quad play telecom operator closed the week lower.

On the IT front, 6pm Holdings plc traded for the first time since the 1 for 25 bonus share issue cut-off date of 26 April 2012 with the share price declining by 5% to the GBP0.32 level (compared to an adjusted post-bonus price of GBP0.337) on a single trade of 1,000 shares. Similarly, Crimsonwing plc’s share price tumbled 7.1% to €0.26 across one deal of 36,335 shares despite a recent announcement of an upcoming issuance of 2,940,000 new shares at €0.30 per share in part settlement of the remaining 49% shareholding in Promentum Holdings BV. Meanwhile RS2 Software plc held on to the €0.50 level this week.

On the bond market, the Rizzo Farrugia MGS Index edged marginally lower to 984.535 points this week as the Central Bank of Malta lowered its bid prices for the long-term paper on Monday and Wednesday. Trading activity across the local bond market was also weak mainly as a result of last week’s new Malta Government Stock issues when the Treasury raised a total of €180 million. Markets are now awaiting feedback from the summit of EU leaders which is expected to start today. During the meeting, EU leaders will discuss ways how to tackle the prevailing sovereign debt crisis in the region as well stronger financial and banking integration. Nonetheless, Germany’s Angela Merkel maintained its opposing stance in respect of the introduction of Eurobonds.

The next trading session on the Malta Stock Exchange will be held on Monday 2 July.