MSE Share Index at new 18-week high

The MSE Share Index, which tracks the trend across the local equity market, moved 0.2% higher during this morning’s session to close at a new 18-week high of 3,052.525 points.

This morning’s upturn in the local equity market index was mainly due to the 4.9% jump in the share price of GO plc to a new 7-month high of €1.07 across eight trades totalling 11,450 shares. GO’s equity now ranks amongst the best performing equities with a year-to-date increase of 9.2%.

Bank of Valletta plc also ended the day higher with a minimal increase to €2.061 on a small deal of 750 shares. Similarly, FIMBank plc’s share price edged 1.2% higher to regain the US$0.85 level on volumes of 51,714 shares. Meanwhile, HSBC Bank Malta plc shares remained inactive for the second consecutive session.

On the other hand, RS2 Software plc eased 1% lower to close at the €0.50 level across four trades totalling 69,200 shares. Yesterday, the IT Company held its Annual General Meeting during which shareholders approved all the items on the agenda including a 1 for 15 bonus issue and increase in the authorised share capital of the company from 40 million shares to 50 million shares. The new bonus shares are expected to be admitted to the Official List as from next Friday 15 June.

On the bond market, the Rizzo Farrugia MGS Index slumped 0.5% to a new 2-month low of 984.481 points as the Central Bank of Malta significantly reduced its bid prices in line with the rally in Eurozone yields. In fact, the 10-year German benchmark yield rallied to a one-month high of 1.532% as markets speculated on a possible policy response to the situation in Greece prior to this weekend’s general elections as well as positive economic data indicating that production in the Eurozone during April fell by less than expected.