MSE Share Index at new 2012 low

The MSE Share Index dropped 0.2% during this morning’s session to close at a new 2012 low of 3,087.958 points. Today’s downturn was mainly due to the 0.9% drop in the share price of Bank of Valletta plc to €2.25 across twelve trades amounting to 18,648 shares and a 0.6% decline in International Hotel Investments plc (the third largest equity by market capitalisation) to €0.84 on volumes of 25,000 shares.

Two other equities traded lower with Lombard Bank Malta plc shares shedding 1.9% to a new 15-month low of €2.55 on volumes of 12,000 shares and the equity of Crimsonwing plc slumping 12% to a new all-time low of €0.22 across three deals totalling 10,500 shares.

On the other hand, HSBC Bank Malta plc inched minimally higher today to close at the €2.552 level but volumes were weak at only 1,148 shares.

GO plc’s share price jumped 5.6% during this morning’s session to regain the €0.95 level on volumes of over 18,500 shares. Last week, the shareholders of Forthnet S.A. (in which GO has an indirect investment) rejected all the resolutions presented to them during the Extraordinary General Meeting including a €30 million rights issue in line with the conditions of the restructured debt. Prior to the meeting, GO also announced that it was opposing these resolutions. The market now awaits further news on the future of Forthnet following the rejection of the resolutions at the EGM.

On the local bond market, the Rizzo Farrugia MGS Index dropped by 0.1% to 987.905 points. On the secondary market, €1 million (nominal) of the 3.6% MGS 2013 (IV) changed hands today with its price closing marginally below the Central Bank’s bid price of 102.78%. Meanwhile the 5.2% MGS 2030 (I) closed at the Central Bank’s bid price of 103.3% across €229,500 (nominal).