MSE Share Index at new 6-month low

Local equity market in negative territory for the second consecutive session reflecting the prevailing subdued investors’ sentiment. The MSE Share Index retreated by another 0.3% during this morning’s trading session to a new 6-month low of 3,340.782 points. The local equity benchmark is currently 11.7% lower than its value at the beginning of the year as most of the large equities by market cap had a poor year to date performance.

This morning’s downturn was caused by a 1.4% drop in HSBC Bank Malta plc back to the €2.92 level on low volumes of 4,482 shares. Meanwhile Bank of Valletta plc held on to the €2.90 level across eight trades totalling 10,733 shares. This afternoon, BOV announced that its Board of Directors is scheduled to meet on Friday 29 April to consider and approve the Group’s financial results for the six months ended 31 March 2011.

The only positive performer today was Middlesea Insurance plc as fresh bids helped the equity recoup most of last week’s 5.9% drop. In fact, Middlesea’s share price today moved 3.9% higher to regain the €0.841 level on one deal of 942 shares. Singular small trades effected in Simonds Farsons Cisk plc and GlobalCapital plc saw both closed unchanged at €1.70 and €1.00 respectively ahead of their scheduled financial results announcements tomorrow.

Further selling pressure evident across GO plc shares with the equity temporarily touching a new 25-month low of €1.42 before recovering to close unchanged at the €1.43 level. Increased volumes of almost 40,000 shares changed hands today with further offers unsatisfied at the closing price.

A further 10,385 FIMBank plc shares exchanged at the equity’s 68-month low of US$0.88. Last week FIMBank plc sent to its shareholders all the documentation relating to the Annual General Meeting scheduled to be held on 5 May. Moreover the Company also published a Prospectus by FIMHoldings plc in respect of a share for share exchange. Further details are available at

Meanwhile the Rizzo Farrugia MGS Index edged 0.2% higher today to 978.368 points as the benchmark Eurozone yields eased further back to the 3.3% level. Downward pressure on Eurozone yields has been piling in recent days as fresh talks on the possibility of a debt restructuring by Greece reignited concerns over the contagion effect this might have on other European states.