This week the local equity market was characterised by the wide volatility in the share price of Bank of Valletta plc which ranged from a high €2.80 to a low of €2.601 ahead of the final few days of the offer to the shareholders of the La Valette Property Fund. The MSE Share Index closed the week €0.6% higher at 3,344.72 points as BOV today held on to the €2.70 level representing a 3.9% weekly rise.
On the other hand, HSBC Bank Malta plc edged a further 0.3% lower during this morning’s session to close at the €2.90 level across seven trades totalling over 15,400 shares. For the second consecutive week, HSBC’s equity closed the week in negative territory.
Marginal recoveries were registered across a number of equities. Most notably, Middlesea Insurance plc climbed 3% higher to regain the €1.03 level. The market awaits the pricing details of the transaction involving Mapfre Internacional’s acquisition of Munich Re’s 19.9% shareholding and the subsequent mandatory offer to be launched by Mapfre to all other shareholders.
The share price of Simonds Farsons Cisk plc also moved 0.6% higher during this morning’s session to close at the €1.71 level on a single trade of 2,666 shares. Despite today’s upturn, the equity still ended the week 2.3% lower. The company yesterday held its 64th Annual General Meeting during shareholders approved all the items on the agenda including the final net dividend of €0.0533 per share which was paid today. During the meeting, Mr Bryan Gera announced that he will not be seeking re-election after 31-years as Chairman and the Board of Directors decided to elect Mr Louis A Farrugia in his post. A year ago Mr Farrugia had vacated his post as CEO which was filled by Norman Aquilina.
A last-minute trade lifted GO plc’s share price 2.2% higher to the €1.38 level, representing a weekly rise of 1.1%. Eleven trades were transacted today amounting to 8,860 shares. Forthnet’s share price continued to recover from its recent all-time low of €0.29 and is currently trading at the €0.45 level with volumes of over 1 million shares taking place today.
On the bond market, the Rizzo Farrugia MGS Index climbed 0.2% higher to 977.232 points as the benchmark Eurozone yields tumbled back to the 2.87% level.