MSE Share Index ends volatile week in positive territory

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.