MSE Share Index lower as both BOV and MIA retreat

The local equity benchmark dropped 0.1% during this morning’s trading session on the Borza to 3,319.557 points as the only two active equities traded lower. Initially, the share price of Bank of Valletta plc climbed 0.7% higher to €2.70 but fresh offers during the latter stages of the session forced the Bank’s equity back to the €2.68 level representing a minimal decline from the previous close. Seven trades totalling over 10,000 shares were exchanged today. Investors in the La Valette Multi-Manager Property Fund have until next Thursday to reply to the Bank’s buy-back offer of €0.75 per share.

Malta International Airport plc dropped below the €1.70 level for the first time since mid-May. The share price dropped 1.8% to €1.68 on a single trade of 1,000 shares. This contrasts with the high volumes transaction in MIA shares yesterday where a total of 64,910 shares traded mostly at the €1.71 level.

This morning, Grand Harbour Marina plc held its Annual General Meeting during which the shareholders approved all the items on the agenda. During the same meeting, the CEO of Camper & Nicholsons Mr Nick Maris revealed the size and value of the berth sold in March which was initially announced in the Interim Statement of 19 May. Mr Maris indicated that a 30-metre berth was sold for a total consideration of circa €400,000.

On the bond market, the Rizzo Farrugia MGS Index slid 0.2% lower to 976.163 points as the benchmark Eurozone yields surpassed the 2.90% level. The bid price quoted by the Central Bank of Malta in the 19-year paper dropped by 50 basis points to 101.10%, however trading on the secondary market continues to take place at a premium to this level.

Yesterday the new €5 million 6.25% Mediterranean Bank plc bonds which mature in 2015 were admitted to the Official List of the Malta Stock Exchange. However no trades were affected during today’s session with no bids or offers placed in the market.

Trading on the Malta Stock Exchange will resume on Thursday 30 June.