The Malta Stock Exchange Share Index moved 0.1% higher to regain the 3,400 points level amid dwindling volumes. Just over €45,000 worth of shares traded today reflecting the cautious attitude by local investors brought about by the prevailing political turmoil in Libya and the European sovereign debt crisis.
Turning onto the individual equities, Bank of Valletta plc recovered from its seven month low of €2.79 as its share price rose by 1.4% to the €2.829 level on low volumes of 2,491 shares. Meanwhile HSBC Bank Malta plc maintained the €2.98 level across six trades totalling 5,500 shares.
In contrast to the 7% rise registered during the past two weeks, GO plc’s share price today eased 2.2% lower to the €1.35 level. Almost 13,000 shares changed hands ahead of the Annual General Meeting scheduled to be held on 8 June.
A single trade of 1,000 MIDI plc shares was transacted at the €0.42 level representing a new all-time low for the equity. On 1 June the Company is scheduled to hold its first Annual General Meeting since obtaining a listing on the Malta Stock Exchange last December.
On the other hand, sustained demand for the shares of Malta International Airport plc helped the equity rise another 0.6% higher to €1.72 across one trade of 2,000 shares.
On the bond market, the Rizzo Farrugia MGS Index increased by 0.1% to 976.048 points despite a drop in Eurozone yields to a 5-month low of 3.02%. This downturn in yields followed the downgrade of Greece’s rating from BB+ to B+ by Fitch Ratings as further doubts over the sustainability of its sovereign debt were raised in recent days. Moreover as contagion fears across the EU rise, Standard & Poor’s also warned that it may downgrade Italy’s rating.