RS2 Software shares supported at the €0.53 level

For the third consecutive session this week trading in RS2 Software plc shares took place at the €0.53 level. A further 55,000 shares changed hands today following the 134,200 shares traded in the previous two sessions. In its last communication to the market in May 2011, the Company revealed that the new contracts concluded in the first quarter of 2011 with new clients already met the targets set by the Company for the whole year. RS2 Software now services clients from 28 countries which in turn serve banks and institutions in all regions of the world. In his address at the Annual General Meeting the CEO designate Mr Radi El Haj explained that RS2 will focus heavily on the Chinese and the US markets in the coming years. Mr El Haj stated that RS2’s payment solution system called BANKWORKS has significant potential in the American market notwithstanding the market’s maturity level and fierce competition.

Bank of Valletta plc recovered most of yesterday’s decline as its share price rose by 0.7% to regain the €2.698 level on volumes of 4,300 shares. Earlier this week Minister of Finance Tonio Fenech revealed that BOV has comfortably passed the EU-wide stress test and also ranks amongst the best capitalised banks in Europe. Full details of the results should be published tomorrow afternoon.

Meanwhile HSBC Bank Malta plc failed to hold on to the €2.95 level as the equity slipped by 0.7% to drop back to the €2.93 level across three trades totalling 3,750 shares. This afternoon the Bank announced that its Board of Directors is scheduled to meet on 29 July to consider and approve the Group’s financial statements for the six months ended 30 June 2011. The Directors will also consider the declaration of an interim dividend.

Low volumes were also transacted in Middlesea Insurance plc as the market still awaits further details on the acquisition price of Munich Re’s 19.9% shareholding by Mapfre Internacional and the subsequent mandatory offer for the remaining shares to be launched by Mapfre.

On the bond market, Eurozone yields continued to recovered to 2.73% resulting in another 0.1% drop in the Rizzo Farrugia MGS Index back to 979.104 points. Meanwhile the focus in the international bond markets has now turned onto the United States as Moody’s announced that it will downgrade the country’s long-term debt rating of ‘Aaa’ if the US fails to approve a rise in its current debt ceiling of US$14.3 billion which is needed for the US Treasury to meet a debt payment on 2 August.