Share prices of BOV & HSBC retreat

The share price of Bank of Valletta plc slid a further 1.2% during this morning’s session back to the €2.50 level on volumes of just over 18,900 shares. BOV’s equity will trade with the entitlement to the recommended final gross dividend of €0.08 per share until Friday 11 November.

Similarly, after two sessions of gains, HSBC Bank Malta plc today dropped 0.7% to the €2.70 level on weak volumes. HSBC is shortly expected to publish its Interim Statement updating the market on its performance since the half-year end of 30 June.

Also in the financial sector, Middlesea Insurance plc eased 2.2% lower to a 2-month low of €0.90 across two trades totalling over 1,300 shares. Middlesea is also shortly expected to shortly publish its Interim Statement.

On the other hand, the only other active equity, GO plc climbed 1.9% higher to regain the €1.07 level on a single deal of 1,800 shares. This morning, Forthnet announced that the Extraordinary General Meeting (EGM) was postponed due to the current political and economic developments taking place in Greece. The Directors explained that the postponement of the EGM, which was set to approve a number of changes to the company’s share capital and a €30 million rights issue, may be in conflict with certain contractual obligations under the company’s ‘Bond Loans’. Nonetheless, the Directors reassured shareholders that such conflicts would not impede on the company’s ability to operate.

On the bond market, Eurozone yields stabilised around the 1.80% level although concerns surrounding the Greek bailout remain. The Rizzo Farrugia MGS Index only edged 0.1% higher today to 990.273 points. High volumes were traded in the 5.25% MGS 2030 as a total of €753,100 (nominal) were exchanged at today CBM bid price of 102.33%