Sharp upturn in Government paper on increasing volumes

There was increased trading activity on the Borza today, particularly in Malta Government Stocks. A total of €4.2 million (nominal) in Government paper traded this morning with 81.6% of this volume centred around trades in the 5.25% MGS 2030. An upward trend in prices of Malta Government Stock has re-emerged as the eurozone 10-year benchmark yield slumped from last Friday’s 2.44% to 2.28% today. This renewed downturn resulted from fresh concerns on the sustainability of EU sovereign debt after Portugal and Ireland were forced to pay higher rates in their respective bond issues this week.

On the local equity market, the positive performances registered in the share prices of Bank of Valletta plc, HSBC Bank Malta plc and FIMBank plc during this morning’s trading session pushed the MSE Share Index 0.4% higher to 3,378.718 points. Weak volumes persist among local equities with only €57,541 worth of shares exchanged today.

A last minute bid lifted BOV’s share price from an intra-day low of €3.179 to €3.23 representing a 1.4% increase over the previous closing price. Just under 5,000 shares changed hands today. HSBC edged 0.2% higher to €2.855 on volumes of 5,500 shares.

FIMBank plc reversed last Monday’s decline as the share price edged 2.1% higher to regain the USD0.97 level. Three trades totalling 3,709 shares exchanged today with no further bids in the market and lowest offers now pitched at the USD1.00 level.

Elsewhere, Malta International Airport plc retreated 1.9% back to the €1.521 level across just under 7,000 shares. Meanwhile, Plaza Centres plc closed unchanged at the €1.65 level on volumes of 7,700 shares.

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