The local equity market closed in negative territory for the third consecutive session. This morning, the MSE Share Index shed a further one per cent to drop to 3,395.12 points, a fresh two month low. The index ends this dismal week 2.4 per cent lower mainly on the back of negative performances by the four largest equities by market cap.

Malta Government Stock prices also suffered further losses as the benchmark eurozone yields recovered from their recent record lows. The longer dated government paper was the most affected with the 5.25 per cent MGS 2030 (I) issue declining by 160 basis points during the last five sessions to 103 per cent.

HSBC Bank Malta plc reversed yesterday’s gain as its share price dropped 0.7 per cent back to the €2.82 level on volumes of 11,852 shares.

Meanwhile Bank of Valletta plc slid from an intra-day high of €3.23 to close unchanged at the €3.20 level. The two banks closed the week 1.7 per cent and three per cent lower, respectively.

The share price of International Hotel Investments plc slumped a further 4.6 per cent this morning to close at €0.84 representing a 5.6 per cent weekly drop.

Following Tuesday’s allocation of the bonus shares, eligible shareholders have until September 29 to sell back these shares to IHI at their nominal value of €1.

Lombard Bank Malta plc also closed in negative territory on thin volumes. Share price declined by 1.1 per cent to €2.77 – the lowest level since November 2009.

www.rizzofarrugia.com

See also:

http://www.timesofmalta.com/articles/view/20100903/business/international-bond-market-round-up