Equity market drifts closer towards its low

The local equity market this morning closed in negative territory for the sixth consecutive session. The Malta Stock Exchange Share Index eased a further 0.1% today to 3,343.865 points – just 2.8 points above the 2010 low.

Bank of Valletta plc was the sole negative performer today with a 0.6% drop back to the €3.25 level across low volumes of 3,952 shares. Meanwhile HSBC Bank Malta plc maintained the €2.805 level on higher volumes amounting to 28,000 shares.

On the other hand, the only increase was registered by Malta International Airport plc as its share price recovered by 1.3% to the €1.52 level on volumes of 3,000 shares. The airport operator recently announced double-digit growth in passenger movements for the fifth consecutive month.

The other two active equities, International Hotel Investments plc and MaltaPost plc traded unchanged at the €0.80 and €0.90 level respectively.

On the primary bond market, Mediterranean Bank plc announced this morning that it closed subscriptions for its 6.25% bond issue immediately after opening due to oversubscription. The allocation policy will be announced by not later than next Monday 18 October.

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