Higher volumes registered in BOV and MIDI
Higher volumes traded in the shares of Bank of Valletta plc and MIDI plc leading to a total of €332,580 worth of shares changing hands during this morning's session.
This is the highest daily volume across the equity market in the last four weeks.
BOV's share price edged 0.9 per cent higher to regain the €2.20 level across 15 trades totalling over 100,000 shares.
The bank has yet to announce the date when the preliminary September 2012 full-year results will be published.
On the other hand, MIDI's share price shed 10.7 per cent to drop back to its all-time low of 25c across three trades amounting to 401,000 shares.
Elsewhere in the local equity market, the equity of Middlesea Insurance plc edged another 2.6 per cent higher to regain the 78c level on low volumes of 1,682 shares while a single deal of 100 Plaza Centres plc shares was transacted at the 59c level representing a 1.7 per cent increase over the previous close.
Meanwhile, Lombard Bank Malta plc and Malta International Airport plc traded unchanged at €1.88 and €1.73 respectively. Low volumes were evident across both equities.
On the bond market, the Rizzo Farrugia MGS Index gained 0.1 per cent to 997.651 points as Eurozone yields tumbled back to the 1.45 per cent level as demand for safe-haven bunds surged after S&P downgraded Spain's credit rating.
According to the international rating agency, Spain's debt is now rated as BBB- (down two notches from BBB+) which is just one step above junk status. Furthermore, S&P maintained a negative outlook on Spain's debt citing the significant risks to economic growth and budgetary performance and the lack of a clear direction in euro-zone policy.
The rating agency also commented that the deepening economic recession is limiting the Spanish government's policy options.