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BOV shares hit 20-month high

The share price of Bank of Valletta plc advanced for the fourth time in the last five sessions on sustained demand for the Bank’s shares following last week’s bonus share issue. BOV’s share price edged a further 0.5% higher during this morning’s session to a new 20-month closing high of €2.261 across eighteen trades totalling 34,665 shares.

Today’s other positive performers were International Hotel Investments plc and MIDI plc. IHI’s equity recovered some of last Friday’s 6.1% drop on a miniscule trade. The equity gained 2.5% during this morning’s session to regain the €0.77 level across two trades totalling 3,517 shares. Similarly, MIDI’s share price reversed last week’s 1.8% drop as it advanced by 3.7% to the €0.28 level on a single deal of 50,000 shares.

On the other hand, Middlesea Insurance plc eased minimally lower to €0.795 on an insignificant trade of 450 shares in spite of last week’s announcement that a new subsidiary of MaltaPost plc will be acting as an agent to the insurance company. Meanwhile, the postal operators’ equity ended this morning’s session unchanged at the €0.95 level across two trades totalling just over 12,000 shares.

All other active equities also ended today’s session on the Borza unchanged. Most notably, HSBC Bank Malta plc held on to the €2.70 level, after recovering from an intra-day low of €2.69, across five trades totalling 7,230 shares. The Bank is scheduled to publish its full-year results on 4 March.

Similarly, Crimsonwing plc maintained last week’s closing price of €0.54 with 59,900 shares changing hands this morning. A single trade of 6,827 RS2 Software plc shares was transacted at the equity’s all-time high of €0.85 with almost a further 60,000 shares on offer at the last closing price.

On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to regain the level of 1,010 points despite a rise in the benchmark 10-year German Bund yields which moved closer to the 1.6% level compared to last Friday’s close of 1.558%. The upturn in German yields reflects the increased appetite for riskier assets following a proposal by Republicans in the US House of Representatives that would grant the US government a three-month extension on its debt ceiling. In the meantime, the Republican Party expects the Democrat-led Senate to approve measures to reduce the country’s budget deficit and therefore avoiding the risk of a debt default.

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