The equity of Simonds Farsons Cisk plc rebounded sharply during this morning’s trading session at the stock exchange, possibly due to the recent announcement confirming plans to spin-off the group’s non-core property assets into a separate plc.
This is being done in conjunction with plans to develop the Mriehel frontage into a mixed-use real-estate project referred to as the Farsons Business Park. The share price of Farsons jumped 5.1% to regain the €2.90 level for the first time since mid-July across 13,812 shares.
RS2 Software plc recovered from an intra-day low of €2.90 to end this morning’s session marginally higher at the €2.94 level on high volumes of just over 82,700 shares.
Positive movements were also recorded across the equities of the two large banks. Bank of Valletta plc edged 1.3% higher to recapture the €2.26 level for the first time in three weeks. A total of 38,881 shares changed hands across 17 trades. Meanwhile, lower volumes were registered in HSBC Bank Malta plc as its equity moved 0.7% higher to regain the €2.00 level on just 800 shares.
Overall, the MSE Share Index moved 0.6% higher to 3,353.818 points, representing a 3-week high.
Meanwhile, GO plc held on to the €2.60 level on three deals totalling almost 11,000 shares.
Similarly, 50,000 Medserv plc shares traded unchanged at the €1.275 level and Tigné Mall plc maintained the €0.525 level across 30,000 shares.
On the bond market, the Rizzo Farrugia MGS Index edged marginally higher to yet another all-time high of 1,088.008 points as Eurozone yields continue to retreat back to the 0.922% level in view of the region’s ailing economy.
Today, France was in focus as it published its 2015 budget measures which confirm that the country will reduce its borrowings to within the acceptable level set by EU two years later than originally anticipated. The French government explained that instead of using austerity measures to reduce its debt level, it will be implementing fiscal measures in line with the very slow growth and very low inflation prevailing in the country.
Italy, Europe’s fourth largest economy, also announced that it would be delaying its debt reduction plans given that it is facing the prospect of a third consecutive year of economic contraction.
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