The negative price movements of the large caps BOV and HSBC sent the share index down 0.4 per cent to 3,290.371 points.

This was the last trading session before the Christmas shutdown and the Malta stock exchange will reopen on Monday.

Bank of Valletta ended this morning’s session in negative territory, slipping 0.7 per cent to the €2.20 level on 14 deals for a total of 24,871 shares.

Shareholders as at close of trading on January 14 are entitled to receive the one for 11 bonus share issue which was approved last week during BOV’s annual general meeting.

Similarly, HSBC declined to the €1.95 level, failing to hold on to an intra-day high of €1.97,5. The bank’s equity plunged 1.3 per cent on shallow volumes of 3,132 shares.

The other active equity that traded in negative territory was Grand Harbour Marina, which ended the session marginally lower at the €1.86,5 level on a single deal of 8,800 shares.

Meanwhile, GO ended the session unchanged at €2.55, rebounding from an intra-day low of €2.52.

A total of 8,820 shares changed hands across five deals. The market has been lately reacting to the announcements made in the Greek press last week, whereby Vodafone and Wind Hellas (which together own almost 40 per cent of Forthnet) are set to launch a binding bid for the remaining shares in Forthnet SA after the Christmas holidays.

Meanwhile, the Greek incumbent OTE is not expected to lodge its bid for Nova (the pay-TV arm of Forthnet) before January, to see what political course the country will take after the presidential elections are concluded.

On July 17, Forthnet SA had announced that Vodafone and Wind Hellas Telecommunications SA submitted a joint non-binding indicative proposal to the board of directors of Forthnet, for the possible acquisition of all the shares of Forthnet which are not owned by them at a range of €1.70 and €1.90 per Forthnet share.

A single trade of 3,957 shares in Island Hotels Group Holdings changed hands earlier on this morning, leaving the price of the hotel operator unchanged at the 85c level.

The other two active equities ended the session in positive territory. Medserv  gained 1.1 per cent and closed at a new 2014 high of €1.45 across 11,500 shares.

Similarly, the price of Tigne Mall advanced 2.6 per cent to a fresh high of 60c on a single trade of 8,000 shares.

Meanwhile, on the bond market, the RF MGS Index was marginally lower today at 1,102.427 points as bond yields across the eurozone region maintained the 0.59 per cent level in view of the prevailing economic challenges.

www.rizzofarrugia.com

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