Further declines in the share prices of the two large banks dragged the share index down by a further 1.3 per cent to 3,725.370 points following yesterday’s 0.9 per cent drop.

The share price of Bank of Valletta remained under pressure as it slumped by a further 4.4 per cent today to a new four-week low of €2.20 across 39 deals totalling just over 173,000 shares.

The bank’s share price lost 7.9 per cent since last Thursday’s announcement revealing that legal proceedings have been instituted against it before an Italian Court whereby BOV is being requested to pay a sum of up to €363 million.

The bank has received a legal opinion clearly stating that there is no basis at law for the claim being made before the Italian Court and that the bank should reject the claim against it as completely unfounded.

BOV confirmed that further announcements will be made in the event of any significant developments in this respect. Meanwhile, the bank generally publishes its half-year results, covering the six months ended March 31, by the end of April.

Similarly, HSBC closed lower for the second successive day with a further 1.9 per cent decline back to the €2.05 level across seven deals totalling 37,270 shares.

On the other hand, the share price of GO edged up 0.7 per cent to recapture the €2.87 level across four deals totalling 39,085 shares.

The equity of Middlesea Insurance also trended in positive territory today with a 3.5 per cent uplift to a new 2015 high of €1.20 on low volumes of 8,536 shares.

Meanwhile, Malta International Airport held onto its all-time high of €3.50 on continued high activity totalling 61,800 shares.

Likewise, Lombard Bank ended this morning’s session unchanged as 32,706 shares were exchanged at the equity’s 2015 high of €1.95.

On the bond market, the Rizzo Farrugia MGS Index edged 0.2 per cent higher to yet another all-time high of 1,173.494 points as the benchmark 10-year Eurozone yields retreated back to the 0.156 per cent level which is just four basis points above the all-time low of 0.152 per cent.

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