The share index shed 0.3 per cent to 3,739.353 points today as most of the large equities by market capitalisation trended lower.
The share price of Bank of Valletta eased 0.5 per cent lower to €2.23 across six deals totalling 56,253 shares ahead of the interim results publication due by the end of this month.
Similarly, the equity of Malta International Airport eased minimally lower to the €3.50 level on continued high volumes totalling 49,500 shares.
International Hotel Investments shed 1.4 per cent back to the 70c level across 20,000 shares. Last week, IHI published a prospectus dated April 10 in connection with a new €45 million 5.75 per cent bond issue redeemable in 2025.
IHI will be redeeming its outstanding €35 million 6.25 per cent bonds at the first early redemption date of July 11. As such, IHI will be granting preference to the holders of the maturing bonds as at April 8, to subscribe for the new bonds by surrendering their existing holding.
The only other negative performing equity was GO with a 0.4 per cent decline back to the €2.84 level after only partially recovering from an intra-day low of €2.80 on shallow volumes of 3,000 shares.
Meanwhile, HSBC ended this morning’s session unchanged at the €2.03 level across seven deals totalling 13,339 shares. This morning the bank held its annual general meeting during which shareholders approved all the items on the agenda including the final gross dividend of 2c6 per share and the one for nine bonus issue. The equity will trade with the entitlement to the bonus issue until Monday.
The only other active equity was RS2 Software with a further 24,153 shares trading unchanged at the €3.07,5 level. Yesterday evening, RS2 released its preliminary profit statement showing a 7.9 per cent increase in revenue to €15.24 million, a seven per cent increase in EBITDA to €6.13 million but a 1.5 per cent drop in pre-tax profits to €4.19 million.
The directors recommended the payment of a final net dividend of 4c4 per share compared to the 2c2 dividend per share paid out in respect of the 2013 financial year. Shareholders as at close of trading on May 6 will be entitled to receive this dividend.
This morning, GlobalCapital announced that it had been informed that EIP (a company incorporated in Malta) made a conditional offer to BAI Co. (Mtius) Limited for the acquisition of the 48.45 per cent shareholding it holds in GlobalCapital. The offer is subject to a number of conditions including the signing of a binding share purchase agreement, a full due diligence process and all necessary regulatory approvals.
On the bond market, the Rizzo Farrugia MGS Index slipped by 0.1 per cent to 1,171.283 points reflecting heightened volatility in bond markets as concerns over a possible Greek default intensify.
This morning, media reports revealed that Greece will not present a revised list of economic reforms during Friday’s meeting of Eurozone finance ministers as Greece’s current level of liquidity should be sufficient until June.
However, sometime in May, Greece has to present a new list of proposed economic reforms in a further bid to seek additional financial aid.
www.rizzofarrugia.com