The local equity market continued to rise this morning with an increase of a further 0.4 per cent in the share index to a fresh seven-year high of 4,078.733 points. The equity benchmark is up 1.4 per cent this week on increased activity or €1.9 million.

GO rallied to yet another eight-year high of €3.40 before easing back to close the session at the €3.30 level which still represents a 1.5 per cent increase over the previous closing price.

Activity was high with a total of 63,000 shares across a 22 deals. Yesterday, GO revealed its decision to hold an extraordinary general meeting on July 22 in connection with its planned reorganisation of its corporate structure including a spin-off of its property subsidiary.

The directors are planning to spin-off the company’s shareholding in Malta Properties Company Limited through an interim dividend ‘in-kind’ to be distributed pro-rata to the shares held by the shareholders in GO. In this way, the Directors are seeking to maximise value for its shareholders in relation to the eleven immovable properties valued at approximately €50 million owned by its subsidiary Malta Properties Company Limited.

The equity of RS2 Software also jumped by 2.9 per cent to reach yet another all-time high of €1.79 also on high volumes totalling 95,068 shares.

Likewise, Medserv and Simonds Farsons Cisk also traded up to new record levels. Medserv’s equity rose 1.1 per cent to the €2.30 level on volumes of 15,075 shares and Farsons climbed by 2.5 per cent to a fresh all-time high of €4.05 albeit on a small deal of 390 shares.

Bank of Valletta edged 0.6 per cent higher to regain the €2.30 level across 41,670 shares and Malta International Airport regained the €3.35 level across 15,000 shares.

Similarly, the equity of Mapfre Middlesea inched minimally higher to €1.82 on volumes of 8,690 shares.

On the other hand, Malita Investments retreated by 4.3 per cent back to the 90c level across four deals totalling 16,000 shares.

Meanwhile, the share price of MaltaPost ended this morning’s session unchanged at the €1.55 level after failing to hold on to a fresh all-time high of €1.55,5 on low volumes of 6,153 shares.

The only other active equity was FIMBank plc as 1,097 shares traded unchanged at the 46c5US level.

On the bond market, the Rizzo Farrugia MGS Index eased 0.1 per cent lower to a fresh five-month low of 1,118.748 points although the benchmark 10-year German yield as well as those yields of Spain and Italy trended marginally lower. Earlier today, Greek Prime Minister Alexis Tsipras reiterated his conviction that Greece can clinch a deal with its creditors during next Monday’s emergency summit despite being embroiled in a deadlock for the past five months.

www.rizzofarrugia.com

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