The share index advanced by a further 0.5 per cent to reach a new seven-year high of 4,344.035 points as three of the index heavyweights all moved higher. Volumes surged as close to €400,000 worth of equities changed hands this morning.
International Hotel Investments was the day’s top performer as fresh demand emerged after yesterday’s announcement that, subject to obtaining the necessary approvals, it shall be distributing a bonus share issue of three new shares for every 100 shares held to shareholders as at close of trading on October 13.
IHI’s share price climbed by 2.6 per cent to the 80c level across 19,000 shares. IHI was also the best performer this week.
GO recovered all the losses suffered earlier this week and ended the session up one per cent at the €3.45,5 level on encouraging volumes of 33,760 shares. The company will be holding an extraordinary general meeting on October 29 during which shareholders will be asked to authorise the board of directors to seek bids for the entire issue share capital of GO.
The most actively traded equity today was Bank of Valletta with 71,306 shares changing hands. The share price edged up 0.8 per cent to close at the €2.34,9 level and briefly touched the €2.35 level for the first time since early May. Next week marks the end of the bank’s financial year.
Meanwhile three other equities traded negatively while Plaza Centres closed the day unchanged at 98c across 80,000 shares.
Also in the property sector, Tigne’ Mall was the worst performer as the equity lost two per cent to close at the 91c level on a single deal of 5,000 shares.
Low volumes were also registered in RS2 Software and Malta International Airport. A single deal in RS2 sent the equity down 0.4 per cent to the €2.51 level. Likewise, MIA edged marginally lower to the €3.88 level on weak volumes of 3,000 shares.
On the bond market, the RF MGS Index dropped 0.15 per cent to 1,127.222 points as the benchmark 10-year German Bund yield surged to touch the 0.66 per cent level as equity markets cherished comments made from America’s Federal Reserve Chairwoman during a public speech.
Janet Yellen said that she expects the Fed to raise its benchmark interest rate later on this year on improved inflationary expectations and an upbeat US economic outlook. This sent bond prices lower with the 10-year German Bund yield rising towards the level at the start of the week.
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