The share index retreated by 0.76 per cent to 4,469.204 points, namely on the declines of the three retail banks: BOV, HSBC and Lombard. Volumes increased considerably to nearly €453,000 on high trading activity in the equity of BOV.

Bank of Valletta represented half of today’s trading activity as 104,335 shares changed hands for a value of €231,000. The equity retreated by 1.7 per cent to the €2.20 level.

Similarly, HSBC dropped 2.2 per cent to the €1.75 level across 26,943 shares ahead of the publication of the 2015 full year results on February 22.

Meanwhile, activity in Lombard was restricted to just 1,040 shares at the €2.40 level representing a decline of 1.4 per cent from its previous close.

The other negative performer of the day was RS2 Software. The equity fell eased 0.2 per cent lower to the €3.27,5 level across volumes totalling 26,760 shares.

Malta International Airport and GO traded unchanged for the second consecutive day. MIA closed at the €4.35,1 level across 9,415 shares. The airport operator will be publishing its 2015 financial results on February 24. The board of directors will also be considering the payment of a final dividend.

Likewise, GO managed to recover from an intra-day low of €3.09 to a close of €3.15 level 13,540 shares.

Last week, the quad-play operator announced that it exercised its option of increasing its stake in the Cypriot telecoms company Cablenet from the current level of 25 per cent to 51 per cent. Commenting on the transaction, GO’s chairman stated that Cablenet continues to perform strongly, delivering steady, double-digit growth in both revenue and EBITDA over recent years. The chairman also stated that the company offers significant potential for GO.

GlobalCapital continued to recover as it surged 11.1 per cent to the 50c level albeit on insignificant volumes.

The Lapsed Rights Offer of Medserv shares closes today. A total of 3.5 million shares are available for subscription during the auction process at a minimum bid price of €1.50.

Recently, the oil and gas logistics company unveiled that it was awarded two full service logistics contracts offshore Libya having an estimated value of between of €2 to €3 million. These are expected to commence in the second quarter of 2016 and will require Medserv to utilise both their Malta Base facilities and their Libyan branch.

On the bond market, the RF MGS Index extended yesterday’s gains by a further 0.18 per cent to 1,143.568 points – the highest level since early December – as the yield of the benchmark 10-year German Bund continued to slip lower to 0.43 per cent today.

High volatility across global stock markets, caused in the main by rising concerns about the health of the global economy and suppressed commodity prices, added to the attractiveness of “safe-haven” assets.

Bond markets will also be paying particular attention to the conclusions coming out from the monetary policy meeting of the US Federal Reserve Open this evening. Markets are expecting a more dovish approach from the Fed in its path to rising US interest rates, given the current upheaval in stock markets.

www.rizzofarrugia.com

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