The share index suffered a decline for the second consecutive day as it shed a further 0.29 per cent to 4,456.446 points, namely due to the decrease in the share price of IHI. Trading volumes decreased considerably to just €154,500.
The equity of International Hotel Investments lost 5.4 per cent to drop back to the 70c level across 61,000 shares.
Medserv shed 1.8 per cent to the €1.65 level across shallow volumes totalling 3,994 shares. 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. The market now awaits the results of the Lapsed Rights offer and the commencement of trading in the bonds and new shares as from February 8.
The other negative performer today was Malta International Airport which edged minimally lower to the €4.35 level across 7,450 shares. The company will announce its 2015 financial results on February 24. The board of directors will also be considering the payment of a final dividend.
On the other hand, Bank of Valletta reversed yesterday’s decline and regained the €2.22 level (+0.9 per cent) across 19,802 shares.
Also among the large caps, GO managed to recover from an intra-day low of €3.09 to a close at the €3.19 level (+1.3 per cent) across 2,680 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.
Two deals totalling just 600 shares pushed the equity of Malta Properties Company up by 1.9 per cent to the 55c level.
Within the same sector, Plaza Centres (7,500 shares) and Tigné Mall (6,000 shares) closed unchanged at the €1 and 96c levels respectively.
Similarly, HSBC retained the €1.75 level across 3,606 shares. The bank will publish its 2015 full year results on February 22.
Mapfre Middlesea plc maintained the €2.25,5 level on insignificant volumes.
On the bond market, the RF MGS Index registered its third consecutive gain as it advanced by a further 0.05 per cent to 1,144.097 points. Downward pressure on eurozone bond yields persisted amid uncertain and volatile global stock markets.
Indeed, the benchmark 10-year German Bund yield dropped to 0.42 per cent today. In Germany, concerns about deflation re-emerged on fresh data showing that, on average, import prices fell 2.6 per cent in 2015 compared to a year before. Yesterday evening, the Federal Open Market Committee left US interest rates unchanged at a range between 0.25 per cent and 0.5 per cent.
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