The share index retreated by 0.23 per cent to 4,473.091 points – the lowest level since mid-March 2016 – reflecting the declines in the share prices of four equities.
The rest of the equities that were active today closed unchanged. Volumes remained low as just under €165,000 worth of shares changed hands.
Week-on-week, the equity Index shed 1.42 per cent – the largest weekly drop since mid-March 2016 – largely on the significant decline in the share price of GO (-17.1 per cent) and four other large companies (MIA, IHI, HSBC and RS2).
In the retail banking sector, both Bank of Valletta and HSBC registered losses. BOV closed minimally lower at the €2.23,9 level across 18,158 shares while HSBC shed 1.1 per cent to the €1.60,2 level across 19,053.
HSBC's directors will be meeting on August 5 to consider and approve the interim financial statements for the half-year ending June 30 as well as consider the declaration of an interim dividend.
GO failed to hold on to its intra-day high of €2.90 as it declined by 0.5 per cent to the €2.88,5 level across 27,200 shares.
On Monday, GO stated that La Société Nationale des Télécommunications (“Tunisie Télécom”) were chosen as the final preferred bidder for acquiring the entire company.
Tunisie Telecom will be submitting a voluntary bid for the entire issued share capital of GO at a price of €2.87 per share. GO shareholders will now receive an offer document from Tunisie Telecom containing all the details of the voluntary bid in the coming weeks.
Consequently, GO also confirmed that the voluntary bid will be subject to a minimum acceptance threshold of 60 per cent of the shares and that Emirates International Telecommunications (Malta) Limited, which owns a 60 per cent stake, has, subject to certain conditions, irrevocably undertaken to accept the voluntary bid.
Two deals of just 1,000 shares pulled the equity of Medserv plc 1.1 per cent lower to the €1.76 level. Yesterday, the oil and gas logistics specialist announced that it has been awarded a contract by ENI to provide a logistics base and associated services for its exploration activities taking place offshore Portugal for six months with possible extensions.
Low volumes were also traded in the other equities which were active today, all of which ended the day unchanged. RS2 Software plc maintained the €3.49,9 level on volumes of 850 shares and Mapfre Middlesea plc held on to the €2.20 level on a single trade of 188 shares.
Recently, RS2 issued an interim directors’ statement explaining the company’s latest developments. Furthermore, the directors also noted that the group holds a very healthy business pipeline both in its licencing business and managed services as well as across different regions.
Malta International Airport maintained its four-month low of €4.30 across 1,223 shares.
In the property segment, Malita Investments and Malta Properties Company closed flat at 90c and 51c respectively. MPC will be holding its annual general meeting on June 2.
On the bond market, the RF MGS Index surrendered some of yesterday’s gains as it slipped by just 0.05 per cent to 1,150.878 points. The yields of the 10-year German and Italian government bonds hit a weekly low of 0.12 per cent and 1.34 per cent today.
On the economic front, following upbeat jobs data in the US yesterday, markets are anticipating another rate hike by the Fed sooner rather than later in the year.
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