The share index closed higher for the fourth consecutive trading session as it advanced by a further 0.6 per cent to a three-week high of 4,457.122 points. The positive performance of the Index was mainly spearheaded by Farsons and Malta Properties as both equities registered strong gains. Meanwhile, following the poor trading volumes seen yesterday, trading activity across the equity market surged to €0.85 million – the highest level in 11 weeks.

Most of today’s trading activity took place in the equity of Malta International Airport, as 12 deals totalling 97,260 shares having a market value of more than €0.41 million (representing 48.6 per cent of the total value of equities traded today) pushed the share price back to the €4.26 level (+0.5 per cent).

Meanwhile, Ryanair today launched its 2017 summer schedule and announced that the six new winter routes to Brussels, Catania, Nuremberg, Toulouse, Valencia and Vilnius will be retained all-year round. The new flights will be increasing the airline’s summer schedule by 20 per cent, bringing the total number of routes to 42. Moreover, Ryanair will also be increasing flight frequency to Dublin and East Midland and adding an aircraft to its Malta routes.

Strong trading activity was also present in the equity of Tigne’ Mall. The share price gained 2.4 per cent to the €1.06,5 level across 118,000 shares.

Within the same segment, Malta Properties Company advanced 5.5 per cent to regain its four-month high of 56c on volumes totalling 51,200 shares.

However, the best performing equity today was Simonds Farsons Cisk as it soared 7.9 per cent to a new all-time high of €7. The interim financial statements for the six month period ended July 31 will be published tomorrow.

The declaration of an interim dividend would also be considered. This would be paid to all shareholders as at the close of trading on October 3.

GO continued to add to its recent recovery as it advanced by a further 0.9 per cent to a new four-month high of €3.20 across 6,954 shares.

Also among the large companies, RS2 Software managed to recover from an intra-day low of €1.60,9 (-1 per cent) to end the day 1.5 per cent higher at €1.65. A total of 41,600 shares changed hands today.

Bank of Valletta recaptured the €2.26 level (+0.3 per cent) on volumes totalling 6,024 shares. Yesterday, BOV announced that its forthcoming annual general meeting will be held on December 16.

In contrast, HSBC slipped 0.6 per cent from its seven-week high of €1.63 to the €1.62 level across 7,510 shares.

Also in the banking sector, FIMBank retreated to the 90cUS level (-1.1 per cent) on 68,702 shares.

Medserv eased minimally lower to the €1.55 level (-0.1 per cent) on volumes of 31,615 shares whilst two deals totalling 40,000 shares pulled Plaza Centres down by 1.8 per cent to €1.10.

In the meantime, Malita Investments held on to the 87c level on a single deal of 8,000 shares.

On the bond market, the RF MGS Index registered another seventeen-month high as it advanced by a further 0.04 per cent (the fifth consecutive gain) to 1,175.078 points.

Euro zone sovereign yields continued to decline, with the 10-year benchmark German Bund drifting lower into negative territory to -0.128 per cent from -0.097 per cent yesterday.

Similarly, the 10-year yield of Italy dropped to 1.167 per cent (from 1.214 per cent) and the Spanish equivalent registered a new record low of 0.889 per cent (from 0.982 per cent).

Overall, volatility across equity markets increased amid high volatility in the price of oil and renewed concerns on the European banking sector. Meanwhile, media reports stated that the German Finance Minister Wolfgang Schaeuble called for urgent structural reforms on Tuesday to spur growth to end the era of low interest rates – a day before lawmakers will grill ECB President Mario Draghi about his loose monetary policy.

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