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RS2 lifts the share index higher

The share index erased some of yesterday’s declines as it rebounded by 0.23% to 4,469.320 points. Trading volumes remained subdued as €0.11 million worth of shares changed hands.

Only five shares were active today, with RS2 and Santumas Shareholdings registering gains whilst BOV, IHI and MIA closed unchanged.

RS2 Software advanced by 3.8% to the €1.595 level on weak volumes totalling 10,100 shares

Santumas Shareholdings reached a new record high of €1.26 (+0.8%) across 12,446 shares.

Meanwhile, Bank of Valletta maintained the €2.23 level on volumes totalling 24,448 shares. Last Thursday, Fitch downgraded its credit rating on BOV to “BBB”, citing pressure on the Bank’s level of capitalisation. Commenting on the downgrade, BOV’s CEO Mario Mallia reaffirmed the bank’s commitment towards strengthening its levels of capital as well as its risk management framework. Mr Mallia also added that BOV is retrenching from some traditional businesses and addressing legacy issues.

International Hotel Investments failed to hold on to its intra-day high of 64c9 (+4.7%) as it ended the day unchanged at 62c. A total of 32,421 shares traded today.

Malta International Airport retained the €4.05 level on trivial volumes.

On the bond market, the Rizzo Farrugia MGS Index posted a three-day positive streak as it advanced by a further 0.36% (its sharpest gain in a week) to a near two-week high of 1,148.723 points.

On the economic front, fresh data showed that euro zone inflation hit a 31-month high in November, reaching 0.6% year-on-year in November from 0.5% in October.

Meanwhile, international financial media reports quoted the President of the European Central Bank (ECB) Mr Mario Draghi as saying that he expects inflation in the single currency area to return to the ECB's target of close but lower than 2% between 2018 and 2019.

The Governing Council of the ECB is set to meet on December 8 during which many financial analysts are expecting the central bank to unveil an extension of its current quantitative easing programme beyond March 2017.

Trading in the recently issued €65 million 3.75% Premier Capital unsecured bonds will be possible as from tomorrow.

www.rizzofarrugia.com

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