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FIMBank share price slips to a near 6-month low

The share index edged 0.16% lower to 4,462.256 points today as the declines registered in six equities outweighed the gains in HSBC (+0.6%) and RS2 (+0.2%).

Meanwhile, 6PM and Tigne’ Mall closed the day unchanged. Trading volumes improved as nearly €0.2 million worth of shares changed hands – the highest in the last three trading sessions.

The most actively traded equity was FIMBank which dropped 0.6% to a fresh near six-month low of USD0.83 after touching an intra-day low of 82c5US (-1.2%). A total of 65,709 shares changed hands – representing nearly 26% of the total value of equities traded today.

Also in the banking sector, Bank of Valletta eased 0.4% to the €2.22 level across 18,100 shares. Last Thursday, Fitch downgraded its credit rating on BOV to “BBB”, citing pressure on the Bank’s level of capitalisation. The bank is due to hold its annual general meeting on December 16 during which shareholders will be asked to approve a number of resolutions including the final dividend as well as a one for 13 bonus share issue.

Among the large companies, GO retreated 0.6% to the €3.22 level on light volumes whilst Malta International Airport closed minimally lower at €4.04,9 on volumes totalling 4,940 shares.

In the property segment, Malta Properties Company shed 5% to the 57c level on shallow volumes.

Likewise, a single deal of just 1,900 shares pulled the equity of Malita Investments 1.2% lower to 85c9.

In contrast, Tigne’ Mall maintained the €1.10 level across 20,000 shares.

6pm Holdings traded for the first time in over three months. The equity closed unchanged at 80p across insignificant volumes.

Meanwhile, RS2 Software gained 0.2% to the €1.59,8 level across 14,815 shares.

HSBC continued to recover as it climbed by a further 0.6% to €1.85,5 on activitiy totalling 14,085 shares.

On the bond market, the Rizzo Farrugia MGS Index posted its first decline in the last four days as it retreated by 0.24% to 1,146.019 points.

Euro zone sovereign yields climbed (bond prices went down) possibly as a result of yesterday’s surge in the price of oil after OPEC and Russia agreed to reached an agreement to cut production.

Indeed, the 10-year benchmark German Bund rose to a high of 0.322% today from a low of 0.193% yesterday. Meanwhile, fresh data showed that unemployment in the single currency area fell below the 10% mark for the first time since 2011.

Trading in the recently issued €65 million 3.75% Premier Capital plc unsecured bonds commenced today. The price hit an intra-day high of 102.99% before closing at 101.50% on volumes totalling €78,500 (nominal).

www.rizzofarrugia.com

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