After closing in negative territory during the past week, new demand lifted the equities of the two large banks during this morning’s session of the Malta Stock Exchange. The share price of Bank of Valletta plc edged 1.2% higher to regain the €2.37 level across three deals totalling 5,326 shares.

Higher volumes were transacted in HSBC Bank Malta plc with over 15,500 shares changing hands today. The Bank’s share price only rose by 0.8% to the €2.475 level.

Only two other equities were active during this morning’s session with both trading unchanged. Malta International Airport plc held on to the €1.92 level on a single deal of 3,000 shares whilst RS2 Software plc maintained the €1.85 level on just 530 shares.

On the bond market, the Rizzo Farrugia MGS Index eased 0.2% lower to a new 3-month low of 1,019.074 points as the Central Bank of Malta Stockbroker lowered its bid prices after Malta was downgraded by Fitch Ratings on the back of a widened fiscal deficit and a debt to gross domestic product (GDP) ratio which is still high. The international rating agency lowered Malta’s credit rating from ‘A+’ to ‘A’. In January 2013, Standard & poor’s had lowered its rating on Malta from ‘A-‘ to ‘BBB+’.

www.rizzofarrugia.com