The share prices of HSBC and GO continued to decline during this morning’s session forcing the MSE Share Index to drop by a further 0.5 per cent to another six-week low of 3,640.298 points.
HSBC’s share price slid to an intra-day low of €2.49 before only partially recovering to a close of €2.50, representing a 2.3 per cent decline from yesterday’s close on volumes of just below 20,000 shares.
The equity of HSBC has come under pressure after the Bank announced a 5.15 per cent decline in pre-tax profits to €90.5 million and the directors recommended a final dividend to 5c2 (-34.2 per cent) largely due to new regulations.
Selling pressure was also evident across GO shares as the telecoms equity only partially recovered from an intra-day low of €2.06 to end this morning’s session 0.2 per cent lower at €2.09,5 on shallow volumes of 5,000 shares.
The only other negative performing equity was FIMBank plc with a 0.9 per cent drop to a new 2014 low of 89USc on a deal of 5,000 shares. The trade finance specialist is scheduled to publish its full-year results on March 11.
The equity of Bank of Valletta plc also declined at the start of today’s session dropping to a low of €2.36 - the first time since early November 2013. However, the equity subsequently recovered to regain the €2.40 level representing no change from the previous closing price.
Just over 19,000 shares changed hands today further offers at the closing price and highest bids at the €2.38 level.
Similarly, the equity of Island Hotels Group Holdings plc ended the session unchanged at the 90c level on a deal of 500 shares.
On the other hand, the share price of RS2 Software plc edged 0.6 per cent higher to regain the €2.36,5 level on volumes of 12,000 shares. Recently the Company issued an announcement revealing a new indefinite licence with OKQ8 – an owner and operator of around 700 petrol stations in Sweden with annual revenues of over €2 billion.
Likewise, the share price of Middlesea Insurance plc edged 2.2 per cent higher to regain the 92c level on low volumes of 1,260 shares.
On the bond market, the Rizzo Farrugia MGS Index edged 0.1 per cent higher to 1,027.842 points as benchmark 10-year Eurozone yields slumped to the 1.56 per cent level amid the political and military tension in Ukraine and Russia.
Given this instability, investors are seeking ‘safe-haven’ assets and as a result this also led to the strengthening of the US dollar which reached a two-week high against the euro at $1.36,56 (equivalent to 73c23 per $1).
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