The MSE Share Index closed in positive territory for the first time in five trading sessions as the share prices of the two large banks registered a mild recovery as fresh demand for both equities emerged. The Share Index inched 0.2% higher from its 5-month low to 3,444.176 points.
HSBC Bank Malta plc added 0.7% to regain the €2.95 level across six trades totalling almost 33,000 shares. Following last week’s Annual General Meeting, the Bank is now expected to pay the final gross dividend of €0.077 per share by 21 April.
Similarly, the share price of Bank of Valletta plc moved 0.7% higher to close at the €2.92 level on volumes of just over 8,000 shares. The Bank generally publishes its half-year results by the end of April.
On the other hand, further selling pressure was evident in Middlesea Insurance plc possibly due to last week’s announcement of a resolution to offset the accumulated losses against the share capital and share premium of the company. This will result in a reduction of the nominal value of the shares from €0.60 to €0.21 per share. Middlesea’s equity retreated by a further 5.9% to a fresh 11-month low of €0.80 on three deals amounting to just over 3,100 shares.
MaltaPost plc also eased minimally lower to €1.089 on a single trade of just 760 shares. Low volumes also transacted in MIDI plc amounting to only 200 shares with the share price unchanged at the €0.45 level.
On the bond market, benchmark 10-year Eurozone yields climbed higher for the fifth consecutive session, reaching a high of 3.507% today, following last week’s announcement by the European Central Bank of a 25 basis point rise in its intervention rate. As a result, the Central Bank of Malta Stockbroker further reduced its Malta Government Stock bid prices thus forcing the Rizzo Farrugia MGS Index to drop by another 0.2% to a fresh 22-month low of 970.537 points.