The MSE Share Index declined for the fifth consecutive day with a drop of a further 0.37% to 3,297.626 points today. The local equity benchmark closed the first half of the year with a decline of 10.5% largely as a result of double-digit losses across the share prices of the banks and a 20% drop in the equity of International Hotel Investments plc.
The renewed downturn during the final day of June was again attributable to the 1.5% drop in the share price of Bank of Valletta plc to a new 2014 low of €2.02. Activity declined to 26,298 shares today. Meanwhile, HSBC Bank Malta plc edged 0.5% higher to €2.022 on minimal activity of 2,400 shares.
Among the large caps, International Hotel Investments plc dropped 0.7% to €0.755 on activity of 15,900 shares. The two other negative performing equities today were Medserv plc and Crimsonwing plc. Medserv dropped back to the €1.20 level (-1.6%) on high volumes totalling 136,160 shares. Following last Friday’s 3.6% rise, the share price of Crimsonwing plc dropped back to the €0.81 level on volumes of 11,802 shares. Last Thursday, the company announced that its Board of Directors will seek the authorisation of shareholders during the next Annual General Meeting to provide the required information to a number of potential bidders interested in acquiring the company.
The share price of Malta International Airport plc held on to the €2.29 level also on low activity of 2,440 shares. The equity of the airport operator is one of the few positive performers in the first half of 2014 with an increase of 6%.
MIDI plc also maintained the €0.24 level on volumes of a further 6,666 shares.
On the bond market, the Rizzo Farrugia MGS Index gained minimally to another fresh all-time high of 1,055.576 points as medium-term prices increased while long-term MGS prices eased lower. Eurozone yields were relatively unchanged at 1.26% today as markets were anticipating that eurozone inflation data is likely to tone down expectations that the European Central Bank will launch a large asset purchase programme this year. Worries about a weakening eurozone growth outlook prompted speculation that such a quantitative easing programme could be an option for later this year. The ECB will be holding its monthly monetary policy meeting next week.