Following four successive sessions of declines, the MSE Share Index edged 0.1 per cent higher to 3,446.806 points during the final session this week.
This morning’s upturn was due to the 0.8 per cent increase in the share price of Bank of Valletta plc to €2.32 on low volumes of 3,600 shares.
Yesterday, the bank published its interim directors’ statement updating the market on its performance since April 1.
During the period, the bank reported that it continued to register pressure on interest margins given the low interest rate scenario and local competition whilst net commission increased. Costs remained in line with the previous year’s figures.
The directors also noted that the bank’s investment book registered positive movements during the period under review.
With respect to loan provisioning, the bank retained its cautious approach towards loan provisioning in line with the call by both the local regulators and those at EU level for banks to be more prudent and increase their provisions.
Meanwhile, GO plc and MaltaPost plc reversed some of their respective gains registered in recent weeks.
The share price of the telecoms quad-play operator slumped 4.2 per cent to an intra-day low of €1.60,1 before regaining the €1.65 level which still represents a 1.2 per cent drop from the previous close.
15,000 GO shares changed hands today across five trades. The postal operator also closed 2.9 per cent lower at the €1 level after only partially recovering from an intra-day low of 90c (the lowest closing price since early January) across 10,050 shares.
On the other hand, a further 32,500 Crimsonwing plc shares traded unchanged at the 69c level as the equity remains well supported on the back of further improvements in the group’s financial performance during the current financial year ending March 31, 2014, given the growing business pipeline. The group is also working on a new three-year business plan and growth strategy.
Similarly, no change was registered in the share price of HSBC Bank Malta plc at the €2.70,1 across 2,000 shares. The equity of Malita Investments plc also ended this morning’s session unchanged at the 51c level on a single deal of 5,000 shares.
On the bond market, the Rizzo Farrugia MGS Index slipped 0.2 per cent lower back to 1,025.276 points as the benchmark 10-year Eurozone yield surged above the 1.7 pre cent level.
The upturn in yields reflects the disappointment that the European Central Bank (ECB) did not consider an interest cut during yesterday’s monetary policy meeting as well as the renewed demand for riskier sovereign paper given the upbeat economic data (mainly relating to the manufacturing activity).
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