The positive trend seen in recent weeks was sustained also during this morning’s session with the MSE Share Index edging higher for the seventh consecutive session with a further 0.1 per cent increase to 3,564.741 points and trading volumes remaining strong with almost €419,000 worth of shares changing hands.

The gains in the equities of HSBC Bank Malta plc and GO plc helped the index advance this morning.

HSBC’s share price added 0.2 per cent to €2.57 across six deals totalling 12,400 shares with GO edging 0.3 per cent higher to regain the €1.67,5 (just half a cent below its 2013 high) on volumes of 29,470 shares.

Investors now await the board’s decision on whether GO will be participating or otherwise in Forthnet’s €30 million rights issue. The Greek telecoms company published the Prospectus last week and GO has until December 18 to take a decision.

In the IT sector, Crimsonwing plc edged 0.6 per cent higher to regain the 86c5 level (just half a cent below its all-time high) across two deals totalling 38,000 shares.

This morning, the Malta Stock Exchange announced that 484,982 new shares have been admitted to the Official List following the scrip dividend recently approved by shareholders during the annual general meeting on October 16. This represents a very high take-up of 97.1 per cent.

The only other positive performer was MaltaPost plc with 0.4 per cent increase to a new all-time high of €1.13,5 on a trade of 20,000 shares.

Last week, the postal operator issued its results covering the financial year ended September 30.

During the period under review, the company registered record revenues of €21.6 million but still reported a 5.2 per cent drop in net profit to €1.26 million as the growth in revenue was offset by increases in costs and the non-recurrence of one-off gains reported in the previous financial year.

Despite the drop in profitability, MaltaPost’s directors declared an unchanged final net dividend of 4c per share to all shareholders as at close of trading tomorrow.

The board also recommended that shareholders are given an option to take the dividend either in cash or in the form of new shares at the attribution price of €1.07 per share.

Both the dividend and the scrip option is still subject to shareholder approval at the upcoming annual general meeting scheduled to be held on January 15.

Meanwhile a short while ago, the postal operator announced that the agreement to act as an agent of Middlesea Insurance plc has been terminated. Nonetheless, the directors noted that the company will continue to pursue the business of insurance and further updates will be issued in due course.

On the other hand, the share price of Medserv plc failed to hold on to an intra-day high of €1.38 as it ended the session 0.4 per cent lower at the €1.35 level across 27,255 shares.

Meanwhile, Bank of Valletta plc recovered from an intra-day low of €2.60 to end the session unchanged at the €2.62,5 level across 19 deals totalling 76,180 shares. The bank is scheduled to hold its annual general meeting on December 19.

FIMBank plc also ended this morning’s session unchanged at the 94c4US level on a trade of 5,000 shares.

This afternoon, the trade finance specialist announced that Burgan Bank and United Gulf Bank (UGB), jointly referred to as the Offerors, have launched a joint voluntary bid to acquire all the issued shares in FIMBank plc not already owned.

Shareholders may sell part or all of their holding to the Offerors at the price of 95cUS per share which represents a premium of 13c48US (16.5 per cent) to the net asset value of FIMBank plc of 81c52US per share as at June 30.

The Acceptance Period is from December 16 to January 20. The offer document may be downloaded here.

Similarly, in the property market, MIDI plc ended the session unchanged at 27c across Malita Investments plc and Plaza Centres plc also closed the day unchanged at 52c5 and 57c, respectively.

On the bond market, the Rizzo Farrugia MGS Index edged higher for the first time in six sessions. The local MGS benchmark moved 0.1 per cent higher to 1,018.233 points in line with the marginal correction in the 10-year Eurozone yields to 1.85 per cent in contrast to last week’s rally in bond yields.

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