The share prices of RS2 Software and GO continued to advance today helping the share index add a further 0.1 per cent to 4,096.937 points. Trading activity remained robust across the equity market with weekly volumes surpassing the €2 million level for the first time in 10 weeks. The Malta Stock Exchange is closed on Monday and will re-open on Tuesday.
RS2 Software gained a further one per cent to close at a new record level of €1.96,9 after briefly touching a new high of €1.97. Activity remained high with a further 37,450 shares changing hands today.
Likewise, the share price of GO rose by 0.4 per cent to a new eight-year high of €3.42,5 across 18,240 shares. GO will be holding an extraordinary general meeting on July 22 during which shareholders will be asked to approve a number of resolutions related to the proposed spin-off of the property subsidiary.
The other positive performers of the day were Bank of Valletta and Tigne Mall. The share price of Bank of Valletta continued to trade within a tight range and closed 0.3 per cent higher at €2.29,8 after touching the €2.30 level. Volumes were weaker at 15,953 shares. On the other hand, Tigne Mall closed up 1.2 per cent at a new record level of 86c across 19,500 shares.
Among the negative performers, the share price of International Hotel Investments dropped for the fifth consecutive session with a decline of a further 0.5 per cent to 87c6 on higher activity amounting to 113,750 shares. Yesterday evening, IHI announced that all conditions related to the agreement for the acquisition of Island Hotels Group Holdings (IHG) have been met and it will shortly be proceeding with a conditional voluntary offer in respect of all the issued shares in IHG. The shareholders of IHG will be offered the option to choose between a combined consideration of €1 per share in cash and 0.246 IHI shares for each IHG share or a cash alternative comprising a consideration of €1.13,7 per IHG share.
The only other negative performer of the day was HSBC Bank Malta as it dropped back to the €1.80 level across 22,496 shares.
Simonds Farsons Cisk held on to yesterday’s 11.1 per cent rally as a further 1,669 shares changed hands at the all-time high of €4.50. During yesterday’s annual general meeting shareholders were presented with an overview of the proposed Farsons Business Park project. The property spin-off is expected to take place in July 2017.
Three other equities closed unchanged, namely Medserv (8,000 shares at €2.35,5), Malita Investments (5,000 shares at 89c) and Mapfre Middlesea (3,500 shares at €1.82,5).
On the bond market, the Rizzo Farrugia MGS Index edged marginally higher to 1,122.074 points reflecting the slight decline in yields across Italy and Spain while German bund yields were marginally unchanged. EU leaders have now postponed final talks to tomorrow in order to try reach an agreement with Greece after yesterday’s talks once again failed to produce a resolution.
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