More than 80,600 shares of RS2 Software plc changed hands during this morning’s session at the equity’s all-time high of €1.85 with lowest offers now placed at the €1.87 level. Over the weekend, shareholders received the circular issued in connection with the Extraordinary General Meeting (EGM) scheduled to be held on Wednesday October 2 for shareholders to consider and approve a number of changes to the Memorandum and Articles of Association (MAA) of the Company.
These changes were requested by Barclays Bank plc as part of the agreement with ITM Holdings plc to acquire a 10% shareholding in RS2. Barclays subsequently intends to acquire a further 10% stake through purchases on the secondary market.
Meanwhile, the share price of HSBC Bank Malta plc extended its negative run seen in the past four weeks. The Bank’s equity touched a new 14-month low of €2.50 before partially recovering to end the session at the €2.511 level which still represents a 1.1% drop from the previous close. A total of 23 deals totalling 86,700 shares were executed today.
Similarly, the equity of Malta International Airport plc eased 1.1% back to the €1.87 level on a small trade of 800 shares.
On the other hand, new bids helped the share price of Lombard Bank Malta plc move 1.6% higher to regain the €1.90 level on low volumes of 5,877 shares and FIMBank plc edged 0.5% higher to close at the US$0.945 level on a deal of 1,000 shares. Also in the financial sector, Middlesea Insurance plc jumped 6.3% to regain the €0.85 level across 2,177 shares.
The only other positive performing equity was MaltaPost plc with a 2% increase to the €1.00 level on volumes of 4,521 shares.
Elsewhere in the secondary market, Bank of Valletta plc maintained the €2.34 level across ten trades totalling 13,797 shares and Malita Investments plc held on to the €0.51 level on 20,000 shares. The property related company is due to pay its maiden gross interim dividend of €0.01476 per share (net: €0.00959) to all ‘B’ shareholders on Friday 13 September.
On the bond market, the Rizzo Farrugia MGS Index edged 0.2% higher to 1,021.500 points as the benchmark 10-year German Bund yield slipped back to the 1.96% level. Demand for ‘safe-haven’ assets has once again increased as investors await the decision of the US Congress on whether to initiate a military intervention in Syria or otherwise.
Furthermore, investors are also keeping a close eye on developments in Italy with respect to the uncertainty on whether the coalition government will be able to progress and the possibility that the Italian state (already struggling to control its €2 trillion debt pile) might need to nationalise Monte dei Paschi di Siena – a banking group which is facing serious financial dificiulties.
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