The share index rebounded by 0.19 per cent to surpass the 4,500 mark for the first time since last Thursday as it closed at 4,502.657 points largely reflecting the uplift in the prices of IHI, RS2 Software and GO.

Trading volumes decreased notably as just under €193,000 worth of shares changed hands across 12 equities – well below the €480,000 average daily trading registered in recent weeks.

RS2 Software closed higher for the fourth consecutive session as the equity continued to rebound from recent sharp decline with a further 0.7 per cent uplift to the €3.68,5 level across 9,300 shares.

International Hotel Investments reversed yesterday’s decline as it regained the 66c5 level (+2.3 per cent) albeit on insignificant volumes.

GlobalCapital and GO also closed higher on negligible amounts. The insurance specialist advanced to the 38c level (+5.6 per cent) on 200 shares while GO closed at its five-month high of €3.42 (+0.6 per cent) across 350 shares.

The equity of Medserv was active amid a relatively volatile session. In fact, the equity opened at the €1.65,2 level (-2.8 per cent) and subsequently slumped to an intra-day low of €1.55 (-8.8 per cent) before recovering to end this morning’s session at the €1.63 level – representing a decline of 4.1 per cent over yesterday’s closing price.

A total of 52,810 shares changed hands today with an aggregate value of €84,000 – representing nearly 44 per cent of today’s total value traded.

Yesterday, Medserv published its 2015 financial performance which it showed that the group’s net profit attributable to shareholders surged to €4.12 million compared to €1.94 million in 2014 on the back of increased levels of business activity particularly at the Malta base.

The directors of the company are not recommending the distribution of any final dividends in view of the company’s substantial expansion programme.

Malta International Airport (2,900 shares) and Simonds Farsons Cisk (1,167 shares) retreated to the €4.41 (-0.2 per cent) and €6 (-0.3 per cent) levels respectively.

In the property segment, Malita Investments (10,400 shares) and Malta Properties Company (22,491 shares) also trended in negative territory. Malita declined by 0.5 per cent to the 95c level while Malta Properties retreated to the 56c5 level (-0.2 per cent).

Yesterday, MPC announced that it has been approached by a third party with proposals for a potential mixed-use development that would incorporate the company’s St George's Exchange site in St Julian’s. The company’s board of directors would make additional announcements as and when necessary.

In contrast, two single deals of 25,000 and 11,000 shares left the equities of MIDI and Plaza Centres unchanged at the 36c and €1.04,5 levels respectively.

Similarly, Bank of Valletta retained the €2.25 level across 4,366 shares.

Yesterday, the bank announced that it received €36.59 million worth of applications for the recently issued 3.5 per cent €50 million subordinated notes 2030.

Therefore, all applications would be met in full. The new notes are expected to be admitted to the official list on April 8 with trading expected to commence thereafter.

On the bond market, the RF MGS Index eased by 0.17 per cent to 1,150.749 points as the 10-year benchmark German Bund yield advanced from the 0.19 per cent level of yesterday to 0.23 per cent today.

On the economic front, economic surveys published yesterday showed that overall business conditions in the single currency area seemed to be improving with the manufacturing sector enjoying a slight uptick in output and new orders in March as well as expectations for the services sector to reach a three-month high.

www.rizzofarrugia.com