The main highlight of the trading session at the Malta Stock Exchange this morning was a continued upswing in the prices of government stocks.

All the active MGS’s gained with the 20-year paper, the 5.25 per cent MGS 2030 (I), adding a further 33 basis points to 103.51 per cent in line with the increase in the indicative bid price of the Central Bank of Malta stockbroker.

Yesterday, the price of this 20-year bond jumped 218 basis points. This afternoon the Malta Stock Exchange confirmed that the three new MGS issues which were offered for subscription to the public between August 2 and 4 were admitted to the official list today and trading will commence tomorrow.

The equity market saw a decline in trading activity as is customary during the peak summer period.

Equities declined further with the share price of Bank of Valletta plc suffering a 0.9 per cent drop to €3.22.

International Hotel Investments plc closed minimally lower at €0.89,9 on volumes of 11,880 shares with offers amounting to 28,120 shares remaining unsatisfied at the €0.90 level.

IHI will be convening an extraordinary general meeting on August 27 for shareholders to approve a 4 per cent bonus share issue and a buy-back option by the company at the €1 level.

The only other active equity was HSBC Bank Malta plc whose share price closed unchanged at the €2.92 level. HSBC’s interim dividend is payable next Tuesday.

www.rizzofarrugia.com