The share index extended its negative streak as it suffered its fourth consecutive decline by a further 0.26 per cent to a two-week low of 4,525.746 points.
The drop in the equity prices of the three retail banks (i.e. BOV, HSBC and Lombard) outweighed the gains in four other equities. Meanwhile, trading volumes jumped to a three-week high as just over €474,000 worth of shares changed hands.
HSBC dropped back to the €1.60 level (-4.2 per cent) across 22,567 shares. HSBC will be holding its annual general meeting on April 15.
Likewise, Bank of Valletta (33,407 shares) and Lombard Bank (14,587 shares) eased 0.9 per cent and 2.2 per cent to €2.25 and €2.18 respectively. BOV is shortly expected to announce the date when its March 2016 interim financial statements will be published.
FIMBank closed 2.5 per cent higher at 73cUS after opening the day at 70cUS. A total of 164,000 shares traded with the bulk taking place at 70cUS.
The best performer of the day was Mapfre Middlesea plc which reversed most of yesterday’s sharp decline of 9.6 per cent as it bounced back by 7.5 per cent to the €2.42 across 20,147 shares.
GO opened at an intra-day low of €3.43,9 and closed 0.9 per cent higher at the €3.48 level across 29,987 shares.
Malta Properties Company touched its highest level in over four months of 61c before closing the day at the 60c level – representing an uplift of 1.7 per cent over its previous close. A total of 87,005 shares traded today.
Meanwhile, two single deals of 14,200 and 2,300 shares left the equities of 6PM Holdings and Malta International Airport unchanged at 80p and €4.37,5 respectively.
Last week, the airport operator announced that Ryanair will be launching five new winter routes and extending the eleven new summer routes to winter as well.
On Friday, MIA published the March 2016 traffic results revealing a 19 per cent increase in passenger movements, bringing the total increase in passenger movements for all of Q1 2016 to 15.5 per cent when compared to the same period last year.
On the bond market, the RF MGS Index lost some of yesterday’s strong gains as it retreated by 0.14 per cent to 1,153.266 points.
Euro zone bond yields rebounded from their recent lows ahead of a couple of new market offerings.
Most notably, the 10-year benchmark German Bund yield surged from a low of 0.08 per cent yesterday to a high of 0.16 per cent today.
The intra-day movements in the yields of the 10-year Italian and Spanish papers were less pronounced but still edged up by eight and nine basis points respectively, reflecting the current high volatility in euro zone bond yields.
On the economic front, fresh data showed that German consumer prices rose by 0.8 per cent in March from the previous month and by 0.1 per cent over the corresponding period last year – significantly below the European Central Bank's medium-term target of close but less than two per cent.
Mizzi Organisation Finance announced today that it shall be redeeming its €30 million 6.2 per cent unsecured bonds 2016-2019 at the first redemption date possible, on November 30.
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