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High volumes in MIA shares

The MSE Equity Price Index moved lower for the third consecutive trading session as it lost a further 0.13% to a near two-week low of 4,637.571 points. Trading activity was spread across seven equities, three of which registered declines, another three closed the day unchanged whilst only PG plc trended higher with a 0.7% gain to a new record high of €1.41 on a single deal of just 5,000 shares. Trading volumes remained particularly robust as €1.24 million worth of shares changed hands. However, most of today’s trading activity took place in the equity of MIA.

Malta International Airport plc retained the €4.22 level after recovering from an intra-day low of €4.19. A total of 277,321 shares, having a market value of €1.17 million, changed hands. Last Sunday, the local media reported that Ryanair will be adding 12 new routes for next year’s summer season and will be basing its fifth aircraft in Malta. Ryanair also stated that following the increase to 54 routes as from next year, it should be generating 2.5 million passenger movements.

Mapfre Middlesea plc maintained the €1.88 level on trivial volumes.

HSBC Bank Malta plc also finished flat at the €1.93 level on six deals totalling 15,075 shares.

In contrast, Bank of Valletta plc eased by a minimal 0.2% back to the €2.10 level across 10,348 shares. Today, BOV announced that it received regulatory approval from the European Central Bank to double its authorised share capital to €1 billion. The Bank is expected to publish another set of interim financial statements by the end of October 2017 covering the twelve-month period ending 30 September 2017. Investors are also awaiting details of the €150 million rights issue planned by the Bank to bolster its capital ahead of more stringent capital requirements which will come into effect on 1 January 2019.

The equity of MaltaPost plc traded for the first time in the last twelve trading sessions as it slumped by 4% to a fresh 2017 low of €1.90 albeit on light volumes totalling 4,099 shares.

Similarly, MIDI plc retreated by 2.6% back to its 2017 low of €0.30 on trivial volumes.

Following yesterday’s decline of 0.19%, the RF MGS Index lost another 0.24% to a six-week low of 1,124.623 points today as euro zone sovereign yields continued to rally on improved risk sentiment across financial markets as well as on heightened optimism that US President Trump will accomplish the promised tax reforms.

This morning, Simonds Farsons Cisk plc announced the allocation policy with respect to the recently issued €20 million 3.5% unsecured bonds maturing in 2027. In total, the company received 3,215 applications for an aggregate value of nearly €49.3 million. The new bonds are expected to commence trading on Tuesday 19 September 2017.

www.rizzofarrugia.com

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