The share index slipped back into negative territory today with a marginal decline to 4,467.850 points as various equities trended lower.

Given that the index trended in negative territory for most of this week, the local equity benchmark registered a 0.3 per cent weekly drop largely reflecting the declines in IHI, GO and RS2 as well as the 22.2 per cent reversal in the share price of Malta Properties.

Today, the share price of Bank of Valletta eased 1.1 per cent lower back to the €2.29,5 level across 18 deals totalling 41,083 shares. The bank is scheduled to hold its annual general meeting on December 17 during which shareholders will be asked to approve a number of resolutions including those related to the dividend and bonus share issue as well as the election of six directors from the eight nominees.

Also in the banking sector, the equity of FIMBank released some of the recent gains with a 5.1 per cent drop back to the 65cUS level on volumes of 20,000 shares after touching a new high of 70cUS.

The equity of RS2 Software plc retreated for the second consecutive session with a further 0.4 per cent decline back to the €3.08,7 level on very high activity totalling just under 100,000 shares.

Similarly, Medserv shed 0.9 per cent back to the €2.10 level on shallow volumes of 3,000 shares.

Yesterday Medserv held its extraordinary general meeting during which all resolutions were approved, namely the acquisition of the METS Group, an increase in the company’s authorised share capital and the authority given to the board of directors to issue and allot equity securities and to withdraw/restrict shareholders’ pre-emption rights.

The payment of the net interim dividend of 8c per share and the allotment of four new shares for every five held is now expected to take place by Wednesday.

The only other negative performing today was Malta Properties Company with a 1.8 per cent decline to 56c on high volumes of 158,910 shares.

On the other hand, the share price of HSBC rebounded by 2.8 per cent to regain the €1.79,9 level albeit on low volumes of 10,000 shares.

Likewise, shallow activity took place across the equity of Malta International Airport which edged 0.3 per cent higher to regain the €4.01 level on just 1,447 shares.

Meanwhile, GO ended this morning’s session unchanged at the €2.95 level after recovering from an intra-day low of €2.90 on total volumes of 18,140 shares.

This morning, MaltaPost published its preliminary results for the financial year ended September 30 revealing a record pre-tax profit of €3.4 million largely reflecting the growing volumes of international mail services, registered mail, parcels and packets.

The directors recommended the payment of a final net dividend of 4c per share to all shareholders at the close of trading on December 14. Shareholders will have the option to take up the dividend either in cash or in new shares at the attribution price of €1.80.

On the bond market, the RF MGS Index slumped 1.2 per cent to a fresh three-week low of 1,136.352 points as the benchmark 10-year German Bund yield surged to just below the 0.7 per cent level.

The uplift reflects the markets’ disappointment at the additional stimulus announced by the European Central Bank yesterday afternoon which did not include an increase in the amount of monthly asset purchases from the current level of €60 billion a month.

Subscriptions for the €75 million 3.5 per cent Bank of Valletta Subordinated Notes 2030 from the general public and Preferred Applicants (namely BOV shareholders) close this afternoon.

www.rizzofarrugia.com