After closing at its highest level in the last three months yesterday, the share index retreated by 0.08 per cent to 4,578.358 points today as the declines in five equities outweighed the gain registered in the share price of Lombard Bank which climbed to a fresh five-month high of €2.28 (+0.9 per cent) across 2,550 shares.

In contrast, both Bank of Valletta and HSBC posted declines today. BOV retreated by 0.2 per cent to the €2.24,5 level on activity of 16,596 shares while HSBC dropped by 0.3 per cent to €1.58,1 – its lowest since the end of March. HSBC will publish its 2016 interim results on August 3.

Also among the large companies, a single deal of just 1,000 shares pulled the equity of International Hotel Investments 0.1 per cent lower to the 69c9 level.

The new shares in connection with the recent three for 100 bonus share are expected to be admitted to listing on Monday. In the meantime, preferred applicants (shareholders as at the close of trading on June 27) have until July 19 to apply for the new €55 million four per cent secured bonds maturing in 2026.

The public offer opens on July 20 and closes on July 22, or earlier in the case of over-subscription.

Medserv inched 0.1 per cent lower to the €1.79 level across 2,800 shares.

Malta Properties Company lost 0.2 per cent to end today’s trading session at the 50c7 level on shallow volumes totalling 3,665 shares.

Within the same segment, Malita Investments (9,000 shares) and Tigne’ Mall (23,700 shares) held on to 89c and €1.05 respectively. Tigne’ Mall will settle the recently approved final net dividend of 1c25 per share on Tuesday.

FIMBank was the most actively traded equity today as 144,020 shares changed hands, leaving the share price unchanged at its six-year high of 96cUS after recovering from an intra-day low of 92c5US where most of the activity took place.

Another four equities closed flat today. GO (5,954 shares) and Malta International Airport (1,700 shares) maintained the €2.88 and €4.25 levels respectively.

Eligible GO shareholders have until July 22 to submit their relative acceptance form in connection with TT ML Limited’s offer to acquire GO shares at the price of €2.87 per share.

Similarly, 12,550 shares of RS2 Software traded at the €2.15 level while Simonds Farsons Cisk also closed flat at the €6.28 level on light volumes.

Following the gains registered in the previous two days, the RF MGS Index retreated by 0.11 per cent from yesterday’s 14-month high to 1,159.052 points today.

Overall, euro zone sovereign yields rose today. Indeed, the benchmark 10-year German Bund yield advanced from yesterday’s all-time low of -0.204 per cent to -0.164 per cent.

The 10-year yields of both Italy and Spain also moved higher, albeit marginally. On the economic front, latest data showed that German industrial production contracted by 1.3 per cent in May on a monthly basis after the revised down 0.5 per cent growth seen in April. On a yearly basis, production contracted by 0.4 per cent.

Last week, MIDI plc published a Prospectus in connection with the issuance of €50 million four per cent secured bonds maturing in 2026. The new bonds are mainly reserved for existing holders of the seven per cent bonds denominated both in euro and sterling to whom preference will be given over new investors.

Bondholders of the seven per cent sterling bonds can transfer their holding into the new four per cent euro bonds at a rate of 83p4 per €1. Applications close on July 18.

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