BOV approaches its 2010 high

The share price of Bank of Valletta plc advanced for the third successive day adding 0.6% to €3.749 – just below its 2010 closing high of €3.76 on 20 January. Trading activity in BOV shares remained high ahead of the 1 for 5 bonus share issue next month. During today’s session a further 26,093 shares were traded. BOV will be holding its Annual General Meeting on Thursday 16 December.

HSBC Bank Malta plc also closed higher (+0.3% to €2.93) helping the MSE Share Index gain 0.27% to 3,495.848 points.

The other active equities today were GO plc and Plaza Centres plc. The share price of the telecom operator closed the day unchanged at €1.919 after hitting an intra-day low of €1.881 on volumes of 18,000 shares. Last Tuesday GO announced that Forgendo increased its shareholding in Forthnet through an acquisition of a further 1,299,439 shares for a total consideration of €694,196, equivalent to €0.534 per share. Following this additional purchase of shares, Forgendo’s equity stake in Forthnet has increased from 39.88% to 40.71%.

Plaza traded for the first time since 15 November. Its share price dropped 4.1% to €1.65 on volumes of 10,000 shares despite last month’s announcement that during the third quarter of the financial year between 1 July and 30 September 2010, the company’s revenue increased when compared to the same period in 2009.

On the bond market, various corporate bonds were active with the 6.25% Mediterranean Bank plc and the 6.8% Premier Capital plc bonds reaching new highs. In the Malta Government Stock market, the indicative bid prices quoted by the Central Bank of Malta continued to decline in line with the downward trend in international bond prices. On the secondary market the price of the 5.25% MGS 2030 fungible issue dropped 75 basis points during this morning’s trading session to close at 102%.

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