BOV back in negative territory
The share price of Bank of Valletta plc closed 1.6% lower at €2.558 on volumes amounting to almost 16,600 shares on renewed selling pressure in this equity. This could be attributable to the recent news articles revealing fresh accusations against the Bank on the advice provided on some international investments. This morning, the Malta Financial Services Authority confirmed that it is currently investigating a number of complaints against BOV.
On the other hand, HSBC Bank Malta plc closed unchanged at the €2.73 level on continued low activity. Meanwhile, volumes in GO plc’s shares increased to over 23,000 this morning with the equity maintaining its all-time low of €1.20.
The equity of International Hotel Investments plc was active for the first time since the 4th September announcement which provided an update on the situation in Tripoli following the downfall of the Gaddafi regime. IHI had indicated that it was restoring its services at the Tripoli Hotel to normal levels as conditions improve and on the expectation of a sharp increase in the demand for its services. Following this announcement, fresh bids entered the market but lowest offers remained unchanged at the €0.80 level. This morning a single trade of just 1,000 shares was executed at a price level of €0.80, representing a 9.6% increase from its previous trade price.
The sharp upturn in IHI helped the MSE Share Index rise by 1.1% to 3,160.233 points.
On the bond market, eurozone yields recovered for the third successive day from an all-time low of 1.706% registered last Monday as investor concerns eased following the approval of an austerity package by the Italian government and a press conference by French President Nicolas Sarkozy and German Chancellor Angela Merkel who confirmed that their respective countries will continue to support Greece. The recovery in yields was reflected in a further 0.3% decline in the Rizzo Farrugia MGS Index to 991.174 points.