BOV breaks through the €3.70 resistance level

Renewed demand for Bank of Valletta plc shares helped the equity close above the €3.70 level for the first time since the publication of full-year results on 29 October. Shortly after the results announcement the equity had climbed to an intra-day high of €4.00 but the share price had never managed to close the session above the €3.70 level. This morning BOV’s equity edged 0.5% high to €3.719 as fresh demand satisfied the various outstanding offers at the €3.70 level. A total of 26,696 shares changed hands today possibly in anticipation of the 1 for 5 bonus share issue next month. Today’s closing level of €3.719 represents the highest close since 20 January. BOV’s share price has advanced by 20.1% in 2010 and ranks amongst the top performing equities of the year.

High trading activity was also evident in the equities of International Hotel Investments plc and Malta International Airport plc. While most of today’s equities closed higher the share price of IHI dropped 0.7% to close at a new 2010 low of €0.75. A total of 40,000 shares were exchanged across three trades. IHI’s share price is now 6.2% lower this year. On the other hand the share price of the airport operator advanced by 0.2% to close at €1.649 (minimally below its 2010 high of €1.66) on high volumes totalling just over 30,000 shares.

HSBC Bank Malta plc also closed higher today with all offers at the €2.90 level snapped up. HSBC’s share price gained 0.4% higher to €2.90 with lowest offers now placed at the €3.00 level. GO plc continued to edge higher as its share price increased by 0.5% to €1.919. On the Athens Stock Exchange the share price of Forthnet has continued to recover strongly on higher-than-average volumes.

On the bond market, further high volumes reaching over €420,000 (nominal) were traded in the 20-year Government paper. The three tranches of the 5.25% MGS 2030 (I) currently listed on the Official List of Malta Stock Exchange will be merging on 23 December. Therefore the last trading date with respect to the two fungible issues will be Wednesday 15 December.

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