BOV recovers on increased volumes

Renewed demand for Bank of Valletta plc shares lifted the equity into positive territory for the first time since Fitch downgraded the Bank’s long-term credit rating to ‘BBB+’ last Wednesday. This morning BOV’s equity initially slid to a fresh 4-month low of €2.849 before recovering to a close of €2.899, representing a 1.7% rise from the previous close. Volumes increased to over 111,000 shares today with further offers unsatisfied at the closing price of €2.899. Meanwhile HSBC Bank Malta plc was inactive today with offers already placed minimally below the last closing price of €2.94.

FIMBank plc also advanced by 2.8% to US$0.925 on volumes of 10,400 shares. However offers are already placed in the market minimally lower at the US$0.924 level with no bids in sight. Late last week the trade finance specialist published its 2010 full-year results revealing a significant improvement in profitability of US$6.7 million compared to US$1.6 million in 2009. The Directors recommended a final net dividend of US$0.0248 per share which may be taken either in cash or in new shares. Shareholders as at close of trading on 25 March will be entitled to this dividend.

Meanwhile GO plc shed 1.1% to close at €1.75 – the lowest closing price since 16 November 2009. Over 18,000 shares exchanged hands today.

Malta International Airport plc’s share price maintained the €1.75 level across one deal amounting to 2,400 shares. Yesterday the airport operator announced a 17.8% increase in passengers during February 2011.

Overall the MSE Share Index recovered by 0.4% to close at 3,659.136 points. On the other hand, the Rizzo Farrugia MGS Index drifted marginally lower to 976.819 points.

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