The 6.3% rally in the share price of Bank of Valletta plc last Monday in response to the publication of the full-year results faded away in subsequent sessions as lack of further support and renewed supply was evident during this morning’s session forcing the Bank’s share price 4% lower back to the €2.40 level on volumes of over 49,500 shares. BOV’s equity closed the week unchanged with a total 187,495 shares changing hands during the past five days. BOV’s equity will continue to trade with the entitlement to the final gross dividend of €0.08 per share until next Friday 11 November. Yesterday, the Malta Financial Services Authority (MFSA) announced that its second investigation into the La Valette Multi-Manager Property Fund, relating to the access to sensitive commercial information by employees and directors of the fund, is in the very final stages of completion. Meanwhile, earlier on today BOV announced the appointment of Charles Borg to the post of CEO in replacement of Tonio Depasquale who will be retiring on 16 December 2011.
On the other hand, HSBC Bank Malta plc managed to preserve most of this week’s earlier gains as the equity ended the week at the €2.70 level representing a weekly rise of 2.3%.
Malta International Airport plc also ended the week 2.3% higher after its share price climbed a further 2.3% during this morning’s session to €1.79 (the highest level since 16 March) on the back of yesterday’s October traffic results announcement. During the month of October, MIA registered a 4.4% increase in passenger movements to 346,480 when compared to the same month last year. During the first ten months of the year, MIA’s passenger movements have grown by 7.3% mainly arising from an increase in the seat load factor to 76.5%. On 19 October the airport operator announced that it is upgrading its forecast for passenger growth for 2011 from the level of +3.2% announced in July to at least +4.5%.
On the bond market, Eurozone yields continued to rise and move above the 1.90% level as markets regained some confidence following the Greek Prime Minister’s decision to discard the idea of holding a referendum. The decision by the European Central Bank to cut its reference interest rate by 25 basis points to 1.25% in response to a slowing rate of growth across European economies also impacted the markets. The Rizzo Farrugia MGS Index edged 0.2% higher today to 989.794 points.
This morning, the Treasury announced the issuance of two new Malta Government Stocks. The two issues available for subscription by the General Public for amounts up to €100,000 (nominal) are the 4.25% MGS 2017 (III) and the 5.2% MGS 2031 (I) for a total aggregate amount of €100 million with an over-allotment option of another €44 million. The prices of these stocks will be announced on Thursday 10 November ahead of the subscription period between Monday 14 November and Wednesday 16 November. Further details available at https://rizzofarrugia.com/news-events/2011/new-stock-issues-mgs10/.