The local equity market staged a mild recovery this morning with various equities closing higher. On the other hand GO plc was the only negative performer of the day as its equity dropped a further 2.4% to close at a 16-month low of €1.66. GO’s share price declined by 4.1% this week in reaction to the unexpected 50% cut in dividends to shareholders announced on Tuesday announced earlier this week. The share price of the quad play telecom operator now ranks as the second worst performing equity since the start of 2011 with a year-to-date drop of 14.2%.
Despite this morning’s recovery in the local equity market, the MSE Share Index still ended the week 2.2% lower at 3,495.175 points. This is the seventh consecutive weekly drop as the political unrest in Libya and the developments in Japan continue to weigh on investor sentiment.
This morning Bank of Valletta plc recovered from an intra-day low of €2.90 to close 0.3% higher at the €2.94 level on volumes of over 18,000 shares with HSBC Bank Malta plc edging 1% higher to regain the €2.889 level on a single trade of just 2,000 shares. Despite today’s recovery, both banks closed the week lower.
The equity of Malta International Airport plc reacted positively to yesterday’s full-year results publication as the share price edged 1.8% higher to the €1.73 level. MIA shares will trade with the entitlement to the final net dividend of €0.035 per share until Wednesday 30 March.
Sustained demand helped MaltaPost plc’s equity move 0.5% higher to regain its all-time high of €1.10 across seven trades totalling 18,389 shares. Following this week’s 4.6% rise, the postal equity now ranks as the best performing equity since the start of 2011 with a year-to-date increase of 10%.
RS2 Software plc recouped from an all-time low of €0.30 to close 12.9% higher as it regained the €0.35 level on volumes of 14,200 shares. The IT Group still has to announce the date of the 2010 results publication.
Meanwhile Lombard Bank Malta plc maintained the €3.01 level as a further 9,251 shares traded at this level. The equity will continue to trade with the entitlement to the final gross dividend of €0.115 per share until 24 March.
Next Monday, Medserv plc is scheduled to publish its 2010 full-year results.