During this morning’s session on the Borza, GO plc edged minimally higher to regain the €1.37 level on high volumes totalling 114,000 shares. GO’s equity still ranks as one of the worst performers since the start of 2011 with a 29.2% decline. The sell-off intensified in March when GO plc published its 2010 results and a 50% cut in net dividend to €0.05 per share was recommended for shareholders’ approval at next week’s Annual General Meeting. The 2010 financial statements of GO were impacted by the share of losses from its investment in the Greek telecoms company, Forthnet, amounting to €24.7 million which wiped out the profits generated from the local operations of €19.2 million.
Bank of Valletta plc’s share price recovered for the third consecutive session. The equity advanced by a further 1.5% rise to close at the €2.77 level. Ten trades took place this morning totalling 6,421 shares. Investors in the La Valette Multi-Manager Property Fund have until 30 June to reply to the Bank’s offer of €0.75 per share.
International Hotel Investments plc also closed the day in positive territory as its share price moved 2.5% higher to the €0.82 level. However, low volumes were transacted in this equity during this morning’s session.
Grand Harbour Marina plc was active for the first time since mid-May. The equity opened at a new 13-month low of €1.949 before recovering to end the session at €1.98, representing a 0.7% rise over the previous close. Almost 15,300 shares changed hands today ahead of the company’s Annual General Meeting scheduled to be held on 28 June.
This afternoon, Malta International Airport plc was the first company (with a December year-end) to announce the date of the Board Meeting (set for 27 July) during which its Directors will consider and approve the financial statements for the six months ending 30 June 2011. On the day MIA will also consider the payment of an interim dividend. MIA’s equity was inactive today with best bids placed above the last traded price of €1.70 and lowest offers placed at the €1.728 level.
On the bond market, the most notable development was the sharp rise in the price of the 6.25% International Hotel Investments plc 2019 bond which rallied by 500 basis points to 98%.