HSBC and MIA up on high volumes

The share prices of HSBC Bank Malta plc and Malta International Airport plc advanced during this morning’s trading session on high volumes of shares. The gains registered by HSBC and MIA helped the MSE Share Index move 0.4% higher to 3,872.871 points despite the declines registered by Bank of Valletta plc and GO plc.

HSBC’s equity managed to recover all of last week’s losses as the share price closed higher for the second successive day. Further to the 1.9% gain yesterday, HSBC’s equity advanced by 1.2% today to close at €3.51. Just under 70,000 shares traded as all outstanding offers at the €3.50 level were snapped up mid-way during the session on renewed demand. On the other hand, BOV’s equity failed to hold on to the €3.15 level on lack of further support. The equity closed 0.2% lower at €3.145 on volumes of 20,157 shares.

MIA was the best performer of the day as its share price gained 1.7% to a new multi-year high of €1.81. Over 79,000 shares changed hands today as the market responded positively to the announcement that MIA is expected to maintain the record number of passenger movements in 2011.

Elsewhere, GO’s share price shed 0.6% to €1.929 on volumes of just under 30,000 shares. Yesterday, Forthnet S.A. revealed that its largest shareholder Forgendo Ltd (the joint venture company between GO and its majority shareholder Emirates International Telecommunications) continued to purchase further shares on the Athens Stock Exchange. Last Thursday 20 January Forgendo acquired a further 72,999 shares at a price of €0.58 per share. Forgendo’s equity stake in Forthnet has now increased to 41.19%.

Following ten consecutive negative sessions, the Rizzo Farrugia MGS Index closed higher today as eurozone yields declined following the strong uptrend over recent days. Although the Index added 0.18% to 984.775 points today, it is still 0.79% lower since the start of the year.

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