IHI and Crimsonwing reverse gains on low volumes

During this morning’s trading session, the MSE Share Index reversed part of last week’s 2.5% rise as a 7.1% drop in the share price of International Hotel Investments plc forced the MSE Share Index to close 1.3% lower at 3,166.685 points.

IHI’s share price had advanced by 4% last Friday to an 8-month high of €0.84 but this was short-lived as the equity slumped 7.1% today to drop back to the €0.78 level on very low volumes amounting to a mere 1,000 shares.

Similarly, Crimsonwing’s share price had surged by 16.7% on Friday to €0.35 but the equity gave back these gains and plunged by 14.3% to drop back to the €0.30 level on lower activity of just over 7,500 shares. Crimsonwing is shortly expected to publish its interim financial statements for the six months ended 30 September 2011.

In the banking sector, the share prices of Bank of Valletta plc and HSBC Bank Malta plc closed the day unchanged while the equity of Lombard Bank Malta plc failed to register any trades following the high volumes that changed hands last Friday. BOV’s share price held on to last week’s 2.5% increase with over 18,300 shares changing hands today at the €2.50 level. Lower activity was registered in HSBC at the €2.69 level.

This morning the last two companies issued their Interim Directors’ Statements. Malta International Airport plc announced that the financial performance for 2011 is expected to be ahead of projections and also ahead of the 2010 profitability when the company registered pre-tax profits of €17 million.

Plaza Centres plc explained that during the third quarter of 2011, satisfactory results were reported due to increased revenue from the new extension which added a further 1,600 square metres of rentable space. Plaza also noted that occupancy levels remained high during Q3 and are expected to be maintained during the fourth quarter of 2011.