Lombard Bank share price continues to decline

The share price of Lombard Bank Malta plc shed a further 3.1% during this morning’s session to close at yet another fresh 2010 low of €2.50 across three trades totalling 2,600 shares. This equity has been under sustained selling pressure in recent months with no level of support. Lombard Bank’s share price lost 8.8% this month and is now 16.4% below its value at the beginning of the year. Meanwhile, the Lombard Group reported an encouraging financial performance in the first half of 2010 with overall profits up 6% to €3.9 million.

Malta International Airport plc also experienced a decline in its share price today following a strong recovery over recent days. MIA’s equity failed to hold on to yesterday’s 2010 high of €1.66, as the share price edged 0.6% lower to the €1.65 level on volumes of 6,150 shares. Despite today’s decline the equity still ranks as the best performing equity during the past four sessions.

Meanwhile, no changes were registered in the share prices of the two large banks. Bank of Valletta plc maintained the €3.30 level on volumes of just over 4,700 shares with HSBC Bank Malta plc holding onto the €2.80 level. BOV is scheduled to report its full-year results tomorrow afternoon when the Directors will also recommend a final dividend for approval during the December Annual General Meeting.

On the bond market, the recently listed 6.25% Mediterranean Bank plc 2015 bonds traded for the first time today. The price edged marginally higher to 100.25% across €30,000 (nominal) worth of bonds.

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