MIA & MaltaPost touch new 2010 highs

The share price of Malta International Airport plc closed 0.6% higher to a fresh 2010 high of €1.66 helping the equity quickly recover from its recent decline to €1.50. Although trading activity was subdued in MIA shares today, few offers are placed below the €1.70 level. During the past five months, MIA registered double digit growth in passenger numbers with a year-to-date increase of 12.4% compared to the forecast of an 8% passenger increase for the year.

MaltaPost plc also touched a new 2010 high of €0.93 but edged back to the €0.92 level by the close of today’s trading session. A total of 3,938 shares were exchanged today with further bids unsatisfied at the closing price and no offers in sight.

Bank of Valletta plc’s equity had another positive day as investors took positions ahead of the Bank’s full-year results publication next Friday 29 October. BOV’s share price climbed another 0.6% to €3.30 across ten trades amounting to 6,750 shares.

HSBC Bank Malta plc also edged 0.2% higher to close at the €2.80 level after recovering from an intra-day low of €2.79. Over 5,300 shares traded this morning with further offers unsatisfied at the closing price.

In contrast to the recent uptrend in the local equity market, Malta Government Stock prices moved lower for the second consecutive session. Eurozone 10-year benchmark yield continued to rise and reached a level of 2.58%. The Central Bank of Malta Stockbroker further reduced its bid price of the 20-year stock by 62 basis points to 101.89% – substantially lower than its recent all-time high of 104.66%.

Yesterday the Treasury published a Prospectus in terms of the upcoming Malta Government Stock issues. The 2 new fungible issues are: (i) 3.75% MGS 2015 (VI) and (ii) 5.25% MGS 2030 (I). Prices will be determined on Thursday 4 November 2010 and the subscription period will take place between 8 and 10 November.

Also on the bond market, this afternoon FIMBank plc announced that it received a total of €33 million in its recent bond issue from more than 2,100 applicants. Interest on the bonds will start accruing as from next Monday 1 November whilst the bonds will be listed on the Official List of the Malta Stock Exchange by not later than 11 November.

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