MIA regains the €1.60 level; decline in Government Stocks

The local equity market benchmark moved 0.1% higher to close at 3,344.558 points mainly due to the gains in the share prices of Bank of Valletta plc and Malta International Airport plc. BOV edged 0.3% higher for the second consecutive session to regain the €3.23 level after recouping from an intra-day low of €3.21 across 23,722 shares.

MIA’s equity regained the €1.60 level for the first time in over a month. Five trades amounting to 15,220 shares were transacted at €1.60 representing a 2.6% rise from the previous close and 6.7% higher than its recent low of €1.50. Following today’s upturn the airport operator is now 33.3% higher than its value at the beginning of the year and currently ranks as the best performing equity year-to-date.

Meanwhile HSBC Bank Malta plc edged minimally lower to €2.794 on volumes of 13,880 shares with Lombard Bank Malta plc also in negative territory as its share price slumped 1.9% lower to yet another fresh 2010 low of €2.60.

GO plc and International Hotel Investments plc ended the day unchanged. 24,500 IHI shares changed hands at the €0.80 level with GO holding on to the €1.86 level across two trades totalling 17,216 shares.

Crimsonwing plc failed to recover from yesterday’s 16.7% decline as another 16,100 shares traded at the €0.35 level.

Malta Government Stock prices continued to drop as the 10-year Eurozone benchmark rate reached the 2.46% level. The longer dated government paper was the most affected as the Central Bank of Malta stockbroker reducing its bid price by another 30 basis points to 102.58%.

On the primary bond market, preferred applicants in FIMBank’s bond offering have until tomorrow to submit their application and avail themselves of the guaranteed minimum allotment and preferential price of 99%. The General Public offer opens next Monday. Further details available at https://rizzofarrugia.com/news-events/2010/details-of-new-bond-issue-6/.

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